投资金融基金JV研究(1)ppt课件

1、Fund JV Research2004.03.26CODE：SHFIN04018ItemMarket introduceMarket CompetitionInvest StructureSchedule of set-upSchedule of fund issuanceBusiness ScopeCorporate GovernanceFinancial ForecastItemMarket introduceMarket CompetitionInvest StructureSchedule of set-upSchedule of fund issuanceBusiness Scop

2、eCorporate GovernanceFinancial ForecastMarket introduceproportion of fundFrom: Stat. Yearbook of ChinaMarket introduce-growth of depositUnit: 1,000billion RMBFrom: Stat. Yearbook of ChinaMarket introduce-growth of depositUnit: 1,000billion RMBFrom: Stat. Yearbook of ChinaMarket introduce-growth of s

3、ociety fund Unit: 1,000billion RMBFrom: Stat. Yearbook of ChinaMarket introduce-growth of securities marketThe total net value of funds just account for 4.5% of securities market value onlyUnit: 100 million RMBFrom: CSRCItemMarket introduceMarket CompetitionInvest StructureSchedule of set-upSchedule

4、 of fund issuanceBusiness ScopeCorporate GovernanceFinancial ForecastMarket Competition-Top 10 F.M.CCODE Name Open-endClose-endTotal sizeEstablish time1HuaAn F.M.C3421019982China A.M.C5420019983Southern F.M.C4432019984Guotai A.M.C3412019985Penghua F.M.C4414019986Changsheng F.M.C2411019987Dacheng F.M

5、.C2510019998Boshi F.M.C3527019989Harvest F.M.C42160199910Baoying F.M.C121002001From: China Fund NetworkMarket Competition-Numbers of FundChina fund market: 38 fund management companies (including 8 JV fund management companies )86 Open-ended funds54 Close-in fundsMore than 200 billion RMB in the mar

6、ketMarket 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 Merchants Securities Co.ING (Netherlands)4ABN AMRO Xiangcai F.M.CXiangcai Se

7、curities 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.CGreat-wall Securities Co.INVESCO (USA)8SYWG BNP Paribas F.M.CShenyin & Wangu

8、o Securities Co.BNP Paribas A.M.C (France)From: China Fund NetworkMarket Competition- JV F.M.C in ChinaNameEstablish TimeAmount of Funds 1Guotai-allianz F.M.CMay 200322Fortune SGAM F.M.CFeb. 200343China Merchants F.M.CDec. 200244ABN AMRO Xiangcai F.M.CJul. 200235Fullgoal F.M.CApr. 199966Forties Hait

9、ong Investment M.CApr. 200327INVESCO Great-wall FMCJun. 200338SYWG BNP ParibasJen. 20040From: China Fund NetworkItemMarket introduceMarket CompetitionInvest StructureSchedule of set-upSchedule of fund issuanceBusiness ScopeCorporate GovernanceFinancial ForecastInvest Structure -Capital Requirement o

10、f Fund JVRegistered Capital: RMB 100,000,000 Invest Structure -Qualification of Domestic PromoterRegistered Capital At least RMB 300,000,000 Good achievements and high reputation in securities operation, investment securities consultation, trust assets managing or any other financial assets manageme

11、nt No records of illegal actions in current 3 years. Invest Structure -Qualification of Foreign PromoterPaid-in Capital At least RMB 300,000,000 Foreign Financial Institution No substantial punishment from security administration and law authority in recent 3 years Complete law and supervision syste

12、m 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. ItemMarket introduceMarket CompetitionInvest StructureSchedule of set-upSchedule of fund issuanceBusiness ScopeCorporate Governa

13、nceFinancial ForecastSchedule of set-upSelf-Regulation Promise OpenApply to establishment Apply to openRegistration by GS12 months in principle 60 workdays 30 workdays One week Give the Promise letter to CSRCApproval of establishment by CSRCGive the Promise letter to the Stock ExchangeApply to estab

14、lishment to CSRCApply to open to CSRCApproval of opening EstablishmentItemMarket introduceMarket CompetitionInvest StructureSchedule of set-upSchedule of fund issuanceBusiness ScopeCorporate GovernanceFinancial ForecastSchedule of Fund IssuanceFund exchange Apply to prepare to issuance Fund collecti

