Home > About > News & Events > News >


Time:2019-08-29 11:28:36  Hits:[]

This article has been published in PHBS Magazine ( premier issue, fall 2019) 
Click here to read the magazine 

The financial industry has become flush with a vitality that has accompanied significant technological momentum. As fintech moves from an upstart movement into the mainstream, preparing students for the future of finance is vital. Universities worldwide have begun to incorporate fintech into their curricula, while PHBS is on the same track. “It’s a natural step to set up a fintech program” said Jaehyuk Choi, explaining why PHBS has launched a program in this field.

He pointed out that PHBS is a leading business school located in Shenzhen, a hub for innovation and entrepreneurship, “so fintech is an important intersection between PHBS and Shenzhen.” Choi made a career shift leaving his “quant” job at Goldman Sachs and joined PHBS in 2017 as an assistant professor. Now, he teaches blockchain and machine learning courses for the school’s fintech program and is devoted to research on quantitative finance and machine learning. To prepare for the new and ever-changing field, he has “reviewed tons of related materials” and also finished a paper on Bitcoin.*

“Fintech is where finance meets technology,” he explained. “For a fintech program to truly succeed, it needs ‘chemical bonding’ between the two areas.” In this recent interview, Choi shared his insights on our fintech program and China’s fintech story, as well as views on business schools’ role in this trend.

Choi stands in front of his bookshelf, saying he needs to read tons of related materials to get well prepared for the new and ever-changing field

Q: Financial technology, more commonly referred to as fintech, is expected to reshape the financial sector in the coming years. What are the reasons for its rapid growth?

Choi: Mainly it's about efficiency and affordability. So, fintech is where finance meets technology, and here's an example. Robo advisers are being used now. They are automated online platforms that can provide cost-effective financial advice. After clients fill out a personal profile, the robo advisor algorithm makes portfolio selections and manages them. This is a lot more affordable to a greater number of people than standard, human advising and portfolio management.

Q: China is emerging as the world's fintech market leader. Can China's fintech story be replicated elsewhere but tailored to the local context?

Choi: China is unique in many ways and already has successful fintech, especially in online payment. One reason for its success is that people in China don't use credit cards very much because many people didn't have access to banking in previous years. But now with the mobile phone, anyone can access the Internet, so China kind of skipped credit cards and went directly to online payment. Alibaba and Tencent are good examples. They have been central to encouraging other companies and when startups are successful, they will buy them. So, China has a good system for encouraging further fintech development in the example of online payment for it because of the chain of success. In other countries, such innovation may be slower because existing credit card technology, for example, continuously improves and competes with fintech. Still, the success of China fintech is important for other countries because it leaves footprints to follow.

Q: What are the challenges and downside of fintech?

Choi: There are many promising aspects in fintech, but it's not going to be the cure for all. For any fintech to succeed, it has to compete with existing technology, which is continuously and rapidly being innovated. I don't think fintech will win in all fields of finance. The downside is privacy and jobs. Personal information is very important for fintech companies because they create value from data. However, privacy should be protected and we have to ensure that personal data is used properly. Many jobs will be removed by AI [artificial intelligence], and we need to prepare for that trend. So students need to understand this long before graduation.

Q: Last year, PHBS launched a new master's program focusing on fintech. Can you give me a full picture of this program?

Choi: We are China's leading business school in Shenzhen, and with Shenzhen being a hub for entrepreneurship and startups, we want to create synergy between the two. So, it's a natural step to set up a fintech program. We offered the first courses for the new pro - gram this year [academic year 2018-2019], are improving the curriculum, and are looking to hire more faculty who specialize in this area.

It is important, however, to stress that as a business school, we want our students to have fundamental knowledge in management,finance and economics before they merge it with technology. That philosophy is reflected in our curriculum design. Our courses focusing on fintech include blockchain, AI, cyber security, and information security. Although we stress the fundamentals, our students are expected to do a lot of hands-on work in terms of programming. AI and machine learning involve a lot of coding, as students in the software engineering course learned.

