基金JV研究(英文版)

50,Capital China,Fund JV Research,2004.03.26,CODE,：,SHFIN04018,Item,Market introduce,Market Competition,Invest Structure,Schedule of set-up,Schedule of fund issuance,Business Scope,Corporate Governance,Financial Forecast,Item,Market introduce,Market Competition,Invest Structure,Schedule of set-up,Schedule of fund issuance,Business Scope,Corporate Governance,Financial Forecast,Market introduceproportion of fund,From: Stat. Yearbook of China,Market introduce-growth of deposit,Unit: 1,000billion RMB,From: Stat. Yearbook of China,Market introduce-growth of deposit,Unit: 1,000billion RMB,From: Stat. Yearbook of China,Market introduce-growth of society fund,Unit: 1,000billion RMB,From: Stat. Yearbook of China,Market introduce-growth of securities market,The total net value of funds just account for 4.5% of securities market value only,Unit: 100 million RMB,From: CSRC,Item,Market introduce,Market Competition,Invest Structure,Schedule of set-up,Schedule of fund issuance,Business Scope,Corporate Governance,Financial Forecast,Market Competition-Top 10 F.M.C,CODE,Name,Open-end,Close-end,Total size,Establish time,1,HuaAn F.M.C,3,4,210,1998,2,China A.M.C,5,4,200,1998,3,Southern F.M.C,4,4,320,1998,4,Guotai A.M.C,3,4,120,1998,5,Penghua F.M.C,4,4,140,1998,6,Changsheng F.M.C,2,4,110,1998,7,Dacheng F.M.C,2,5,100,1999,8,Boshi F.M.C,3,5,270,1998,9,Harvest F.M.C,4,2,160,1999,10,Baoying F.M.C,1,2,100,2001,From: China Fund Network,Market Competition-Numbers of Fund,China fund market:,38 fund management companies,(including 8 JV fund management companies ),86 Open-ended funds,54 Close-in funds,M,ore than 200 billion RMB in the market,Market Competition-JV F.M.C in China,Name,Chinese-partner,Foreign-partner,1,Guotai-allianz F.M.C,Guotai-junan Securities Co.,Allianz Group (Germany),2,Fortune SGAM F.M.C,Huabao Trust Company,SGAM (France),3,China Merchants F.M.C,China Merchants Securities Co.,ING (Netherlands),4,ABN AMRO Xiangcai F.M.C,Xiangcai Securities Co.,ABN AMRO (Netherlands),5,Fullgoal F.M.C,Haitong, Shenyin & Wanguo, Huatai Securities Co.etc.,BMO Finance Group (Canada),6,Forties Haitong Investment M.C,Haitong securities Co.,Forties FMC (Japan),7,INVESCO Great-wall F.M.C,Great-wall Securities Co.,INVESCO (USA),8,SYWG BNP Paribas F.M.C,Shenyin & Wanguo Securities Co.,BNP Paribas A.M.C (France),From: China Fund Network,Market Competition- JV F.M.C in China,Name,Establish Time,Amount of Funds,1,Guotai-allianz F.M.C,May 2003,2,2,Fortune SGAM F.M.C,Feb. 2003,4,3,China Merchants F.M.C,Dec. 2002,4,4,ABN AMRO Xiangcai F.M.C,Jul. 2002,3,5,Fullgoal F.M.C,Apr. 1999,6,6,Forties Haitong Investment M.C,Apr. 2003,2,7,INVESCO Great-wall FMC,Jun. 2003,3,8,SYWG BNP Paribas,Jen. 2004,0,From: China Fund Network,Item,Market introduce,Market Competition,Invest Structure,Schedule of set-up,Schedule of fund issuance,Business Scope,Corporate Governance,Financial Forecast,Invest Structure -Capital Requirement of Fund JV,Registered Capital: RMB 100,000,000,Invest Structure -Qualification of Domestic Promoter,Registered 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 management,No records of illegal actions in current 3 years.,Invest Structure -Qualification of Foreign Promoter,Paid-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 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.,Item,Market introduce,Market Competition,Invest Structure,Schedule of set-up,Schedule of fund issuance,Business Scope,Corporate Governance,Financial Forecast,Schedule of set-up,Self-Regulation Promise,Open,Apply to establishment,Apply to open,Registration by GS,12 months,in principle,60 workdays,30 workdays,One week,Give the,Promise,letter to,CSRC,Approval of,establishment by CSRC,Give the,Promise,letter,to,the,Stock Exchange,Apply to,establishment to CSRC,Apply to open,to CSRC,Approval of opening,Establishment,Item,Market introduce,Market Competition,Invest Structure,Schedule of set-up,Schedule of fund issuance,Business Scope,Corporate Governance,Financial Forecast,Schedule of Fund Issuance,Fund exchange,Apply to prepare to issuance,Fund collection,Financing check up,6,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-approved,Application to CSRC,Publicize collection illuminate before 3 days,Legal institution make the report,Item,Market introduce,Market Competition,Invest Structure,Schedule of set-up,Schedule of fund issuance,Business Scope,Corporate Governance,Financial