投资金融基金JV研究(共50页).ppt

1、Fund JV ResearchCODE：SHFIN040181Capital ChinaItemItemnMarket introduceMarket introducenMarket CompetitionMarket CompetitionnInvest StructureInvest StructurenSchedule of set-upSchedule of set-upnSchedule of fund issuanceSchedule of fund issuancenBusiness Business ScopeScopenCorporate GovernanceCorpor

2、ate GovernancenFinancial ForecastFinancial Forecast2Capital ChinaItemItemnMarket introducenMarket CompetitionnInvest StructurenSchedule of set-upnSchedule of fund issuancenBusiness ScopenCorporate GovernancenFinancial Forecast3Capital ChinaMarket introduceproportion of Market introduceproportion of

3、fundfund98.20%1.80%GDP OF CHINA FUNDSFrom: Stat. Yearbook of China4Capital ChinaMarket introduce-growth of depositMarket introduce-growth of depositUnit: 1,000billion RMBFrom: Stat. Yearbook of China5Capital ChinaMarket introduce-growth of depositMarket introduce-growth of depositUnit: 1,000billion

4、RMBFrom: Stat. Yearbook of China4 4. .6 61 15 5. .1 14 46 6. .1 12 27 7. .1 18 81 11 1. .8 82 22 2. .2 23 33 3. .3 31 13 3. .8 88 80 0. .8 80 0. .8 82 2. .1 10 01 12 23 34 45 56 67 78 82 20 00 00 02 20 00 01 12 20 00 02 22 20 00 03 3c cu ur rr re en nt t d de ep po os si it tf fi ix xe ed d d de ep

5、po os si it tF Fu un nd d6Capital ChinaMarket introduce-growth of society Market introduce-growth of society fund fund 4.410.345.150.466.430.657.460.93024682000年2001年2002年2003年Eenterprise DepositInsurance FundsUnit: 1,000billion RMBFrom: Stat. Yearbook of China7Capital ChinaMarket introduce-growth o

6、f Market introduce-growth of securities marketsecurities marketnThe total net value of funds just account for 4.5% of securities market value onlyUnit: 100 million RMBFrom: CSRC8Capital ChinaItemItemnMarket introducenMarket CompetitionnInvest StructurenSchedule of set-upnSchedule of fund issuancenBu

7、siness ScopenCorporate GovernancenFinancial Forecast9Capital ChinaCODE Name Open-end Close-endTotal sizeEstablish time1HuaAn F.M.C3421019982China A.M.C5420019983Southern F.M.C4432019984Guotai A.M.C3412019985Penghua F.M.C4414019986Changsheng F.M.C2411019987Dacheng F.M.C2510019998Boshi F.M.C3527019989

8、Harvest F.M.C42160199910Baoying F.M.C121002001From: China Fund Network10Capital ChinaMarket Competition-Numbers of FundMarket Competition-Numbers of FundChina fund market: n38 fund management companiesn (including 8 JV fund management companies )n86 Open-ended fundsn54 Close-in fundsnMore than 200 b

9、illion RMB in the market11Capital ChinaMarket Competition-JV F.M.C in ChinaMarket Competition-JV F.M.C in ChinaNameChinese-partnerForeign-partner1Guotai-allianz F.M.CGuotai-junan Securities Co.Allianz Group (Germany)2Fortune SGAM F.M.CHuabao Trust CompanySGAM (France)3China Merchants F.M.CChina Merc

10、hants Securities Co.ING (Netherlands)4ABN AMRO Xiangcai F.M.CXiangcai Securities Co.ABN AMRO (Netherlands)5Fullgoal F.M.CHaitong, Shenyin & Wanguo, Huatai Securities Co.etc.BMO Finance Group (Canada)6Forties Haitong Investment M.CHaitong securities Co.Forties FMC (Japan)7INVESCO Great-wall F.M.C

11、Great-wall Securities Co.INVESCO (USA)8SYWG BNP Paribas F.M.CShenyin & Wanguo Securities Co.BNP Paribas A.M.C (France)From: China Fund Network12Capital ChinaMarket Competition- JV F.M.C in ChinaMarket Competition- JV F.M.C in ChinaNameEstablish TimeAmount of Funds 1Guotai-allianz F.M.CMay 200322