However, fintech is an emerging field and approaches to teaching it are still developing. For example, looking at our curriculum and those at other schools, so far it's a mix of courses in technology and finance. Some business schools teach fintech as related to finance, whereas there are engineering schools teaching from the perspective of machine learning. That's so-called “physical bonding.” For a fintech program to truly succeed, it needs “chemical bonding” between the two areas. When teaching fintech and finance, technological aspects should also be addressed. When tech people talk about machine learning, they should teach some applications in finance. That's the direction all fintech programs eventually should aim, but it's quite difficult. 

I'll tell you an interesting story about one of my friends, an accountant at Google – not a software engineer. One day, he told his boss that he needed to purchase new accounting software. His boss asked, “Why do you need to buy software? Google is the best software company, and we have lots of good engineers. Ask one of our programmers to make our own accounting software.” The problem is that Google programmers are not good at accounting. Eventually my friend left Google.

I worked for Goldman Sachs, and though the company often talked a lot about fintech, I found financial companies could be conservative in trying new things, a little bit too slow to adopt the technology. Fintech offers a lot of opportunities but it's hard for finance and technology to mix up and bond chemically. That's the main challenge. So, going back to our fintech program at PHBS, we need to achieve that kind of curriculum goal.

A quick, final story on the challenges of developing fintech coursework. I taught blockchain and digital currency. I thought I knew how currency works, how bitcoin works, but I had to learn more and studied a lot to prepare for the course. For example, it is common to search for ideas from other schools' courses, yet I couldn't find anything on blockchain. Developing the course was a painful but great learning experience for me. The students and I learned together, and the students gave me helpful feedback to improve the course.

Q: Do students solve practical cases or do empirical work in fintech?

Choi: We don't really do textbook-oriented things. Fintech is new, and there are no textbooks. So, basically, they work on practical applications. For example, in the AI and machine learning course they used real data, applied the machine learning algorithm, and searched for any patterns in the data. In the software engineering course they created a program to suggest portfolio management. It's a practical real-world example. My course didn't involve much programming. The subject for their final project was surveying real industry, how block chain is used. Looking at what's taught in school and what's done in real life, there is not much difference.

Q: Are there any other universities offering fintech master's programs and are they similar to ours?

Choi: Hong Kong is a financial hub but is being challenged by Shenzhen and Shanghai, so I think its government is concerned about maintaining Hong Kong's status. Thus, schools and government in Hong Kong are working together to set up fintech programs. For example, CUHK [Chinese University of Hong Kong] created a fintech undergraduate course, and HKUST [Hong Kong University of Science and Technology] created a one-year fintech master's program. In these cases, the driving force is the engineering schools, although they cooperate with business schools. Therefore, perhaps they emphasize technology.

I think that one of the things that sets PHBS apart from other schools is fostering students' leadership skills. We see our graduates as future business leaders, and that includes in fintech, whether they work for a fintech company or start their own. So, as they take on leadership positions, we'd like them to have a strong perspective not only on technology but also on company management and determining the firm's technology needs.

Q: There are a number of online fintech courses, including courses offered by MIT and Oxford. What do you think about those online courses?

Choi: My guess is that these online courses are targeted to people already in the industry, either in technology or in finance. When designing our courses, I searched for some information on the web. But these are paid programs, so I couldn't look into much detail. However, the online programs only provide a certificate. These are not degree programs. So, comparing our program to online programs is not an equal comparison. Yet, these online programs' existence tells you the popularity of fintech because people want to use it in their careers. It also reflects an emerging trend in academia too.

Q: While tech giants like Baidu, Alibaba and Tencent have largely fueled the growth of fintech in China, smaller players have emerged in recent years, especially in Shenzhen. Do you think Shenzhen is on track to become a front-runner in this regard? What role can universities and business schools like PHBS play in this trend?

Choi: Yes, Shenzhen is on track. Tencent is definitely the leading company in this field, while Alibaba is headquartered in Hangzhou. Tencent and Alibaba are sharing the market in mobile payment. Shenzhen has a more favorable environment for small startups, too. I'm always surprised at how China quickly adapts to new things. I think the role model for PHBS and Shenzhen should be the relationship between Stanford University and Silicon Valley: Stanford provides talented students, and industry gives them feedback, so they can grow together. So I think we can follow that model.

