參考案例tcfa2015修定版

21STandWorldNewRisks,Uncertaintiesand

Sunday,November8th,2015NewYorkMarriottMarquisHoNewYork

21STandWorldNewRisks,UncertaintiesandSunday,November8th,2015NewYorkMarriottMarquisHoNewYorkTABLEOFE

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etoTheFinanceAssociation(“TCFA”)21stAnnualConference-“andWorldEconomy:NewRisks,UncertaintiesandOpportunities”.Theyearof2015marksaperiodofrenewedvolatilityanduncertaintyintheworldeconomy.RMBinternationalization,economicstructuraltransformation,andvolatilityintheAsharemarkethavethrustintothespotlight.IntheU.S.,Fedandthe2016ialelectiondominatethehead-lines.InEurope,Greecereemergedasahottopicinthesummer.Turmoilinthecommoditiesmarketandgeopoliticalsaddedtotheuncertainties.TCFAAnnualConferenceprovidesanoutstandingtformforindustryleaders,academicexperts,regulators,andTCFAmemberstoexchangeideasonthelatestdevelopmentintheglobaleconomyandfinancialmarkets.OurdistinguishedKeynoteSpeakerXiangyanSong,ChiefRepresentativeofThePeople’sBankofRepresentativeOfficefortheAmericas,willsharehisinsightabout“RMBInternationalization”.EsteemedU.S.KeynoteSpeaker,RobertHormats,ViceChairmanofKissingerAssociatesInc.,andformerUnderSecretaryofStateforEconomic,Energy,andEnvironmentalAffairsfrom2009to2013,willdiscuss“TheEmergingEconomicOrderintheAsia-PacificRegion”.RenownedAcademicKeynoteSpeaker,PatrickBolton,DavidZalaznickProfessorofBusinessatColumbiaBusinessSchoolandoftheAmericanFinanceAssociation,willsharehisresearchon“Short-termistFinancialMarketsandCorporateernanceChallenges”.Inaddition,wewillhavefivepaneldiscussionsfeaturingover20seniorexecutivesandexpertsfrommajorU.S.andinvestmentbanks,securitiesfirms,hedgefunds,assetmanagers,privateequityfunds,advisoryandlawfirms,aswellasinternetfinancecompanies.ConsistentwithoneofTCFA’smissionstohelpadvancethecareersofourmembers,wehaveorganizedaJobFairfeaturingprominentfinancialinstitutions,concurrentwiththeconferenceprogram.TCFAwasfoundedasanon-profitorganizationin1994.HeadquarteredinNewYork,TCFAhasgrowntoover6,000membersgloballywithchaptersinBoston,WashingtonDC,Chicago,SanFrancisco,LosAngeles,Charlotte,Toronto,London,Tokyo,Singapore,HongKong,Beijing,ShanghaiandShenzhen.OnbehalfofourBoardofDirectorsandmanagementteam,wewanttoexpressourgratitudetooursponsorsfortheirsupportandvolunteersfortheirdedicationwhichhavemadethisconferencepossible.Thankyouforcomingandwehopethatyouwouldenjoythisyear’sconference!

LEADSUPPORTINGNEWYORKUNIVERSITYSTUDENTS&SCHOLARSTheStudentsandScholarsAssociationatNewYorkUniversity(CSSA@NYU)esyoutothe21stAnnualConferenceofTheFinanceAssociation!RepresentingNewYorkCity’shomeuniversity,wearehonoredtobetheleadsupportingorganizeroftheconferencethathaslongengagedinfacilitatingtheexchangeofinlectualthoughtsandvaluableexperiencesamongmem-bersoftheglobalfinancecommunity.Theyear2015alsomarksthe21styearofCSSA@NYU,whoisoneofthelargeststudentorgani-zationsintheUnitedStates,withover4,000membersincludingcurrentstudentsandalumni.Foundedin1994,wehaveestablishedalongtraditiontoprovidecultural,social,andprofessionaleventstoNYUstudents,alumniandscholarsintheGreaterNewYorkarea.In2009,2012and2014,CSSA@NYUhadtheprivilegetopresentitsannualgalashowcasingculturalheritagesatLincolnCenter’sRoseTheater,theonlystudentproductioneverheldonthisworld-renownedstage.Since2008,CSSA@NYUhasproudlybeenanimportantpartnerofTCFAintheorganizationofitsthemat-icandregularevents.Westronglybelievethatthe21stTCFAAnnualConference,byconnectingindus-tryleadersandscholarsfromtheU.Sand,willmakeasubstantialcontributiontothedevelop-mentofthefinanceworld.LiLiu,ChairmanoftheTheFinance