15、on Financing check up6 months 6 months 6 months 10 workdays Draft of fund contract, draft of fund trusteeship contract, 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 c

16、ollection illuminate before 3 days Legal institution make the reportItemMarket introduceMarket CompetitionInvest StructureSchedule of set-upSchedule of fund issuanceBusiness ScopeCorporate GovernanceFinancial ForecastBusiness ScopeFunds Management Establish Funds Funds Registration Funds Distributio

17、nBusiness Scope -Investment FieldStocksLiquid market value More than 400 billion RMB 1,259 list companiesNearly 70 million investorsSecond only to Japan stocks market in AsiaBondsMore than 40 billion bonds can be exchanged Monetary toolsCentral bank bills, commercial bills, CDs etc.Business Scope -F

18、orbidden FieldSecurity DistributionBuy and sell other funds (except with special approval of the State Council) Buy and sell affiliates stock or bondCarried illegal security exchange businessLoan or Warranty to othersOthersItemMarket introduceMarket CompetitionInvest StructureSchedule of set-upSched

19、ule of fund issuanceBusiness ScopeCorporate GovernanceFinancial ForecastCorporate Governance-Organization ChartCEOInvestment Dep.Finance Dep,Trustee Dep.SupervisorBODR&D Dep.Marketing Dep.IT Dep.Admin. Dep.Fund ManagerCorporate Governance-Independent DirectorThe amount of independent directors shall

20、 be more than the directors appointed by the largest shareholder.Independent Directors shall take up at least 1/3 of the board of directorsIndependent Directors can be appointed by at most 3 fund companies at one time Corporate GovernanceIndependent Director: QualificationMore than 5 years working e

21、xperience in Finance, Law or Accounting. Not employee of the shareholders company Not employee of this company in the last 3 years No interest relationship with senior management of the companyNo interest relationship with the company Corporate GovernanceIndependent Director: Right to Vote The follo

22、wings require the favor of more than 2/3 of independent directors ：Auditing affairs of the company and fund，engage or change accounting firms. Transaction with affiliates The salary, appointment and dismission of senior managers, supervisor and fund manager Rent special fund trading seat Engagement

23、of sale agent, trust management or registration department and related expense rate Others Corporate Governance-CEOHave the qualification for carrying out fund business or any other working experience in security which is accepted by CSRCFor senior manager of fund company, more than 3 years experien

24、ce of funding business or more than 5 years experience of security and financial business For senior manager of fund deposit department, more than 3 years experience in bankCorporate Governance-Manager of Trustee DepartmentHave the qualification for carrying out fund business or any other working ex

25、perience in security which is accepted by CSRCFor senior manager of fund company, more than 3 years experience of fund business or more than 5 years experience of security and financial business For senior manager of fund deposit department, more than 3 years experience in bankCorporate Governance-F

26、und ManagerHave the qualification for carrying out fund businessMore than 3 years experience in fund business or more 5 years experience in security or financial workPass the Fund Manager Qualification Test.Corporate Governance-SupervisorAccording to the requirement of CSRC, the company shall have o

27、ne supervisor. The term of the supervisor is 3 year and the term can be renewed.The appoinment and dismission of the supervisor shall be reported to CSRC and requires the approval of CSRC.Corporate Governance-Other Professional StaffIncluding the professional staff of R&D Dep., Marketing Dep., Finan

28、ce Dep., IT Dep.At least with Junior College Degree on Security or other related major, 2 years experience in Security Business or 3 years in Financial Business Pass the Funds Broker Qualification TestChina Nationality (except for special approval of CSRC) ItemMarket introduceMarket CompetitionInves

29、t StructureSchedule of set-upSchedule of fund issuanceBusiness ScopeCorporate GovernanceFinancial ForecastFinancial AssumptionRegistration Capital: 100,000,000RMBFinancial AssumptionOpening period 1YFund issuing period 0.5Yrevenue reserves rate 15%Payout ratio 100%Financial Assumption-Size of fund Unit: 000 RMBLoadOpen-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 bankManagement fee1.5%1.5%belong to