参考案例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

Fan

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(银行美洲代表处首席代表)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(汉世纪投资管理)LeoCai(RobinHu(ChairmanandCEO,BroadResources博润投NingTang(FounderandCEO,CreditEaseSessionRecentDevelopmentsin’sCapitalMarketsHedgeModerator:MaggieJiang,TCFANewYorkChapterCo-Chair;SeniorDirector,CreditSuisseDr.CharlesWang(Founder&ChairmanDaopuCapital道朴资YuXin(FounderandChairman,ZequanInvestment(投资BenZhang(ExecutiveCommitteeMemberandHeadofAssetManagement,HaitongInternationalSecurities(海通国际)DavidZhang(ManagingDirectorandHeadofU.S.,EFundAssetManagementHongKong)Co.,.(易方达资产管理())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在举办“中国金融21世纪”研讨会戴相龙行长开幕词 NobellaureateRobertMundellspeaksatannualTCFALaunchofBestPaperTCFA“最 LaunchofTCFABestPaperSymposium LaunchoffirstWomen’sTCFAlaunchesInvestmentLaunchofTCFAJapanandSingaporeFormerNATO’sSupremeAlliedCommander,GeneralWesleyClarkspokeatannualconference.Over6,000membersLaunchofLosAngelesandCharlotte

TreasurySecretaryLarrySummersspeaksatannualconferenceNobelLaureateRobertEnglespokeatannualconferenceFormerTreasurySecretaryRobertRubinspokeattheannualconference“Globalfinancialcrisis:CausesandResponses”PBOCernorXiaochuanZhouandDeputyernorGangYigavespeeches.在 在FormerSecretaryoftheU.S.DepartmentofCommerceCarlosGutierrezspokeatannualconferenceHostsSino-USSecuritizationLaunchof“InternetPublicWeChatOfficial推出“互联网金融” HostsTCFA20- Celebrationin在成功举办

TheFinanceAssociation(TCFA)isaern-mentregisterednon-profitorganizationaimedatfacil-itatingtheexchangeofideas,knowledgeandinfor-mationoneducation,researchandpracticeinfinanceandrelatedareasbetweentheU.S.and.TCFAseekstobringtogetherthecollectivewisdomandexpertiseofscholarsandprofessionalsinanefforttopromotethedevelopmentofcapitalmar-ketsin.TCFAfurtherseekstoserveasthecentralvenuetoserviceitsmembersintheirprofessional关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。 从建立以来，全美金融为金融合作与交流建立了桥梁。经常性地组织和赞助各种研究和交流活动，包括中国资本市场最佳奖，投资竞赛，职业发展研讨会，导师项目和多种为会员服务的讨论交流会。年会是协会每年的标志性活动。 全美金融以其非营利性经营为荣，所有的团队 ANNUALCONFERENCE年

最 奖及年度研讨ThisTCFAsignatureprogramservesasahigh-qualitytformforTCFAmemberstolearnmoreaboutdevelopmentinthefinancialservicesindustryinU.S.and.Ourcarefullycraftedprogramdiscuss-esthemostimportantissues,trends,andinvestmentopportunitiesinthefinancialmarketsaroundtheglobe.ThisconferencehasattractedmanyprominentspeakersgloballyincludingNobellaureate,prominentfundmanagers,pastandcurrenternmentofficialsinbothUSand.Ithasalsoeapopulareventforyoungprofessionalstonetworkandlearnfromestablishedseniormembersintheindustry.导师项TCFAmentorprogramprovidesyoungprofessionalsandstudentstheopportunitytobementoredbysuc-cessfulseniorprofessionalsonhowtoadvancetheircareers.Launchedin2010,ithaseoneofourmostpopularprograms.投资竞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.

作为TCFA每年的标志性活动，年会是一个让会员了解 TCFA2010年设立的导师项目已经成为最受欢迎的活动之TCFA20124月成功设立。这一竞赛模拟参与者提供了一个独特机会加深市公，开放式指数基金和市场的了解。也是思想交流和提升投资技能的平台。A希望通过这一活动不断发掘会员中所蕴含的投资天赋，帮助推动他们的职业发展，这一竞赛项目进一步展现了TA在加强构投者和中

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

从6年设立以来，这一奖项予从球各研究构提交的关于中国及国际资市场的 选取优秀。最助TA独有的人才储备与学术研界的泛网、业界的声誉以及积累的赞助商资源，不断推动中国的发展。此项目已经发展成为美中两地就经济和金融研究进行思想交流的良好。 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，宜信公司当选“ ”副会长单位。同时宜信还 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.「 海通国 「 (海通 」)的全资附属公司。海通於 联合所上市( 号：600837.SH;6837.HK)。))於、设立2处，并於新加坡设有海外公司─海通国际(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