Merrill Lynch has appointed new heads of its China and Hong Kong research teams. Joan Zheng will takes the reins as the new head of China research and China country equity strategist, while Clifford Lam will become Merrill's new head of Hong Kong research.

Zheng will be based in Hong Kong and departing JPMorgan Chase's Greater China research team, which she headed up. She has also previously worked at Baring Securities and Bank of China.

Also finding a new position in Merrill's Hong Kong office is the freshly promoted Lam, who was previously the firm's deputy head of Hong Kong/China research. To the new role, Lam brings close to ten years of expertise on the Hong Kong property sector, which he gained at Merrill and CLSA.

He will continue to spearhead the local property team while leading the Hong Kong research team and product.