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nance TCFA21stAnnualandWorldEconomy:NewRisks,UncertaintiesandNewYorkMarriottMarquisHo1535Broadway,NewYork,NYMORNING7:30am–8:30am–8:45am–9:15am–10:30am–10:40am–11:10am–12:15pm–

ingAddressFanXing,KeynoteAddress:“RMBXiangyanSong(),ChiefRepresentative,People’sBankofRepresentativeOfficefortheAmericas(銀行美洲代表處首席代表)SessionGlobalEconomicModerator:SusanManagingDirector,J.P.MorganAssetDr.PeterChiefEconomistforDeutscheBankSecuritiesinNewYork;Co-HeadofDeutscheBank’sGlobalEconomicsTeamNancyLazar,PartnerandHeadofEconomicsResearch,CornerstoneMorningAcademicKeynoteAddress:“Short-termistFinancialMarketsandCorporateernanceChallenges”ProfessorPatrickBolton,DavidZalaznickProfessorofBusiness,ColumbiaUniversity;,AmericanFinanceAssociationIntroducedbyDr.WenliLi,SeniorEconomicAdvisorandEconomist,FederalReserveBankofPhiladelphiaSessionGlobalInvestmentOpportunitiesandHeadofInvestorsIndustriesandMemberofManagementCommittee,WorldEconomicForumCEOandCo-CIO,CrossOceanPaulBrianAFTERNOON1:30pm–2:00pm–3:00pm–3:20pm–4:20pm–5:20pm–5:30pm–6:30pm–

U.S.KeynoteAddress:“TheEmergingEconomicOrderintheAsia-PacificRegion”RobertD.Hormats,ViceChairman,KissingerAssociates,Inc.;FormerSecretaryofStateforEconomic,Energy,andtheEnvironmentalAffairs,2009-2013IntroducedbyChristineZhao,BoardMember,TCFA;ManagingDirector,BankofAmericaMerrillLynchSession’sOutboundInvestmentandCrossBorderModerator:Dr.Chenyang,TCFA;HeadofERMCreditResearch,ElaineLaSeniorAdvisorofCICC,BoardMemberofConstructionPartner,MayerBrown;FormerDirectorGeneralofChairman&ManagingPartner,SonenshinePartnersandProfessorofFinanceandEconomics,ColumbiaUniversityAFTERNOONSessionInternetFinanceandPrivateEquityInvestmentModerator:DrHaoWu,BoardMember,TCFAManagingPartnerandCEO,Sino-CenturyInvestmentManagement(漢世紀(jì)投資管理)LeoCai(RobinHu(ChairmanandCEO,BroadResources博潤(rùn)投NingTang(FounderandCEO,CreditEaseSessionRecentDevelopmentsin’sCapitalMarketsHedgeModerator:MaggieJiang,TCFANewYorkChapterCo-Chair;SeniorDirector,CreditSuisseDr.CharlesWang(Founder&ChairmanDaopuCapital道樸資YuXin(FounderandChairman,ZequanInvestment(投資BenZhang(ExecutiveCommitteeMemberandHeadofAssetManagement,HaitongInternationalSecurities(海通國(guó)際)DavidZhang(ManagingDirectorandHeadofU.S.,EFundAssetManagementHongKong)Co.,.(易方達(dá)資產(chǎn)管理())Dr.ZiliManagingDirector,HeadoftativeInvestments,HarvestFundManagementCo,..ClosingDr.ChenyangWei,,TCFA;HeadofERMCreditResearch,TCFADr.JianHu,SeniorAdvisor,TCFA;ManagingDirector,Moody’sInvestorTCFAEveningOFTCFA21YEARSOFTCFATCFA21