12、Fortune SGAM F.M.CFeb. 200343China Merchants F.M.CDec. 200244ABN AMRO Xiangcai F.M.CJul. 200235Fullgoal F.M.CApr. 199966Forties Haitong Investment M.CApr. 200327INVESCO Great-wall FMCJun. 200338SYWG BNP ParibasJen. 20040From: China Fund Network13Capital ChinaItemItemnMarket introducenMarket Competit

13、ionnInvest StructurenSchedule of set-upnSchedule of fund issuancenBusiness ScopenCorporate GovernancenFinancial Forecast14Capital ChinaInvest Structure -Capital Invest Structure -Capital Requirement of Fund JVRequirement of Fund JVRegistered Capital: RMB 100,000,000 15Capital ChinaInvest Structure -

14、Qualification of Invest Structure -Qualification of Domestic PromoterDomestic PromoternRegistered Capital At least RMB 300,000,000 nGood achievements and high reputation in securities operation, investment securities consultation, trust assets managing or any other financial assets management nNo re

15、cords of illegal actions in current 3 years. 16Capital ChinaInvest Structure -Qualification of Invest Structure -Qualification of Foreign PromoterForeign PromoternPaid-in Capital At least RMB 300,000,000 nForeign Financial Institution nNo substantial punishment from security administration and law a

16、uthority in recent 3 years nComplete law and supervision system on securities in the country of the promoter, and the countrys security supervision authority has signed on the MOU on the cooperation of security supervision with CSRC. 17Capital ChinaItemItemnMarket introducenMarket CompetitionnInvest

17、 StructurenSchedule of set-upnSchedule of fund issuancenBusiness ScopenCorporate GovernancenFinancial Forecast18Capital ChinaSchedule of set-upSchedule of set-upSelf-Regulation Promise OpenApply to establishment Apply to openRegistration by GS12 months in principle 60 workdays 30 workdays One week G

18、ive the Promise letter to CSRCApproval of establishment by CSRCGive the Promise letter to the Stock ExchangeApply to establishment to CSRCApply to open to CSRCApproval of opening Establishment19Capital ChinaItemItemnMarket introducenMarket CompetitionnInvest StructurenSchedule of set-upnSchedule of

19、fund issuancenBusiness ScopenCorporate GovernancenFinancial Forecast20Capital ChinaSchedule of Fund IssuanceSchedule of Fund IssuanceFund exchange Apply to prepare to issuance Fund collection Financing check up6 months 6 months 6 months 10 workdays Draft of fund contract, draft of fund trusteeship c

20、ontract, fund collection illuminate, finance statement of FMC, legal opinion letter etc. Approve FMC prepare to issuance, or explain the reason of un-approvedApplication to CSRC Publicize collection illuminate before 3 days Legal institution make the report21Capital ChinaItemItemnMarket introducenMa

21、rket CompetitionnInvest StructurenSchedule of set-upnSchedule of fund issuancenBusiness ScopenCorporate GovernancenFinancial Forecast22Capital ChinaBusiness ScopeBusiness ScopenFunds Management nEstablish Funds nFunds Registration nFunds Distribution23Capital ChinaBusiness Scope -Investment FieldBus

22、iness Scope -Investment FieldnStocksnLiquid market value More than 400 billion RMB n1,259 list companiesnNearly 70 million investorsnSecond only to Japan stocks market in AsianBondsnMore than 40 billion bonds can be exchanged nMonetary toolsnCentral bank bills, commercial bills, CDs etc.24Capital Ch

23、inaBusiness Scope -Forbidden FieldBusiness Scope -Forbidden FieldnSecurity DistributionSecurity DistributionnBuy and sell other funds (except with special Buy and sell other funds (except with special approval of the State Council) approval of the State Council) nBuy and sell affiliates stock or bon

24、dBuy and sell affiliates stock or bondnCarried illegal security exchange businessCarried illegal security exchange businessnLoan or Warranty to othersLoan or Warranty to othersnOthersOthers25Capital ChinaItemItemnMarket introducenMarket CompetitionnInvest StructurenSchedule of set-upnSchedule of fun