Forecast,Business Scope,Funds Management,Establish Funds,Funds Registration,Funds Distribution,Business Scope -Investment Field,Stocks,Liquid market value More than 400 billion RMB,1,259 list companies,Nearly 70 million investors,Second only to Japan stocks market in Asia,Bonds,More than 40 billion bonds can be exchanged,Monetary tools,Central bank bills, commercial bills, CDs etc.,Business Scope -Forbidden Field,Security Distribution,Buy and sell other funds (except with special approval of the State Council),Buy and sell affiliates stock or bond,Carried illegal security exchange business,Loan or Warranty to others,Others,Item,Market introduce,Market Competition,Invest Structure,Schedule of set-up,Schedule of fund issuance,Business Scope,Corporate Governance,Financial Forecast,Corporate Governance-Organization Chart,CEO,Investment Dep.,Finance Dep,Trustee Dep.,Supervisor,BOD,R&D Dep.,Marketing Dep.,IT Dep.,Admin. Dep.,Fund Manager,Corporate Governance-Independent Director,The amount of independent directors shall be more than the directors appointed by the largest shareholder.,Independent Directors shall take up at least 1/3 of the board of directors,Independent Directors can be appointed by at most 3 fund companies at one time,Corporate Governance,Independent Director: Qualification,More than 5 years working experience 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 company,No interest relationship with the company,Corporate Governance,Independent Director: Right to Vote,The followings 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 of sale agent, trust management or registration department and related expense rate,Others,Corporate Governance-CEO,Have the qualification for carrying out fund business or any other working experience in security which is accepted by CSRC,For senior manager of fund company, more than 3 years experience 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 bank,Corporate Governance-Manager of Trustee Department,Have the qualification for carrying out fund business or any other working experience in security which is accepted by CSRC,For 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 bank,Corporate Governance-Fund Manager,Have the qualification for carrying out fund business,More than 3 years experience in fund business or more 5 years experience in security or financial work,Pass the Fund Manager Qualification Test.,Corporate Governance-Supervisor,According to the requirement of CSRC, the company shall have one 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 Staff,Including the professional staff of R&D Dep., Marketing Dep., Finance 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 Test,China Nationality (except for special approval of CSRC),Item,Market introduce,Market Competition,Invest Structure,Schedule of set-up,Schedule of fund issuance,Business Scope,Corporate Governance,Financial Forecast,Financial Assumption,Registration Capital: 100,000,000RMB,Financial Assumption,Opening period 1Y,Fund issuing period 0.5Y,revenue reserves rate 15%,Payout ratio 100%,Financial Assumption-Size of fund,Unit: 000 RMB,Load,Open-End Fund,Closed-end fund,Application fee,1%-1.5%,1%,belong to Custodian bank,Front-end Load,1.2%-1.5%,0.25%,belong to Custodian bank,Back-end Load,0.5%,0.25%,belong to Custodian bank,Management fee,1.5%,1.5%,belong to Fund Cor.,Financial Assumption-Fund Load,From: CSRC,Financial Assumption -TAX RATE,TAX TYPE,Tax-exempt period,TAX RATE,Business tax rate,2Y *,5.55%,Income tax rate,2Y *,15% *,*,by virtue of shanghai government,not formal issued by law,Opening Expense-Hardware&Sofeware,min,max,avg,TA system,15,000,20,000,17,500,Exchange system,1,000,2,000,1,500,Software,2,000,2,000,2,000,Call center,1,000,2,000,1,500,sub-total,19,000,26,000,22,500,Unit: 000 RMB,From: Market research,Opening Expense- Operating exp.,min,max,avg,Operating exp,10,000,15,000,12,500,Unit: 000 RMB,From: Market research,Opening Expense-Total,Unit: 000 RMB,Fund Issuance expense,min,max,avg,Fund Check exp.,160,160,160,RP Exp.,2,000,2,000,2,000,Ad.,9,000,15,000,12,000,Disclosure exp.,800,800,800,Travel,1,000,1,000,1,000,sub-total,12,960,18,960,15,960,Unit: 000 RMB,From: Market research,Unit: 1 person,Operating exp.number of staff,Unit: 000 RMB,Operating exp.salary of staff,Unit: 1 billion RMB,Operating expense,Unit: 1 billion RMB,Summary of P&L,Summary of Cashflow,IRR: 32.54%,THANKS,