OFFirstAnnualConferenceatStanford

FINANCEASSOCIATIONAnnualconferencewashostedin金Mr.ModiglianiandMr.Miller,awardedNobelPrizeforModigliani-Millertheorem,attended金

全“Finance:Entering21stCentury”sympo-siumhostedinBeijing.PBOCernorMr.XianglongDaigavetheopeningaddress,MinisterMr.RongjiZhumetrepresentativesoftheconference在舉辦“中國(guó)金融21世紀(jì)”研討會(huì)戴相龍行長(zhǎng)開幕詞 NobellaureateRobertMundellspeaksatannualTCFALaunchofBestPaperTCFA“最 LaunchofTCFABestPaperSymposium LaunchoffirstWomen’sTCFAlaunchesInvestmentLaunchofTCFAJapanandSingaporeFormerNATO’sSupremeAlliedCommander,GeneralWesleyClarkspokeatannualconference.Over6,000membersLaunchofLosAngelesandCharlotte

TreasurySecretaryLarrySummersspeaksatannualconferenceNobelLaureateRobertEnglespokeatannualconferenceFormerTreasurySecretaryRobertRubinspokeattheannualconference“Globalfinancialcrisis:CausesandResponses”PBOCernorXiaochuanZhouandDeputyernorGangYigavespeeches.在 在FormerSecretaryoftheU.S.DepartmentofCommerceCarlosGutierrezspokeatannualconferenceHostsSino-USSecuritizationLaunchof“InternetPublicWeChatOfficial推出“互聯(lián)網(wǎng)金融” HostsTCFA20- Celebrationin在成功舉辦

TheFinanceAssociation(TCFA)isaern-mentregisterednon-profitorganizationaimedatfacil-itatingtheexchangeofideas,knowledgeandinfor-mationoneducation,researchandpracticeinfinanceandrelatedareasbetweentheU.S.and.TCFAseekstobringtogetherthecollectivewisdomandexpertiseofscholarsandprofessionalsinanefforttopromotethedevelopmentofcapitalmar-ketsin.TCFAfurtherseekstoserveasthecentralvenuetoserviceitsmembersintheirprofessional關(guān)Foundedin1994intheU.S.,TCFAisoneofthelongestandmostsuccessfullyrunoverseasprofession-alorganizations.Itiscomprisedofprofessionals,schol-ars,andstudentsinfinanceandrelatedfieldswhohaveastronginterestin’sfinancialandeco-nomicdevelopmentaswellasdevelopmentsintheglobalfinancialindustry.Sinceitsfounding,TCFAhasservedasabridgebetweenU.S.andinfinanceandrelatedfields.TCFAorganizesandsponsorsabroadrangeofeventsincludingtheCapitalMarketBestPaperAward,InvestmentContest,careerdevelopmentworkshops,MentorProgram,andvariousseminarstoserveourmembers.TheAnnualConferenceservesasthesignatureeventoftheyear.Morethan6,000activemembersworldwideMemberscomefrommajorinvestmentassetmanagementfirms,hedgefunds,privatefunds,ratingagencies,universities,ernmentregu-latorybodiesandotherfinancialservicesinstitutionsHeadquarteredinNewYork,TCFAhaslocalchap-tersinBoston,WashingtonDC,Chicago,SanFrancis-co,Toronto,London,Paris,Tokyo,Singapore,HongKong,Beijing,Shanghai,andShenzhenSponsorsabroadrangeofactivitiessuchasprimaryresearchprojects,industryspecifictranslations,publicationsandinternationalconferencesTCFAisproudofitsnon-profitstatus,andourteamsandboardmembersallworkonavolunteerbasis.Formoreinformationpleasevisitourofficialwebsite

全美金融 (TheFinanceAssociation,TCFA)是在 之一。 從建立以來，全美金融為金融合作與交流建立了橋梁。經(jīng)常性地組織和贊助各種研究和交流活動(dòng)，包括中國(guó)資本市場(chǎng)最佳獎(jiǎng)，投資競(jìng)賽，職業(yè)發(fā)展研討會(huì)，導(dǎo)師項(xiàng)目和多種為會(huì)員服務(wù)的討論交流會(huì)。年會(huì)是協(xié)會(huì)每年的標(biāo)志性活動(dòng)。 全美金融以其非營(yíng)利性經(jīng)營(yíng)為榮，所有的團(tuán)隊(duì) ANNUALCONFERENCE年