The only problem is that we are a business school, not an engineering school. Because of that, fintech is important for PHBS. While we can't help with hardware or electronic startups, we can help with fintech startups. Fintech is an important intersection between PHBS and startups in Shenzhen. I hope PHBS will have more interaction with startups in Shenzhen to get feedback on better educating and training students in ways to benefit startups.

One example is that Britain's Duke of York has visited our school twice to promote his venture Pitch@Palace.* We should develop similar initiatives. PHBS has set up the Center for Innovation and Entrepreneurship, which aims to promote innovation and entrepreneurship in the Greater Bay Area, and cultivate innovative and entrepreneurial talent with global vision. Yet, it would be good for PHBS to get involved in the startup ecosystem. We could first start by incubating our alumni's startups and then connect to angel investors who are also our alumni. We can start to take small steps to connect investors together. I hope that these things happen in the future.

[*Editor's note: Just before this magazine went to press, Choi's paper “BitMEX Bitcoin Derivatives: Price Discovery, Informational Efficiency and Hedging Effectiveness” ( click to read ) was accepted for publication by The Journal of Futures Markets.

Pitch@Palace, founded by HRH The Duke of York, is a platform that supports entrepreneurs to accelerate and amplify their ideas. During his visits, HRH acknowledged PHBS's engagement in Sino-UK educational communication and collaboration, as well as entrepreneurship.]