25、d issuancenBusiness ScopenCorporate GovernancenFinancial Forecast26Capital ChinaCorporate Governance-Corporate Governance-Organization ChartOrganization ChartCEOInvestment Dep.Finance Dep,Trustee Dep.SupervisorBODR&D Dep.Marketing Dep.IT Dep.Admin. Dep.Fund Manager27Capital ChinaCorporate Govern

26、ance-Corporate Governance-Independent DirectorIndependent DirectornThe amount of independent directors shall be The amount of independent directors shall be more than the directors appointed by the more than the directors appointed by the largest shareholder.largest shareholder.nIndependent Director

27、s shall take up at least Independent Directors shall take up at least 1/3 of the board of directors1/3 of the board of directorsnIndependent Directors can be appointed by at Independent Directors can be appointed by at most 3 fund companies at one timemost 3 fund companies at one time 28Capital Chin

28、aCorporate GovernanceCorporate GovernanceIndependent Director: QualificationIndependent Director: QualificationnMore than 5 years working experience in More than 5 years working experience in Finance, Law or Accounting. Finance, Law or Accounting. nNot employee of the shareholders company Not employ

29、ee of the shareholders company nNot employee of this company in the last 3 Not employee of this company in the last 3 years years nNo interest relationship with senior management No interest relationship with senior management of the companyof the companynNo interest relationship with the company No

30、 interest relationship with the company 29Capital ChinaCorporate GovernanceCorporate GovernanceIndependent Director: Right to Vote Independent Director: Right to Vote The followings require the favor of more than 2/3 of independent directors ：nAuditing affairs of the company and fundAuditing affairs

31、 of the company and fund，engage or engage or change accounting firms. change accounting firms. nTransaction with affiliates Transaction with affiliates nThe salary, appointment and dismission of senior The salary, appointment and dismission of senior managers, supervisor and fund manager managers, s

32、upervisor and fund manager nRent special fund trading seat Rent special fund trading seat nEngagement of sale agent, trust management or Engagement of sale agent, trust management or registration department and related expense rate registration department and related expense rate nOthers Others 30Ca

33、pital ChinaCorporate Governance-CEOCorporate Governance-CEOnHave the qualification for carrying out fund Have the qualification for carrying out fund business or any other working experience in business or any other working experience in security which is accepted by CSRCsecurity which is accepted b

34、y CSRCnFor senior manager of fund company, more than For senior manager of fund company, more than 3 years experience of funding business or 3 years experience of funding business or more than 5 years experience of security and more than 5 years experience of security and financial business financia

35、l business nFor senior manager of fund deposit department, For senior manager of fund deposit department, more than 3 years experience in bankmore than 3 years experience in bank31Capital ChinaCorporate Governance-Manager of Trustee Corporate Governance-Manager of Trustee DepartmentDepartmentnHave t

36、he qualification for carrying out fund Have the qualification for carrying out fund business or any other working experience in business or any other working experience in security which is accepted by CSRCsecurity which is accepted by CSRCnFor senior manager of fund company, more than For senior ma

37、nager of fund company, more than 3 years experience of fund business or more 3 years experience of fund business or more than 5 years experience of security and than 5 years experience of security and financial business financial business nFor senior manager of fund deposit department, For senior ma

38、nager of fund deposit department, more than 3 years experience in bankmore than 3 years experience in bank32Capital ChinaCorporate Governance-Fund ManagerCorporate Governance-Fund ManagernHave the qualification for carrying out Have the qualification for carrying out fund businessfund businessnMore

39、than 3 years experience in fund More than 3 years experience in fund business or more 5 years experience in business or more 5 years experience in security or financial worksecurity or financial worknPass the Fund Manager Qualification Test.Pass the Fund Manager Qualification Test.33Capital ChinaCor

40、porate Governance-SupervisorCorporate Governance-SupervisornAccording to the requirement of CSRC, the According to the requirement of CSRC, the company shall have one supervisor. company shall have one supervisor. nThe term of the supervisor is 3 year and the The term of the supervisor is 3 year and

41、 the term can be renewed.term can be renewed.nThe appoinment and dismission of the supervisor The appoinment and dismission of the supervisor shall be reported to CSRC and requires the shall be reported to CSRC and requires the approval of CSRC.approval of CSRC.34Capital ChinaCorporate Governance-Ot