最 獎(jiǎng)及年度研討ThisTCFAsignatureprogramservesasahigh-qualitytformforTCFAmemberstolearnmoreaboutdevelopmentinthefinancialservicesindustryinU.S.and.Ourcarefullycraftedprogramdiscuss-esthemostimportantissues,trends,andinvestmentopportunitiesinthefinancialmarketsaroundtheglobe.ThisconferencehasattractedmanyprominentspeakersgloballyincludingNobellaureate,prominentfundmanagers,pastandcurrenternmentofficialsinbothUSand.Ithasalsoeapopulareventforyoungprofessionalstonetworkandlearnfromestablishedseniormembersintheindustry.導(dǎo)師項(xiàng)TCFAmentorprogramprovidesyoungprofessionalsandstudentstheopportunitytobementoredbysuc-cessfulseniorprofessionalsonhowtoadvancetheircareers.Launchedin2010,ithaseoneofourmostpopularprograms.投資競(jìng)TheInvestmentContestprogramoftheFinanceAssociation(TCFA)wasfoundedin2012toprovideTCFAmemberswithtrainingandexperienceininvestment.Thiseventoffersourmembersandpartici-pantsauniqueopportunitytodeepentheirknowledgeofU.S.listed companies,ETFs,andU.S.equitymarket.Itisatformtoexchangeideasandimproveinvestmentandtradingskills.Theeventfurtherdemon-stratesTCFA’scommitmenttostrengthencooperationbetweenU.S.institutionalinvestorsandassetmanagementcompanies,andtohelpourmembersadvancetheircareersbyidentifyingandpromotingAsarelativelynewprogram,theInvestmentContesthasalreadyattractedover3000participantssinceitsinception.TheInvestmentContestPrizesweregrantedtotalentedyoungprofessionalsselectedfromfinalistscomingfromuniversities,investmentbanks,hedgefunds,assetmanagementfirms,aswellasotherfinan-cialinstitutions.ThesuccessoftheInvestmentContestisnotpossiblewithoutitssupporters:iShares,Investcorp,ACME,Tengyue,CICC,CITICSecurities,WallStreetMultime-dia,andColumbiaCSSA.

作為TCFA每年的標(biāo)志性活動(dòng)，年會(huì)是一個(gè)讓會(huì)員了解 TCFA2010年設(shè)立的導(dǎo)師項(xiàng)目已經(jīng)成為最受歡迎的活動(dòng)之TCFA20124月成功設(shè)立。這一競(jìng)賽模擬參與者提供了一個(gè)獨(dú)特機(jī)會(huì)加深市公，開放式指數(shù)基金和市場(chǎng)的了解。也是思想交流和提升投資技能的平臺(tái)。A希望通過這一活動(dòng)不斷發(fā)掘會(huì)員中所蘊(yùn)含的投資天賦，幫助推動(dòng)他們的職業(yè)發(fā)展，這一競(jìng)賽項(xiàng)目進(jìn)一步展現(xiàn)了TA在加強(qiáng)構(gòu)投者和中