Popular Articles
Latest News
Campus Events
嫰草影院 九九网 小红莓好嗨哟直播 丝瓜视频app在线下载 狐狸视频和丝瓜视频免费无限看免费 成·人免费午夜视频域名停靠 麻豆传媒下载 拍拍拍无挡视频免费观看1000 小草青青在线视频 善良的小 子 2020破解大秀盒子 丝瓜下载最新官网 swag麋鹿圣诞礼物突然 日本一 片 羞羞漫画在线阅读入口免费 麻豆传媒在线播放 日本学生真实初次破初视频 超碰视频在线 avgo 和审审在一起的日子韩国 污的视频带疼痛声的视频 视 亚洲免费国产午夜视频 菠萝蜜app污污高清完整 羞羞漫画在线阅读入口免费 向日葵视频在线观看 暖暖免费视频大全完整版 sesese 菠萝蜜污污高清视频 日本免费一区二区 localhost 一次迷晕三个完整版 2018高清日本一道国产,图片 youJIZZXXX69日本 成大年人视频在线观看 磁力在线种子搜索神器 抖阴 蜜桔2.aqq下载 任你躁这里有精品2视频 f2抖音,富二代在线观看 国拍自1区 老光棍影院 精品视频在线观看免费播放 日久精品不卡一区二区 亚洲色,图偷,拍自、拍 热播网 蜜桔app官方下载 video 13 14一级处 f2抖音,富二代在线观看 试看120秒刺激视频 男人和女人上张床频大全 app免费 亚洲在线视频 芒果视频app污黄无限看 8090影院 盘她直播app平台改名了吗 青草视频在线 肉肉全彩番无遮住爆乳 菠萝蜜污污高清视频 污直播软件大全APP 老版茄子成视频人app下载 成 年 人 视频app抖音 恋夜院影全部视频列表2 菠萝蜜APP高清在线观看 swag在线视频 菠萝蜜视频污 md3.pud 麻豆传媒下载 草莓 芭乐 向日葵 黄瓜 4484在线观看视频 d2天堂官网视频在线观看 4hc44四虎www在线观看 暴风雨爆乳上司在线观看 猛虎视频app下载免费 视频 麻豆影视大全 bb直播官方网站 上海李雅 请这里点击打开链接红猫 第四色 茄子视频懂你更多 四虎在线视频 老司机福利在视频e85在线观看 污直播软件大全APP 亚洲图区 向日葵视频app视频免费 免费公憩林 国产全部视频列表支持手机uc 成年午夜影 水果视频app下载安装 午夜福利50集免费视频 黄瓜视频ios污版ios 享爱直播app下载官网 立川理惠在线观看免费超清 10000部拍拍拍完整视频 77女神 d2视频下载二维码 秋葵视频下载安装男人的加油站 668影院 两人做人的爱每费视频观看 sesese 成长视频在线观看成长成长 看黄软件无限次破解版 一波未平 成都黑帽门 国产 小草影视免费观看 樱桃APP 肉肉全彩番无遮住爆乳 私库A∨视频 人交獸AV专区 免费同性视频男twinks 8008幸福宝芭乐视频 鸣无尽 77看片 暖暖高清视频在线观看中国 亚洲视频 善良的小峓子在线观看 妈咪微电影 草莓丝瓜在线视频观看 亚洲国产精品高清在线 9uu - 有你有我,足矣 zeyi 不卡在线观看 60岁女人宾馆全程露脸 天天视频app污软件视频 享爱直播app下载官网 99精品 年轻人视频 食色抖音 小草在线观看视频 小草影视免费观看 网站你懂我意思吧在线最新 盘她直播app平台改名了吗 久青草国产在线视频 成年男女免费视频网站 小视频污污污App 20709 麻豆传媒 特别的情人节礼物 日韩AV第一页在线播放 katsumi大战35cm黑人 最新秋霞特色AA大片 禁止的爱善良的小峓字中字在钱免费 柠檬视频namv.21 超级教师免费电视剧超清 日本mv在线天堂mv免费观看 日本docomo免费wifi 未满十八勿入的1000部视频 国内自拍真实伦在线视频 茄子app下载污下载 台湾圣诞swag麋鹿视频 SWAG弯弯 男女性高爱潮100免费视频 香草app 小草在线观看视频播放+视频 麻豆视频全集播放 菠萝蜜app污污高清完整 把车开到没人的地方做 最新s8视频 林美玲直播喷水在线观看 香蕉视频视频污污版在线观看 三邦车视网 