42、her Corporate Governance-Other Professional StaffProfessional StaffIncluding the professional staff of R&D Dep., Including the professional staff of R&D Dep., Marketing Dep., Finance Dep., IT Dep.Marketing Dep., Finance Dep., IT Dep.nAt least with Junior College Degree on At least with Junio

43、r College Degree on Security or other related major, 2 years Security or other related major, 2 years experience in Security Business or 3 years experience in Security Business or 3 years in Financial Businessin Financial Business nPass the Funds Broker Qualification TestPass the Funds Broker Qualif

44、ication TestnChina Nationality (except for special China Nationality (except for special approval of CSRC)approval of CSRC) 35Capital ChinaItemItemnMarket introducenMarket CompetitionnInvest StructurenSchedule of set-upnSchedule of fund issuancenBusiness ScopenCorporate GovernancenFinancial Forecast

45、36Capital ChinaFinancial AssumptionFinancial AssumptionRegistration Capital: 100,000,000RMB37Capital ChinaFinancial AssumptionFinancial AssumptionnOpening period 1YOpening period 1YnFund issuing period 0.5YFund issuing period 0.5Ynrevenue reserves rate 15%revenue reserves rate 15%nPayout ratio 100%P

46、ayout ratio 100%38Capital ChinaFinancial Assumption-Size of fund Financial Assumption-Size of fund Unit: 000 RMB39Capital ChinaLoadOpen-End FundClosed-end fundApplication fee1%-1.5%1%belong to Custodian bankFront-end Load1.2%-1.5%0.25%belong to Custodian bankBack-end Load0.5%0.25%belong to Custodian

47、 bankManagement fee1.5%1.5%belong to Fund Cor.Financial Assumption-Fund Load Financial Assumption-Fund Load From: CSRC40Capital ChinaFinancial Assumption -TAX RATEFinancial Assumption -TAX RATETAX TYPETAX TYPETax-exempt Tax-exempt periodperiodTAX RATETAX RATEBusiness tax rateBusiness tax rate2Y *5.5

48、5%Income tax rate2Y *15% *by virtue of shanghai government,not formal issued by law41Capital ChinaOpening Expense-Hardware&Sofeware Opening Expense-Hardware&Sofeware minmaxavgTA system 15,000 20,000 17,500 Exchange system 1,000 2,000 1,500 Software 2,000 2,000 2,000 Call center 1,000 2,000 1

49、,500 sub-total 19,000 26,000 22,500 Unit: 000 RMBFrom: Market research42Capital ChinaOpening Expense- Operating exp.Opening Expense- Operating exp.minmaxavgOperating exp 10,000 15,000 12,500 Unit: 000 RMBFrom: Market research43Capital ChinaOpening Expense-TotalOpening Expense-Total 2 22 2, ,5 50 00

50、0 1 12 2, ,5 50 00 0- -5 5, ,0 00 00 01 10 0, ,0 00 00 01 15 5, ,0 00 00 02 20 0, ,0 00 00 02 25 5, ,0 00 00 03 30 0, ,0 00 00 03 35 5, ,0 00 00 04 40 0, ,0 00 00 01 1o op pe et ta at ti in ng g e ex xp p. .H Ha ar rd dw wa ar re e& &S So of fe ew wa ar re eUnit: 000 RMB44Capital ChinaFund I

51、ssuance expenseFund Issuance expenseminmaxavgFund Check exp.160160160RP Exp.2,0002,0002,000Ad. 9,00015,00012,000Disclosure exp.800800800Travel1,0001,0001,000sub-total12,96018,96015,960Unit: 000 RMBFrom: Market research45Capital China6 68 81 10 01 10 01 10 01 10 01 10 01 10 03 30 04 40 05 50 06 60 07 70 08 80 09 90 01 10 00 0- -2 20 04 40 06 60 08 80 01 10 00 01 12 20 0Y Y0 0- - - -Y Y3 3Y Y4 4Y Y5 5Y Y6 6Y Y7 7Y Y8 8Y Y9 9Y Y1 10 0N Nu um mb be er r o of fc ch hi in ne es se e s st ta af ff fN Nu um mb be er r o of ff fo or re ei ig gn n s st ta af ff fUnit: 1 personOperating exp.number