TheBestPaperAwardprogramoftheFinanceAssociation(TCFA)wasfoundedin2006,withtheaimatpromotingacademicresearchfocusingonandinternationalcapitalmarket.Overthepast8years,thiseventhasreceivedover800papersubmissionsfrommorethan12countries.Bestpaperweregrantedto47papers/135authorsrepresenting76universitiesandinstitutionsincountriesincluding,U.S.,Canada,U.K,Italy,Singapore,Australia,etc.FollowingthesuccessoftheBestPaperawardevents,theTCFABestPaperSymposiumwassubsequentlycreatedin2009aspartoftheassociationannualconference.Thevenuehasprovidedamoreformalvenueforacademicstoconveneandexchangeattheassociation’sflagshipevent.Nearly500studentsandscholarshaveattendedtheBestPaperSympo-Theeventhasbeenwidelysupportedbytheacadem-iccommunity.Since2009,thesymposiumhashadfivehighlydistinguishedacademicsaskeynotespeakers:2010:JiangWang,ProfessorofFinance,MITSloanSchoolofManagement2011:FranklinAllen,NipponLifeProfessorofFinanceandProfessorofEconomics,formerofAmeri-canFinanceAssociation,WhartonSchooloftheUni-versityofPennsylvania2012:HarrisonHong,JohnScully‘66ProfessorofEco-nomicsandFinance,PrincetonUniversity2013:MartinJ.Gruber,ProfessorEmeritusandScholarinResidence,formerofAmericanFinanceAssociation,SternSchoolofBusiness,NewYorkUniver-2014:WeiXiong,ProfessorofEconomicsDepartmentofEconomicsandBendheimCenterforFinance,PrincetonUniversityEachyear,thesymposiumalsofeaturesapaneldiscussionon“:ResearchandAcademicCa-reersinFinance”.ThediscussionshavefeaturedseniorfacultymembersfromSternNYU,ColumbiaUniv.,Princeton,FordhamUniversity,CheungKungGraduateSchoolofBusiness,EuropeInterna-tionalBusinessSchool,ShanghaiAdvancedInstituteofFinance,andresearchersfromnon-academicinstitu-tionssuchas SecurityRegulatoryCommission(CSRC)and InternationalCapitalCorporation

從6年設(shè)立以來，這一獎(jiǎng)項(xiàng)予從球各研究構(gòu)提交的關(guān)于中國(guó)及國(guó)際資市場(chǎng)的 選取優(yōu)秀。最助TA獨(dú)有的人才儲(chǔ)備與學(xué)術(shù)研界的泛網(wǎng)、業(yè)界的聲譽(yù)以及積累的贊助商資源，不斷推動(dòng)中國(guó)的發(fā)展。此項(xiàng)目已經(jīng)發(fā)展成為美中兩地就經(jīng)濟(jì)和金融研究進(jìn)行思想交流的良好。 STRATEGICSTRATEGICGOLDCITICCITICSecuritiesLimited(“CITICSecurities”orthe“”)wasincorporatedinBeijingon25October1995,withregisteredcapitalofRMB300,000,000.Thebusinessscopeofthecoverssecuritiesbrokerage,securitiesinvestmentconsulting,financialadvisoryservicesrelatedtosecuritiestradingandsecuritiesinvestmentactivities,securitiesunderwrit-ingandsponsorship,securitiesproprietarybusiness,securitiesassetmanagement,marginfinancingandsecuritieslending,securitiesinvestmentfundsalesagency,provisionofbroker-ageservicetofuturescompanies,anddistributionoffinancialproducts.CITICSecuritiesis’sfirstfull-serviceinvestmentbanktohaveitsAshares(SSE:600030)listedontheShang-haiStockExchange(SSE)inJanuary2003.In2011,thehadHshares(SEHK:6030)listedontheMainBoardoftheStockExchangeofHongKongLimited.Thewasestablishedagainstthebackgroundofincreasingdevelopmentandmaturityofthesecuritiesmarketin.Itistop-rankedinthecapitalmarkets.Sinceitsestablishment,thehascontinuouslyimproveditsbusinessoperationsfollowingtheprincipleof“standardizedoperationandhealthdevelopment”.Itiswellpositionedtobenefitfromthestronggrowthpotentialof ’seconomyandcapitalmarkets.In2006,thebecametheonlysecurities toobtainthequalificationapprovedbythePeople’sBankofasaleadunderwriterofcommercialpapers.In2008,theCompa-nybecameaClass-AclearingparticipantofSecuritiesDepositoryandClearingCom-panyLimited,andobtainedthequalificationtomanagetheconvertedsharesheldbytheNSSF.In2010,theobtainedthequalificationsforsecuritiesmargintrading,stockindexfuturestradingintheproprietarybusinessandstockindexfuturestradingintheassetsmanagementbusiness,in2012,theobtainedthequalificationsforunderwritingofprivatecementofSMEbonds.InFebruary2013,theobtainedthequalificationforsidelineinsuranceagencybusiness.ThewasratedAA-levelinA-classwhichwasthehighestlevelamongstallthesecuritiescompanies’ratingsinpublishedforfiveconsecutiveyears.100,.AfteritslistingontheShanghaiStockExchange,the hasbeenincludedintheSSE180index,SSE50index,CSI300indexandSSECorporate ernanceindex.AfteritslistingontheHongKongStockExchange,the hasbeenincludedintheHangSengH-FinancialsIndex,HangSeng AHIndexSeries,HangSengGlobalCompositeIndex,HangSengCompositeIndex,HangSengCompositeIndustryIndex-Financials,andtheHangSengCompositeMidCapIndex,HangSengEnterprisesIndex,HangSeng25IndexandMSCIIndex,whichgreatlyenhancedtheimageofthe100,.Thecurrentlyowns5wholly-ownedprincipalsubsidiaries,namely:CITICSecurities(Zhejiang),CSI,CITICSFutures,GoldStoneandCITICSecuritiesInvestment;andhasoneprinci-palcontrollingsubsidiary,namelyCITICWantongSecurities.