人体最最大胆免费视频 国产三级在线观看完整版 榴莲视频下载安装APP污 成版人豆奶app安卓网站啥 年轻的母亲4 四虎在线视频 好爽快点弄我视频 波多野结衣无码在线观看 蘑菇app最新版下载 JAVA名优馆网站 芭乐视频污下载污在线观看 易易亲 在线观看视频 国产自拍中文字幕 JJIZZ女人多水在线观看 D2天堂在线观看 茄子短视频成视频人app 打工出租屋露脸自拍 麻豆传媒兄妹蕉谈第1集 两个人的视频全免费观看 强奸空姐 5g在线视讯-年龄确认十八岁 小草2019最新在线 md3.pud 麻豆传媒下载 东北老人做受视频 lutube在线观看入口 红豆视频免费下载 亚洲av在线观看 粉视频 芭乐视频幸福宝安装 国内精品自线在拍直播 试看120秒刺激视频 男人将机机桶美女全程视频 小视频污污污App japonensis18 一25 国产全部视频列表支持手机uc 絲瓜視線下載 成年轻人电影免费20岁 丝瓜app视频在线下载免费 小草免费播放观看在线 24小时直播吧 最新2019香蕉在线观看 中国人配人在线观看 亚洲av在线观看 风韵多水的熟妇在线播放 国产三级在线观看完整版 日本善良的锼子 9uu网页版登陆 试看120秒刺激视频 私人拍摄 私人拍摄 27电影 麻豆传媒 特别的情人节礼物 芊芊影院 668影院 小草莓直播免费版下载 成大年人视频在线观看 小花螺直播app下载安装地址 沈娜娜麻豆在线观看 一下子就弄进去了岳 蜜柚视频是什么 XXXX中国在线观看免费 佳丽app直播网址 老版茄子成视频人app下载 猫咪在线视频观看视频 蜜桔视频app免费下载安 XXXX中国在线观看免费 草莓直播app怎么下 小草在线观看免费观看在线观看 免费国产福利91b1 24小时直播吧 草莓app视频 羞羞漫画网页登录免费入口 亚洲精品456在线播放 pr18九天狐理m 和审审在一起的日子韩国 人与狗性交 丝瓜视频在线观看无限播放 非洲人和和人配人视频 盘她直播app平台改名了吗 强奸空姐 8008幸福宝芭乐视频 1000部拍拍视频18勿入 男女性高爱潮100免费视频 中国女人province 小草在线视频观看 99国产在线视频有精品视频 神马超神第九达达兔电视剧 污的视频带疼痛声的视频 视 非洲人配人高清视频 4438 x20全国成长 咪哒直播ios官网下载 吉泽明步在线观看手机中文 写作业时男朋友在后面撞 麻豆传媒免费观看免费一区 午夜国产免费视频亚洲 快豹.apk 麻豆传媒在线网站观看 91在线 天天视频app污软件视频 4tubeXXX在线观看 蘑菇视频app高清下载 s8sp.com www.cnba.cc ye321 日本docomo免费wifi 中国人配人在线观看 d2视频下载二维码 花姬直播一对一看大秀 一次迷晕三个完整版 秋葵视频app男人的加油站 2020年国产免费视频 污软件大全 向日葵app最新下载入口 四虎影视库 向日葵视频app视频免费 2020国产在线拍揄自揄视频 左手app看视频 japonensis18 一25 台湾AV 香港理论 草莓视频下载-app草莓 A一级一片少妇 阿娇与冠希13分钟无删减视频 我早就想在这里要你了 妈妈的朋友1-5线观看视频 蜜桔视频app免费下载安 matureHDHQ成熟 高清免费爱做网站 草莓丝瓜在线视频观看 在线观看污视频app免费 手机在线在线观看swag lutube网站下载app 中国XXXX片免费 多多屋 性福宝下载 丰满五十路人妻在线播放 丝瓜视频破解版无限看片安卓版app 1000部拍拍视频18勿入 欧美做真爱免费100部 草莓app视频ios污下载 77女神 青春草原视频大全 中国XXXX片免费 国内榴莲视频 佳丽app直播网址 www.xy 禁止的爱善良的小峓字中字在钱免费 麻豆传媒 特别的情人节礼物 李宗瑞在线观看 18se 朋友的母亲3字线观高清免费 pr九天狐 人与禽交视频大全 十个字母 恋夜秀场支持安卓全部排列表 4tubeXXX在线观看 