投資金融基金JV

FundJVResearch2004.03.26CODE：SHFIN04018ItemMarketintroduceMarketCompetitionInvestStructureScheduleofset-upScheduleoffundissuanceBusiness ScopeCorporateGovernanceFinancialForecastItemMarketintroduceMarketCompetitionInvestStructureScheduleofset-upScheduleoffundissuanceBusiness ScopeCorporateGovernanceFinancialForecastMarketintroduce—proportionoffundFrom:Stat.YearbookofChinaMarketintroduce-growthofdepositUnit:1,000billionRMBFrom:Stat.YearbookofChinaMarketintroduce-growthofdepositUnit:1,000billionRMBFrom:Stat.YearbookofChinaMarketintroduce-growthofsocietyfundUnit:1,000billionRMBFrom:Stat.YearbookofChinaMarketintroduce-growthofsecurities’marketThetotalnetvalueoffundsjustaccountfor4.5%ofsecuritiesmarketvalueonlyUnit:100millionRMBFrom:CSRCItemMarketintroduceMarketCompetitionInvestStructureScheduleofset-upScheduleoffundissuanceBusiness ScopeCorporateGovernanceFinancialForecastMarketCompetition-Top10F.M.CCODE

NameOpen-endClose-endTotalsizeEstablishtime1HuaAnF.M.C3421019982ChinaA.M.C5420019983SouthernF.M.C4432019984GuotaiA.M.C3412019985PenghuaF.M.C4414019986ChangshengF.M.C2411019987DachengF.M.C2510019998BoshiF.M.C3527019989HarvestF.M.C42160199910BaoyingF.M.C121002001From:ChinaFundNetworkMarketCompetition-NumbersofFundChinafundmarket:38fundmanagementcompanies(including8JVfundmanagementcompanies)86Open-endedfunds54Close-infundsMorethan200billionRMBinthemarketMarketCompetition-JVF.M.CinChina

NameChinese-partnerForeign-partner1Guotai-allianzF.M.CGuotai-jun’anSecuritiesCo.AllianzGroup(Germany)2FortuneSGAMF.M.CHuabaoTrustCompanySGAM(France)3ChinaMerchantsF.M.CChinaMerchantsSecuritiesCo.ING(Netherlands)4ABNAMROXiangcaiF.M.CXiangcaiSecuritiesCo.ABNAMRO(Netherlands)5FullgoalF.M.CHaitong,Shenyin&Wanguo,HuataiSecuritiesCo.etc.BMOFinanceGroup(Canada)6FortiesHaitongInvestmentM.CHaitongsecuritiesCo.FortiesFMC(Japan)7INVESCOGreat-wallF.M.CGreat-wallSecuritiesCo.INVESCO(USA)8SYWGBNPParibasF.M.CShenyin&WanguoSecuritiesCo.BNPParibasA.M.C(France)From:ChinaFundNetworkMarketCompetition-JVF.M.CinChina