WINDINFORMATIONCO., FORERESEARCH&MANAGEMENT,ShanghaiWindInformationCo.,，nowhas1900employees,asthemarketleader’sfinancialinformationservicesindustry,WindInfoisdedicatedtoprovidingandreal-timeinformation,aswellassophisticatedcommunicationtformsforfinancialprofessionals.In,weservemorethan90%offinancialinstitutionsincludinghedgefunds,assetmanagementfirms,securitiescompanies,insurancecompanies,banks,researchinstitu-tions,andregulatorybodies.Overseas,WindInfoserves70%ofQualifiedForeignInstitutionalInvestors(QFII).Hailedbothathomeandabroadasthe provideroffinancialinformation,the’sdataarefrequentlyquotedby inresearchreports,andinacademicpapers.

ForeResearch&ManagementisaNewYork-basedinvestmentadvisorfoundedin2003byMatthewLi.Wefocusprimarilyoncreditlong/shortinvestmentswithanemphasisoneventdrivenoppor-tunities.Ourcultureisfirmlyrootedinbottom-upfundamentalresearchofindividualcredits,includingcompanies,sovereigns,andstructuredproducts,framedwithinthecontextoftheglobalmacro-economicenvironment.Weprizeriskdisciplineandseektoemployliquidinstrumentswhilebeingmindfulofever-changingmarkettechnicals.WehavebeenaregisteredinvestmentadvisorwiththeU.S.Securities&ExchangeCommis-sionsinceFebruary2004.

Credit 2014年12月，宜信公司當(dāng)選“ ”副會(huì)長(zhǎng)單位。同時(shí)宜信還 CreditEasewasfoundedin2006andheadquarteredinBeijing.Inthepast9years,CreditE-asewascommittedtobetheflagshipenterpriseininthefieldofinclusivefinance、wealthmanagementandinternetfinance.Ithasalreadybuiltapowerfulnationwideser-vicenetworkcovering232cities(includingHongKong)and96ruralareasacross.Withitsrichexperienceanddata,itprovidescomprehensiveandcustomizedsolutionsininclusivefinanceandwealthmanagementforhigh-growthgroupsandthewealthymasses,usingtheadvancedlikebigdata,financecloud,internet,theInternetofThings,etc.In2015,thesuccessfulinnovationpracticebyCreditEasewasincludedasoneoftheclassicstudycasesfortheHarvardBusinessSchoolMBAprogram.InDecember2014,CreditEasewaselectedtheofBeijingP2PAssociation,asMr.TangwastheChairman.CreditEasewaselectedtheVice-ofAssociationofsmallloancompaniesinJanuary2015.Moreover,CreditEaseisalsotheViceChairmanofInternetFinancialCommitteeinPCAC.InApril2010，KPCB，aworldtopventurecapitalinvestmentinstitutionwhichhadinvestedintoenterprisessuchas,Amazon,andAmericanOnline,putastrategicinvestmentvaluedtensofmillionsUSDtoCreditEase.In2011,IDGandMSPEA,whichreachedastrate-giccooperationagreementwithCreditEase,togetherwithKPCBwhichjoinedinCreditEaseinearly2010,madeajointcapitalinjectionoftensofmillions,andbroughttheirindevelohigh-techindustriesandfacilitatingthedevelopmentofenterprisesatdiffer-entstagesinthepastdecadestohelpthedevelopmentofinclusivecreditandwealthmanagementin.AsthesecondcooperationofCreditEasewithtopinvestmentinstitu-tionsathomeandabroad,itindicatestherecognitionofthecapitalmarkettoCreditEaseforitsperformanceinthepastandalsoitshigh-degreerecognitiontodevelopmentpros-pectofthebusinessesprospectofbusinessthatCreditEaseisengagedin.TheinnovativepatternsofCreditEasehashelpedtensofmillionsofsmallandmicroentre-preneursandhundredsofmillionsofpoorfarmersbuildtheircredit,releasetheircreditvalue,andgaincreditfund,aswellasprovidevalue-addedservicessuchastrainingto

