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1、1证证券券公公司司年年度度商商业业计计划划书书1、Profile of Western XX Asset Management Co.,Ltd. 2、Organizational Structure 3、Business Development Strategies 4、Roadmap 5、Assumptions and Forecast 6、Sales Breakdown in 200521、 Profile of Western XX Asset Management Co.,Ltd. 3Registered Capital and Share StructureRegisteredCap
2、ital:RMB100millionRegisteredPlace:PudongDistrict,Shanghai,ChinaProposedShareStructure:WesternSecuritiesCo.,Ltd.RMB40millionOtherforeignsponsorRMB33millionShaanxiInvestmentGroupCo.,Ltd.RMB27million4Business ScopeFund management and investment advisory business in China as permitted by the applicable
3、law. (incl. promotion, sale,issuance and management of investment funds)Other asset management business permitted by the applicable law.5Vision, Philosophy and StrategyVisionOne of the leaders in the great China wealth management PhiloshophyInvestors benefits are everythingStrategyBrand, Service and
4、 Product all in one 6Business GoalGrow the JV into one of the top 5 FMCs in China, in the following three categories: Profitability Fund Performance Total AUM Professionalism 72、Organizational Structure8FMCs Organization Chart (at the beginning)CEO(1)CMO(1)CIO(1)CEO/COO(1)Sales& CustomerService(
5、5)Marketing&Productdevelopment (3)Head of Compliance(1)R&D(5)Fund Manager(2)BODChairman(1)Trader(2)FundAccount-ing&TA(3)IT(2)Admin&HR(2)Auditing&Compliance(2)32 persons in the 1st year(proposed)9FMCs Organizational Chart (in 3 years ) Customer Service Dept.CMOCIOCOOFund Manage-me
6、nt Dept.Fund dealing Dept.R&DDept.CEOTA IT Dept.HR&Admin. Dept.FundSales Dept.Marketing Dept.Strategy researchFinance engineer-ingIndustry& Company researchCentraldealing roomCall centerFundAccount-ingMarket-ing &Productdevelop-mentDirect saleAgency saleOASystemmaintain-enceComplianc
7、eofficeAuditing&Supervis-ingInfo.disclosureHead of Compliance10 Structure of GovernanceBoard of directorsQualification examination and compensationcommitteeCEOThe shareholders meetingBoard of supervisorsThe compliance committeeHead of Compliance11 Structure of Business OperationCEOInvestment dec
8、ision committeeRisk control committeeFund appraisal groupCMOCIOCOOHead of Compliance123、Business Development Strategies13Adding long-term value DistributionChannelsClients baseLocal market acknowledgement22 branches, strategic cooperation with ICBC, CCB etc.700，000 individual clients, main instituti
9、onal clients exceed 400 Excellent performance record, good reputation , Strong government support, Opportunities from the development of western China ProfessionalismInternational experienceProductdevelopmentInternational standard in FM. & research Organizational Know How;International managemen
10、t teamFund product innovation& importation14Outsourcing Value-addedbusinessMarket SegmentationProduct DesignPromotion/Fund DistributionResearch and DevelopmentFund Transaction/ Investment ManagementRisk Control/ Performance evaluation Non value- addedbusinessComplianceHR/ Administration IT Maint
11、enanceCustomer ServiceTA/ Fund accountingInternal AuditOutsourcing to the reliable third-party15Market SegmentationMarket analysis Market volume 182 billion units in 2003 Growth rate Aver. annual growth rate 50% New opportunities QFII,National Security Funds asset allocation Deregulation in fund iss
12、uance procedureCustomer segmentationInstitutional v.s. Individual clients 40%v.s.60%(estimate) Internal sales package A.M. clients transfer into funds holders 16 Customer Needs AnlysisReturnSafetyLiquidationGovernmentOrganizationLowHighMediumInsurance CompanyHighMediumLowState-owned EnterpriseLowHig