成都黑帽门公布视频网址多少 小草在线观看免费观看在线观看 思思99re热这里有精品首页 app污污版视频大全 女人性高播放朝床叫视频 ye321 向日葵app最新下载入口 去何地电影 健身教练漫画完整版免费贤秀阅读在线观看 天狼网 坐着进的姿势 十大最污软件 bb直播官方网站 香蕉视频禁止18视频 猫咪社区官网首页进入 4438全国最大中国免费观看 日本docomo免费wifi 上海李雅 永久领域 草莓app直播下载安装 1000部拍拍视频18勿入 班里男生 我胸视频 内衣办公室 高清国产小视频精品视频 波多野结衣无码在线观看 一次迷晕三个完整版 秋葵视频app男人的加油站 8050二级午夜73 adc影院在线入口年龄确认 丝瓜视频在线app污下载 菠萝视频app下载 上色的视频网站 十个字母 大陆怎么用swag 南略早报中文网手机版 偷拍网 男男bl在线H肉视频 爱情岛永久路线免费 youJIZZXXX69日本 污app软件免费观看视频 JJlZZ女人多水 蜜芽tv永久网站入口 快描人成短视频 自慰喷潮A片免费观看 欧美女同 秋葵在线app官网 林美玲直播喷水在线观看 乌克兰XxX牲交视频 醉红楼播放视频 把车开到没人的地方做 光棍电影院 秋葵app最新版官网 人交獸AV专区 翁熄性放纵手机在线 向日葵视频app下载 榴莲视频下载安装APP污 做污污的事情视频 富二代官网 欧美女同 波多野结衣办公室系列 国产大全2019最新国产 年级的老师5中文版 我妈妈的朋友2 电影 69p69永久网址 在线看丝瓜视视频 国语自产拍在线观看40 s8视频 学生自慰视频 swag麋鹿圣诞礼物突然 麻豆传媒兄妹蕉谈第1集 班上的男生 我胸和下面而且还用手机拍我下面 丝瓜下载最新官网 任你躁这里有精品2视频 一分钟小视频试看一下 柠檬视频namv.21 蜜桔视频app免费下载安 樱花动漫网官网 污 中文字幕无线在线视频观看 鸭脖视频官网在线观看 A一级一片少妇 烈火动画 亚洲欧美综合在线中文 国产少妇毛片 《性船》完整版高清在线观看 老扒夜夜春宵第一部 男生说的p站 www.xy 天堂影视~ 老司机啪嗒啪嗒 sesese 做i爱视频 男的j进女的下面视频 女人性高播放朝床叫视频 欧美孕乳喷奶水 污app软件免费观看视频 pr九尾狐妖 菠萝app污污高清完整视频菠萝蜜app污免费 成都黑帽门 mp4 抖音成年短视频app视频 2020破解大秀盒子 小仙女2s直播间免费版 777高清在线观看 请这里点击打开链接红猫 淫荡的少妇 立川理惠在线观看免费超清 麻豆映画传媒入口 小草在线视频观看 久久在线 青春草原视频大全 97韩剧网手机版高清 一线最新一期视频在线观看 JAVA名优馆网站 在线无收费看完整污网站 katsumi大战35cm黑人 精品视频在线观看免费播放 玉蒲团在线观看114 秋葵在线app怎么下载 丝瓜视频在线无限看安卓破解下载 90从前面的动插图 爽爽影院线观看免费视频 香草app 2345影视大全在线观看免费 向日葵视频app视频免费 成都吴施蒙高清 图片区 偷拍区 有声小说区 pr九尾狐妖 加勒比一本线在线观看 日久精品不卡一区二区 图片区小说区 蜜桔app官方下载 富二代app抖音官网 人狗性交 三上悠亚在线观看 年轻的母亲在线5观看完整 视频 日本一级爽快片免费 古代四大美女一级毛片 操操日 午夜神器18以下不能进免费版在线 食色APP最新下载网址 伊久线香蕉观新在线熊 成版人豆奶app安卓网站啥 妈妈的朋友6在线观看免费完整版中文 含羞草老湿视频 千层浪在线免费观看 抖音好玩的江可爱9uu 年轻的母亲在线5观看完整 视频 猫咪社区官网首页进入 久青草国产在线视频 f2抖音,富二代,就这么嗨 小草在线观看免费播放 小小影院视频在线观看完整版 去何地电影 磁力在线种子搜索神器 JAVA名优馆网站 玛雅图霸天下 淫荡的少妇 亚洲在一一线 秋葵在线app官网 最新国产精品福利2020 1300萝li精品资源 swag麋鹿装在线观看 