China Analysts’ Cut-Throat Fight for $1 Million Paycheck

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Photographer: Qilai Shen/Bloomberg
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It’s been a hectic month for Tang Yue and his team of fixed-income researchers at Industrial Securities Co. in Shanghai.

The analysts have been clocking 15-hour days since the start of September, toiling until 2 a.m. some nights and working through most of their weekends. They’ve visited more than 100 clients.