13、hMediumPrivate-owned EnterpriseMediumHighHighWealthy InvestorHighMediumLowOrdinary Investor LowHighLow17Identifying the needs of domestic customers Institutional clients : Fixed income,low risk,cash flow management Individuals clients : Growth,Small and middle cap,active managementFee Structure vari
14、es according to client base Institutional clients: Low subscription and redemption feeIndividuals clients: Varies according to the period of holdingDeciding on distribution channels, depending on target groupsInstitutional clients : Direct sales/custodian bank recommendationIndividuals clients : Age
15、ncy sales via banks, securities houses etc.Customer Segmentation 18Product StrategyPresent fund products Equity,bond,balance,hybrid,index, money market,guaranty etc.Competition products Deposit, fund biding insurance, asset management, trust, underground fund etc.Development plan Meet the needs of m
16、ain clients group Product frame Based on capital market environment Image/Brand19Guaranty FundMoney Market FundBond FundBalance FundHigh Risk LowEquity Fund Low Return HighProduct FrameFund Type20Distrubution Distribution methodsDirect sales to main institutional clients Agency sales through agency
17、banks, securities firms, China Unionpay etc.E-business through website and call centerDistribution channelsPresent channels banks, securities firms,internet etc.Channels selection 3-4 commercial banks,10 sec. firmsIncentive scheme front-load fee kickbacksBinding promotion flight tickets,insurance,cr
18、edit card,lottery etc.21Investment ManagementInvestment StrategiesActive / Passive BenchmarkError trackingPerformance evaluation/Risk managementReporting systemResearchTop to down /Bottom up Investment strategiesListed companies research ModelingStock-based loan22Operational managementIT frameworkTA
19、 (Self-establishment / The third-party supporting)Software and hardware selectionCustomer service systemCompany web OAHuman resources & General AdministrationThe number of staffCore employeesJob descriptionTrainingCorporate finance and administration23ComplianceAuditing and supervisingFund and c
20、ompany assets auditingBehavior supervisingRisk evaluation FirewallEmergency event handling schemePublic relationshipRelationship with CSRC, the exchanges and securities associationLegal affairs, information disclosure, international business244、Roadmap25Initial Process in Seting up JVFMC Sign the Jo
21、int Venture agreement and the article Set up joint preparatory team Prepare application documents required by CSRCObtain the approval of establishmentRecruitment and trainingInstall the equipment and software of JVFMCs operationFund product development and key clients contactSetup of contracts with
22、custodian bank and distributors PromotionFund issuance 26Short-/Medium-/Long Term Target SettingPeriodThe Number of Fund ,Total AUMThe Number of Fund ,Total AUM(in billion unit)(in billion unit)The Number of The Number of Staff,Location Staff,Location of Branchesof BranchesShort-term(1-2 year)Num of
23、 funds: 1-2 Series funds the first year: 6-8 billion the second year: 9-15biliion32-45Beijing,Shanghai、Guangzhou、Shenzhen,XianMedium-term(5year,top10)Num of funds: 7-8 funds Mutual funds: 30-50 billion Pension funds: 25 billion Mandates: 25 billion 60-85Major cities in China mainland & HongkongL
24、ong-term(8-10 year, top 5)Mutual funds：80-100billionPension funds & mandates：60billionInternational business：10billionOther asset management business: 10billion 100-120 Taiwan 、Singapore and other Asian countries275、 Assumption and Forecast28Macroeconomy GDP growth rate 7%-8% annually Inflation
25、rate Under 1% Resident Savings 20% growth annually 29Shareholder Concept2003 2004 2005 2006 200767%33%Maintain 33%Call Option to 49%OrShare transferCapital Expansion 30Earning Distribution ConceptJV-FMCShare Capital& ResourceShare Capital& ResourceDividends& Service feeDividends& Ser