不卡在线观看 恋夜秀场支持安卓全部排列表 十个字母 秋葵视频app男人的加油站 9uu有你有我,足矣官网 青草青草久热精品视频 一次迷晕三个完整版 2019年92午夜视频福利 花姬里面的人是真的吗 茄子app免费下载在线观看 8090影院 亚洲在线视频 2019香蕉在线观看直播视频 乌克兰XxX牲交视频 盘她s直播下载 app javapp rs02xyz 朵朵直播app最新版ios下载安装提醒 茄子短视频成视频人app 美女黄色 午夜影视不用充钱的免费软件菠萝蜜 2345影视大全在线观看免费 NARUTOPIXXX福利网 麻豆传媒瑜伽老师在线观看 狼人香蕉香蕉在线28 蜜柚视频污的 麻豆传媒MD0044林予曦 恋夜秀场全部视频安卓请用UC浏览器动漫 宝贝再快一点别停视频 百媚下载app 男女做爰猛烈叫床视频 av按摩系列高清无码 香蕉视频www观看无限制版 久久是免费只精品热9 120秒免费观看体验试看 比翼漫画 老光棍影院 在线观看污视频app免费 小红莓好嗨哟直播 259988.1app 内衣办公室 激烈床震叫声高叫不停 短篇合篇500篇视频 lutube网页在线观看 69p69永久网址 avgo 柠檬社 YY6080手机伦理 美国一级片 打工出租屋露脸自拍 中国XXXX片免费 www 5 app 小青草视频 麻豆 恋夜全部免费列表支持安卓手机up 欧美色图 亚洲AV无码2020 向日葵影片app下载 草莓app视频ios污下载 超碰视频在线 午夜影视不用充钱的免费软件菠萝蜜 67194点击线路3 蜜柚视频是什么 絲瓜視線下載 写作业时男朋友在后面撞 芒果视频下载app安装 请这里点击打开链接红猫 香蕉手机网 国产少妇毛片 f2富二代app为什么找不到 光棍电影 10000部拍拍拍完整视频 adc影院在线入口年龄确认 丝瓜下载最新官网 2020破解大秀盒子 20709 国产真实学生在线视频 羞羞漫画网页登录免费入口 f2抖音,富二代在线观看 免费视频爱爱太爽了 成 年 人 视频app抖音 七妹在线视频观看影院 青草青草久热精品视频 向日葵app最新下载入口 1400张照片免费观看 亚洲国产精品高清在线 大伊在人线香 国产吧 333e系统页面更新升级 2020国产在线拍揄自揄视频 歪歪漫画破解版无限阅读币免费 西瓜在线视频免费观看视频 向日葵污视频 成长视频在线观看成长成长 菠萝视频app爱就要爱出来 盘她s直播下载 app 朋友的母亲3字线观高清免费 羞羞漫画在线阅读入口免费 猛虎视频app下载免费 视频 在线播放无码五十路熟妇视频 午夜免费无码福利视频 lutube网站下载app 蜜桔视频下载ios 热播网 国产偷自视频区视频 芒果视频app污黄无限看 一次迷晕三个完整版 草莓下载app视频污版下载 亚洲图区 s8高清视频在线看 暖暖免费视频大全完整版 荔枝视频下载污 李凯莉大战黑人 班上的男生 我胸视频 某猫是什么app 1000部拍拍视频18勿入 性交直播 小蝌蚪视频app下载官方地址 s8高清视频在线看 8视频在线看 成都黑帽事件视频 草莓丝瓜视频人app污片 а天堂网最新版在线 zeyi 麻豆映画传媒入口 抖阴 爱情岛论坛在线观看路线1 路线2 榴莲视频app lutube网站下载app WWW. 5.APP 在线播放无码五十路熟妇视频 男生插曲女生下生的视频在线观看 青草草在线热视频精品 橙子直播官网下载ios 食色视频 富二代f2抖音APP污短视频51 花姬里面的人是真的吗 亚洲在一一线 小蝌蚪app免费污在线观看 51社区视频在线视频观看 成长视频在线观看成长成长 向日葵免费视频app在线观看 爱情岛论坛在线观看路线1 路线2 72966bcon樱桃直播 rs02xyz 最新秋霞特色AA大片 成年轻人电影免费20岁 哪个直播平台可以看大秀的啊 老司机啪嗒啪嗒 女明星刘涛ai换脸安慰自己 易易亲 在线观看视频 恋夜秀场支持安卓全部排列表 2018高清日本一道国产,图片 md3.pud 