NameEstablishTimeAmountofFunds1Guotai-allianzF.M.CMay200322FortuneSGAMF.M.CFeb.200343ChinaMerchantsF.M.CDec.200244ABNAMROXiangcaiF.M.CJul.200235FullgoalF.M.CApr.199966FortiesHaitongInvestmentM.CApr.200327INVESCOGreat-wallFMCJun.200338SYWGBNPParibasJen.20040From:ChinaFundNetworkItemMarketintroduceMarketCompetitionInvestStructureScheduleofset-upScheduleoffundissuanceBusinessScopeCorporateGovernanceFinancialForecastInvestStructure--CapitalRequirementofFundJVRegisteredCapital:RMB100,000,000InvestStructure--QualificationofDomesticPromoterRegisteredCapital–AtleastRMB300,000,000Goodachievementsandhighreputationinsecuritiesoperation,investmentsecuritiesconsultation,trustassetsmanagingoranyotherfinancialassetsmanagementNorecordsofillegalactionsincurrent3years.InvestStructure--QualificationofForeignPromoterPaid-inCapital––AtleastRMB300,000,000ForeignFinancialInstitutionNosubstantialpunishmentfromsecurityadministrationandlawauthorityinrecent3yearsCompletelawandsupervisionsystemonsecuritiesinthecountryofthepromoter,andthecountry’ssecuritysupervisionauthorityhassignedontheMOUonthecooperationofsecuritysupervisionwithCSRC.ItemMarketintroduceMarketCompetitionInvestStructureScheduleofset-upScheduleoffundissuanceBusinessScopeCorporateGovernanceFinancialForecastScheduleofset-upSelf-RegulationPromiseOpenApplytoestablishmentApplytoopenRegistrationbyGS>12monthsinprinciple60workdays30workdays>OneweekGivethePromiselettertoCSRCApprovalofestablishmentbyCSRCGivethePromiselettertotheStockExchangeApplytoestablishmenttoCSRCApplytoopentoCSRCApprovalofopeningEstablishmentItemMarketintroduceMarketCompetitionInvestStructureScheduleofset-upScheduleoffundissuanceBusinessScopeCorporateGovernanceFinancialForecastScheduleofFundIssuanceFundexchangeApplytopreparetoissuanceFundcollectionFinancingcheckup<6months<6months<6months<10workdaysDraftoffundcontract,draftoffundtrusteeshipcontract,fundcollectionilluminate,financestatementofFMC,legalopinionletteretc.ApproveFMCpreparetoissuance,orexplainthereasonofun-approvedApplicationtoCSRCPublicizecollectionilluminatebefore3daysLegalinstitutionmakethereportItemMarketintroduceMarketCompetitionInvestStructureScheduleofset-upScheduleoffundissuanceBusinessScopeCorporateGovernanceFinancialForecastBusinessScopeFundsManagementEstablishFundsFundsRegistrationFundsDistributionBusinessScope--InvestmentFieldStocksLiquidmarketvalueMorethan400billionRMB1,259listcompaniesNearly70millioninvestorsSecondonlytoJapanstocksmarketinAsiaBondsMorethan40billionbondscanbeexchangedMonetarytoolsCentralbankbills,commercialbills,CDsetc.BusinessScope--ForbiddenFieldSecurityDistributionBuyandsellotherfunds(exceptwithspecialapprovaloftheStateCouncil)Buyandsellaffiliates’stockorbondCarriedillegalsecurityexchangebusinessLoanorWarrantytoothersOthersItemMarketintroduceMarketCompetitionInvestStructureScheduleofset-upScheduleoffundissuanceBusinessScopeCorporateGovernanceFinancialForecastCorporateGovernance--OrganizationChartCEOInvestmentDep.FinanceDep,TrusteeDep.SupervisorBODR&DDep.MarketingDep.ITDep.Admin.Dep.FundManagerCorporateGovernance--IndependentDirectorTheamountofindependentdirectorsshallbemorethanthedirectorsappointedbythelargestshareholder.IndependentDirectorsshalltakeupatleast1/3oftheboardofdirectorsIndependentDirectorscanbeappointedbyatmost3fundcompaniesatonetimeCorporateGovernanceIndependentDirector:QualificationMorethan5years’workingexperienceinFinance,LaworAccounting.Notemployeeoftheshareholder’scompanyNotemployeeofthiscompanyinthelast3yearsNointerestrelationshipwithseniormanagementofthecompanyNointerestrelationshipwiththecompanyCorporateGovernanceIndependentDirector:RighttoVoteThefollowingsrequirethefavorofmorethan2/3ofindependentdirectors：Auditingaffairsofthecompanyandfund，engageorchangeaccountingfirms.TransactionwithaffiliatesThesalary,appointmentanddismissionofseniormanagers,supervisorandfundmanagerRentspecialfundtradingseatEngagementofsaleagent,trustmanagementorregistrationdepartmentandrelatedexpenserateOthersCorporateGovernance--CEOHavethequalificationforcarryingoutfundbusinessoranyotherworkingexperienceinsecuritywhichisacceptedbyCSRCForseniormanageroffundcompany,morethan3years’experienceoffundingbusinessormorethan5years’experienceofsecurityandfinancialbusinessForseniormanageroffunddepositdepartment,morethan3years’’experienceinbankCorporateGovernance--ManagerofTrusteeDepartmentHavethequalificationforcarryingoutfundbusinessoranyotherworkingexperienceinsecuritywhichisacceptedbyCSRCForseniormanageroffundcompany,morethan3years’experienceoffundbusinessormorethan5years’’experienceofsecurityandfinancialbusinessForseniormanageroffunddepositdepartment,morethan3years’’experienceinbankCorporateGovernance--FundManagerHavethequalificationforcarryingoutfundbusinessMorethan3years’experienceinfundbusinessormore5years’experienceinsecurityorfinancialworkPasstheFundManagerQualificationTest.CorporateGovernance--SupervisorAccordingtotherequirementofCSRC,thecompanyshallhaveonesupervisor.Thetermofthesupervisoris3yearandthetermcanberenewed.TheappoinmentanddismissionofthesupervisorshallbereportedtoCSRCandrequirestheapprovalofCSRC.CorporateGovernance--OtherProfessionalStaffIncludingtheprofessionalstaffofR&DDep.,MarketingDep.,FinanceDep.,ITDep.AtleastwithJuniorCollegeDegreeonSecurityorotherrelatedmajor,2years’experienceinSecurityBusinessor3years’inFinancialBusinessPasstheFundsBrokerQualificationTestChinaNationality(exceptforspecialapprovalofCSRC)ItemMarketintroduceMarketCompetitionInvestStructureScheduleofset-upScheduleoffundissuanceBusinessScopeCorporateGovernanceFinancialForecastFinancialAssumptionRegistrationCapital:100,000,000RMBFinancialAssumptionOpeningperiod1YFundissuingperiod0.5Yrevenuereservesrate15%Payoutratio100%FinancialAssumption--SizeoffundUnit:’’000RMBLoadOpen-EndFundClosed-endfundApplicationfee1%-1.5%1%belongtoCustodianbankFront-endLoad1.2%-1.5%0.25%belongtoCustodianbankBack-endLoad0.5%0.25%belongtoCustodianbankManagementfee1.5%1.5%belongtoFundCor.FinancialAssumption--FundLoadFrom:CSRCFinancialAssumption--TAXRATETAXTYPETax-exemptperiodTAXRATEBusinesstaxrate2Y*5.55%Incometaxrate2Y*15%**byvirtueofshanghaigovernment,notformalissuedby