26、vice feeDividends destribution bases on share stuctureService fee based on the shareholders contribution to JVFMC under SLASLA and the payment method are to be discussed under the real legal enviroment31Market ShareOptimistic Scenario 60% 5% Realistic Scenario 45% 3.5% Pessimistic Scenario 30% 2% To
27、tal Mutual Fund The num. Of FMCs The num. Of Funds 182 billion units 47 112 Scenario Growth Rate Market Share (in 3 years) (By the end of 2003)32Fee rate Structure 0.25%1-1.5%1%1%=3%0-1%0.6-0.75%0.2%1%=1.5%0-1%1%0.2%1%=1.5%0-1%0.33%0.1%*NANA* 0.25% sales service fee charged33Setup CostSpace 1000 M2
28、(Constructional area)Rent US$0.70/M2 / D (Aver, standard)Decoration 850 yuan /M2 0.85 million (Aver, standard) Computer Center 1 million Furniture/PCs 32 0.80 millionAutomobile 3 1.2 millionIT costs 11 million (TA,OA,hardware,software etc.)Depreciation method straight line2004.3-2005.3 12 months3435
29、Staff Cost7 employees in establishing period aver. RMB10,000 yuan/m perOperational periodNumber of employee 32,45,55 in 2003-2007Base salary according to the position Bonus 30%-120% of base salary aver. 40% in BPNo compensation for foreign staff by JVFMC 3637 Operational Cost(2005-2007)Rent 2.1 mill
30、ion /yIT maintenance 1.1 million/y, 10% of IT costsTraveling and meeting 3.2-6.2 millionMarketing and Promotion 11-21.5 millionResearch and development 2.1-3 millionCompliance 1.05-1.25 millionConsulting 5.175 million /yAdministration 0.6-0.84 millionSales tax 5%Income tax 15%3839Revenue,Profit and
31、Cashflow ForecastOptimistic Scenario40Realistic Scenario41 Pessimistic Scenario426、 Sales Breakdown in 2005 43 Asset allocation of Chinese insurance Company Direct Sales19992000200120022003Bank Deposits9261235.41930.63026.24549.6Bonds678.5956795.81107.81409.9Funds14.8133.5209307.8463.3Other Assets98
32、4.810491655.92052.31958.7Total Assets2604.13373.94591.36494.18378.5ASSUMEthatfundsinvestedbyinsurancecompaniesincreaseby50percentannuallyand1percentmarketsharetakenbyJVFMC;aroundRMB0.7bnunitswillbesoldtoinsurance companies Unit: RMB 100 million yuan44 Potentials from Other Financial Institutions ex
33、BanksTotalassetsoffinancecompaniesareRMB346bn,netassetsareRMB32.2bnbytheendofJun.2002MajorfinancecompaniesinChina:ChinaElectricPowerFinanceCo.,ChinaPetroleumFinanceCo.,ChinaPetrifactionFinanceCo.,HuaNengFinanceCo.,ZhongwuFinanceCo.etc.Trust&SecuritiesCo.ownsRMB250bnassetsbytheendof2002Including:
34、WesternTrust&InvestmentCo.,JinSinTrustCo.,PingAnofChinaTrustCo.,AiJianTrustCo.,ShangdongTrustCo.ect.ASSUMEthat10%oftotalassetsoftheseinstitutionsareallocatedintomutualfundsand1%marketsharetakenbyJVFMC;morethanRMB0.55bnfundswillbesoldtothesecompanies45NaCSSeF/Houese Reserve/Listed CompaniesTotala
35、ssetsofNationalCouncilforSocialSecurityFund(NaCSSeF)arearoundRMB124.1bnbytheendof2003whichof40percentispermittedtoflowintosecuritiesmarketTotalassetsofNationalHouseReserveare346.7bnbytheendof2003,and1.5%oftotalsummanagedbyShaanxiProvincialHouseReserveAccordingtothebulletinsofChinaSecuritiesJournal,t
36、rustassetsoflistedcompaniesmanagedbysecuritiescompaniesexceedRMB3bnin2003ASSUME thataroundRMB20bnassetsofNaCSSeFallocatedintomutualfundsand1percentmarketsharetakenbyJVFMC;0.2bnunitsfundswillbesoldtoNaCSSeFASSUME5%shareofShaanxiProvincialHouseReservetakenbyJVFMC,thatis0.25bnunits46 State-owned Enterp
37、irise Groups (Strategic partners)ShaanxiProvincialInvestmentGroupState-ownedinvestmentholdingcompanywitharegisteredcapitalofRMB3bn;tomanagethegovernmentalenterprises,realestateandfinancialassetsmorethanRMB15bnbytheendof2002HanNanAirlinesGroupListedcompanyinvestedbyAmericanAviationLtd.,andtotalassets