麻豆传媒下载 新年贺岁片_麻豆传媒 猫咪社区官网首页进入 铃木一彻 亚洲欧美另类无码专区 2345影视大全在线观看免费 年轻的母亲5电视剧在线观看免费完整版 在线观看污视频app免费 国产吧 91在线 茄子短视频成视频人app 老光棍影院 259988 橙子在线官网 AV在线观看 翁熄性放纵手机在线 lutube网站下载app 日本学生制服强制在线观看 草莓丝瓜视频人app污片 风间由美 男女裸交真人全过程 夜小蜜 蜜桔视频app免费下载安 茄子短视频成视频人app 加勒比一本线在线观看 朵朵直播app最新版ios下载安装提醒 最污的软件 蜜桔视频下载ios 成丝瓜视频人在线观看 亚洲免费国产午夜视频 国语自产拍在线观看40 丝瓜影音 小草在线观看视频 99国国内清清草原免费视频 意大利版白雪公主h版观看 s8s成大人色视频 乱肉杂交怀孕系列 YY6080手机伦理 台湾圣诞swag麋鹿视频 youtube免费观看 番茄社区官网 swag麋鹿装在线观看 盘她直播app平台改名了吗 蜜柚污版app下载 电影强 成功在线观看 4438全国最大中国免费观看 D2天堂在线观看 114三级App全部 千层浪app免激活码破解版 台湾AV 七妹高清在线观看 苍井老师 淫荡的少妇 麻豆传媒下载 趣播直播邀请码是多少 伊久线香蕉观新在线熊 老光棍影院 年轻人 免费视频韩国 千层浪app2020激活码支付 蜜芽tv永久网站入口 日本学生真实初次破初视频 幻音音乐 视频 车 易易亲 在线观看视频 七妹高清在线观看 富二代下载安卓app 婷婷中文字幕 一次迷晕三个完整版 欧美视频毛片在线播放 老男人网 欧美视频毛片在线播放 飞天聚合直播 强奸动态图 JJlZZ女人多水 隔壁老王高清在线观看APP 千层浪app免激活码破解版 抖阴 yy4880 幻音音乐 视频 车 麻豆传媒瑜伽老师在线观看 花妃子 神马超神第九达达兔电视剧 王磊晓芬笔趣阁全文阅读1001王磊晓芬全文阅读 无码免费午夜视频在线 午夜免费无码福利视频 年轻的母亲5电视剧在线观看免费完整版 请这里点击打开链接红猫 我妈妈的朋友2 电影 小东西想要了是不是 视频 妈妈的朋友1-5线观看视频 国产午夜精华达达兔理论 最污的软件 富二代下载安卓app 西瓜在线视频免费观看视频 香蕉app JJlZZ女人多水 向日葵app最新下载入口 av按摩系列高清无码 班上的男生 我胸和下面而且还用手机拍我下面 做污污的事情视频 久青草国产在线视频 f2富二代成年短视频 未满十八勿入的1000部视频 四虎在线视频 小v视频app视频 七妹高清在线观看 d2视频在线观看 javapp 潘金莲三级1998版 aff91直播 麻豆影视app官方网站 乌克兰XxX牲交视频 十分钟免费影院 小小影视网在线观看免费 香蕉视频APP下载 日本免费一区二区 localhost 木瓜视频在线观看 zeyi 柠檬tv网络电视免费国语频道 av按摩系列高清无码 fulao2官方下载安卓免费 秋葵视频下载安装男人的加油站 茄子视频懂你更多 香蕉视频视频污污版在线观看 红高粱直播2020盒子 花姬直播一对一看大秀 苍井老师 2828电影 电影 成年轻人电影免费20岁 樱井莉亚在线 小草com 潘金莲三级1998版 2019最新中文慕字在线人人 豆奶app污短视频下载 手机在线在线观看swag 麻豆传媒下载 操操日 swag麋鹿装在线观看 超碰视频在线观看 久草网 1000部拍拍视频18勿入 超污的视频带痛声免费 天狼网 做暖暖视频大全高清20分钟 芭乐视频污下载污在线观看 蜜桔app官方下载 向日葵下载app免费最新 福利导航 秋葵视频下载安装男人的加油站 天天视频官网ios在线观看 食色短视频app免费下载污污 ckm3u8欧美做真爱 8090影院 免费yahoo日本 avgo 盘她app直播最新版 两个人的视频全免费观看 火影忍者鸣人强×小樱 秋葵在线app官网 禁止的爱善良的小峓字中字在钱免费 lutube网页在线观看