Established14yearsago,oneofthefundmanagersinwiththelongesthistoryEFundManagementCo..(“the ”)wasestablishedonApril17,2001andhasbeenrunningrobustlyfor14years.The isbasedinGuangzhouandhasofficesinBeijing,Shanghai,GuangzhouandShenzhenaswellassubsidiariesinHongKongprovidingservicesworldwide.The2ndlargestcomprehensivefundmanagerAsattheendofJune2015,thetotalassetsundermanagementbytheap-proachedUSD100billion.TherankssecondamongallfullproductsofferingfundAfundmanagerwhichoffersthemostdiverseproductsandthewidest-rangingTheholdsallrequisitebusinesslicensesfortheprovisionoffundmanagementser-vicesinmutualfunds,socialsecurities,annuities,segregatedaccounts,QDII,RQFII,entrust-edinvestmentofinsurancefunds,etc.Thehasalsobeenaleader,intermsofbothperformanceandscale,inareasincludingactivemanagement,fiedindexfunds,fixedreturnfundsandalternativeinvestments.DividendsamountingtoUSD10Sinceinceptions,ourmutualfundshaveyieldedsignificantreturns,withanaccrueddivi-dendofUSD10billion.OutstandinginvestmentTherankshighinthelistofwinnersofcovetedprizesintheindustry,havinggar-neredatotalof39“GoldenBull”prizesawardedby SecuritiesJournaltofundmanagersandatotalof9“BestFundManager” fromMorningstar().Thehasalsoreceivedanarrayofinvariousbusinesscategoriesincludingac-tivelymanagedequityfunds,passiveindexfundsandfixedefunds.Leadingtheindustrywithmorethan200fundproductsonWeoffermorethan200products,including88mutualfundsaswellasportfoliosinvolvingsocialsecurities,annuities,segregatedaccounts,etc.Byofferingawiderangeofproducts,weprovidetailoredmadesolutionstoours.

HAITONGEstablishedin1998,AssetManagementCo.,.(AMC)istheleadingassetman-agerinwithtotalAUMofUS$110billion(asofJune30,2015).Itprovidesservicestobothdomesticandforeignsin’sA-shareandfixedemarkets,andhasabroadbaseconsistingofmorethan35,000institutionalinvestorsand24millionretailinvestors.Advocatingstronginvestmentandresearchculture, AMChasbuiltthelargestbuy-sideprofessionalteamofover200investmentprofessionals. AMChasestablishedacom-pletefundproductlinetomeetinvestors'differentdemands. AMCoffersatotalof55mutualfundsprovidedbyAMC,includingequityfunds,hybridfunds,bondfunds,indexfundsandmoneymarketfunds,etc.WithUS$25billionofinstitutionalAUM,AMCisaleadinginstitutionalassetmanager,andthetopcorporatepensionmanagerinitsindustryin.ItisalsoaleadingQFIImanagerin ,managingassetsofUS$2.5billionforadozenQFIIsincludingcentralbanks,SWFs,ernmentpensions,assetmanagersandbanksfromvariouscountries/regionsaroundtheglobe.