38、exceedingaroundRMB20bn;morethansixtythousandemployeesShaanxiProvincialElectricPowerCo.FullyheldbyNationalElectricPowerCo.,Ltd;totalAssetsexceedingRMB24bnandbytheendof2002;sustainedlong-termgrowthandabundantcashChinaHuaNengGroup,ChinaLuNengGroup,JiangsuElectricPowerCo.,GuizhouElectricPowerCo.,Zhejian
39、gElectricPowerCo.,ChinaInternationalTravelingGroup,ZhongHaiGroup 47 Non-profit Organization (Good relationship )UniversitiesandaffiliatedcompaniesXianJiaotongUniversity,NorthwesternUniversity,NorthwesternPolytechnicalUniversity,XianFanyiUniversity,ChanganUniversity,TongjiUniversity,ShanhaiFinancialU
40、niversity,FudanUniversity,XijingUniversity,OuyaUniversity,ZhejiangUniversityTianjinUniversity,NankaiUniversity,NanjingUniversityetc.HospitalsandaffiliatedinstitutionsXiJingHospital,XianDianziHospital,XianWujingHospital,EasternHospital,HuaxiUniversityetc.CharityfundsassociationYanlinAgricultureDevelo
41、pmentFunds,YanlinIndustryDevelopmentfunds,ShaanxiArchitectureIndustryFundetc.48Internal Sales PackageASSUME100,000 units purchased by each top-level manager50,000 units purchased by each middle-level manager10,000 units purchased by each ordinary employeeProduct package should be well designed for i
42、ndividual investor, and the return should be superior to the market benchmarkEmployee can purchase JVFMCs funds at discount front-end fee rateTop-levelManagerMiddle-levelManagerOrdinaryEmployeeTotalShaanxiProvincialInvestmentGroup7736554895931ShaanxiProvincialElectriPowerCo.50232003652440226ShaanxiH
43、igh-techIndustryInvestment20453042875021WesternSecurities955633697Total7924150469335187549Top-levelManagerMiddle-levelManagerOrdinaryEmployeeTotalShaanxiProvincialInvestmentGroup7.718.2554.8980.84ShaanxiProvincialElectriPowerCo.50.2160365.24575.44ShaanxiHigh-techIndustryInvestment20.426.542.8789.77W
44、esternSecurities0.92.756.339.98Total79.2207.5469.33756.03Unit: RMB Million yuanInternal Sales Estimation50Retail SalesFund Assets under Custody in Chinese Commercial BanksOpen-endFundsClosed-endFundsTotalNum.ofBranchICBC278.83206484.83 17,000ChinaAgriculturalBank114.21230344.214,200ChinaConstruction
45、Bank125.52175300.5212,000BankofChina202.1160262.117,064BankofCommunication152.10146298.10ChinaEverbrightBank16.4516.45ChinaMerchantsBank40.8740.87ShanghaiPudongDevelopmentBank25.7225.72Unit:RMB100millionTotal955.818171772.8140,26451 Comprehensive Cooperation ContractsWesternSecuritiessignedthecompre
46、hensivecooperationcontractswithICBCandCCBin2001;thecontractswillbesignedonceagainafter2004andbecomeeffectcontinuallyFollowingbankshavebeendiscussingcomprehensivecooperationcontractwithWesternSecurities:NationwideBanks:BankofCommunication,HUAXIABank,ShanghaiBank,ShanghaiPudongDevelopmentBankLocalComm
47、ercialBanks:XianCommercialBank,BaojiCommercialBank,XianyangCommercialBank,NanjingCommercialBank,TianjinCommercialBank,GuiyangCommercialBank,JiNanCommercialBank,YinChuanCommercialBank52Distribution Channels ASSUMEICBC,CAB,CCB,COB as JVFMC agency banks,10 securities firms,100branches as agency;Aver. 8
48、0,000 units distributed by each branch,total 3.2 billion units distributed through commercial banks;Aver. 3,000,000 units distributed by each branch of agency securities firms,total 0.3 billion units distributed through securities firms ; 5 Direct sales centers in Beijing,Shanghai,Shenzhen,Xian,Fuzh
49、ou, 0.1billion distributed each center,total 0.5 billion;0.2 billion units distributed through Call-center,website and other sub-contractors.53Sales Forecast in 200554Package Scheme/Saving up PlanPackage scheme (for different investors) 80% equity fund, 20% money market fund; 50% equity fund, 50% money market fund 30% equity fund, 30% hybrid fund,40% money market fund 20% hybrid fund, 80% money market fundSaving-up plan 80% initial purchase + 20% saving-up