HaitongInternationalSecuritiesGroupHaitongInternationalSecuritiesGroupLimited(“HaitongInternational”;togetherwithitssubsidiaries,the“Group”;StockCode:665.HK)isasubsidiaryofHaitongInternationalHoldingsLimited(“HaitongInternationalHoldings”),aincorporatedinHongKongandwhol-ly-ownedbyHaitongSecuritiesCo.,.(“HaitongSecurities”).HaitongSecuritiesislistedontheShanghaiStockExchangeandtheStockExchangeofHongKong(StockCode:600837.SH;6837.HK).HaitongInternationalSecuritiesLimited,amainoperatingsubsidiaryofHaitongInternational,wasestablishedin1973.HaitongInternationalwasformedin1996andwaslistedontheStockExchangeofHongKonginAugustofthesameyear.HaitongInternationaliswell-establishedtoprovidecomprehensiveandqualitycorporatefinance,brokerageandmarginfinancing,investmentmanagement(AssetManagementandWealthManagement),fixede,currencyandcommoditiesaswellasstructuredfinancingproductsandservicestoinstitutionalsandindividualinvestorsdomesticallyandaroundtheglobe.AstheonlyoverseasbusinesstformofHaitongSecurities,theGroupstrivestobeamodernandcomprehensivefinancialinstitutionwithleadingpositionintheGreaterRegion.HaitongInternationalhasarobustretailbaseandextensivedistributionchannels,withover10branchesinHongKongandMacau.TheGrouphas2representativeofficesinBeijingandShanghaiandanoverseasHaitongInternationalSecuritiesGroup(Singapore)Pte..inSingapore.「 海通國(guó) 「 (海通 」)的全資附屬公司。海通於 聯(lián)合所上市( 號(hào)：600837.SH;6837.HK)。))於、設(shè)立2處，并於新加坡設(shè)有海外公司─海通國(guó)際(新加(HaitongInternationalSecurities(Singapore)Pte..)

OVERVIEWEstablishedin1998,Boserawasoneofthefirstfivemutualfundcompaniesin.Ourmissionistocreatewealthfortheinvestingpublic.Duringthe11yearsfrom1998todate,thenumberofthefundsmanagedbyBoserahasincreasedfromonlyoneclosed-endfundwithRMB2billion(approximayUSD260million)in1998to16fundsintotalatpresent,including3closed-endfundsand13open-endfunds.ByAugust112009,thetotalassetsundermanage-menthasexceededRMB209billion(approximayUSD30.6billion),whichmakesBoseraoneofthelargestfundmanagementcompaniesin .Overthepastfewyears,BoserafundshavepaiddividendsofRMB43.5billion(approximayUSD6.4billion)intotaltoinvestors.FUNDSUNDERBoseraoffersafullspectrumoffixedeandequityproducts,including3closed-endfundsand13open-endfunds.ThetotalassetsundermanagementhaveexceededRMB209billion(approximayUSD30.6billion),andinvestoraccountsareover10million.InDecember2002,BoserawasoneofthefirstinvestmentmanagersappointedfortheNationalSocialSecurityFundportfolios.Also,Boseraisoneofonly15investmentmanagersinapprovedtomanagecorporatepensionsbytheMinistryofLaborandSocialSecurityinAugust2005.InFebruary2008,Boserawaslicensedtomanageseparateaccounts,andinMarchofthesameyear,waslicensedtomanageQDIIinvestments.BOSERABoseraisaknowledge-drivenorganization,alwaysadvocatingstandardized,streamlinedandsystematicoperation.Weimposegreatimportanceonteamworkandknowledge-shar-ingandrequireouremployeestoberesponsibleprofessionalswithintegrity.Wefirmlybelievethatonlywhenwehavemadecontributionstosocietycanourfirmeaneligibleparticipantintheindustryandsurviveinthemodernsocietywithlong-termBoseraispoweredbyanopen-mindedandtarget-orientedmanagementteamconsistingofnelwithdifferentbackgrounds,professionalknowledgeandskillstosupportother,whoenable