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1、1 Western XX FMCBusiness Plan(2004-2007) to be further discussed(Confidential) 21、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 20053n1、 Profile of Western XX Asset Management Co.
2、,Ltd. 4Registered Capital and Share StructureRegistered Capital: RMB 100 millionRegistered Place: Pudong District, Shanghai, ChinaProposed Share Structure: Western Securities Co., Ltd. RMB 40 million Other foreign sponsor RMB 33 million Shaanxi Investment Group Co.,Ltd. RMB 27 million 5Business Scop
3、eFund management and investment advisory business in China as permitted by the applicable law. (incl. promotion, sale,issuance and management of investment funds)Other asset management business permitted by the applicable law.6Vision, Philosophy and StrategyVisionOne of the leaders in the great Chin
4、a wealth management PhiloshophyInvestors benefits are everythingStrategyBrand, Service and Product all in one 7Business GoalGrow the JV into one of the top 5 FMCs in China, in the following three categories: Profitability Fund Performance Total AUM Professionalism 8n2、Organizational Structure9FMCs O
5、rganization Chart (at the beginning)CEO(1)CMO(1)CIO(1)CEO/COO(1)Sales& CustomerService(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)10FMCs Organization
6、al Chart (in 3 years ) Customer Service Dept.CMOCIOCOOFund Manage-ment 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-ment
7、Direct saleAgency saleOASystemmaintain-enceComplianceofficeAuditing&Supervis-ingInfo.disclosureHead of Compliance11 Structure of GovernanceBoard of directorsQualification examination and compensationcommitteeCEOThe shareholders meetingBoard of supervisorsThe compliance committeeHead of Compliance12
8、Structure of Business OperationCEOInvestment decision committeeRisk control committeeFund appraisal groupCMOCIOCOOHead of Compliance13n3、Business Development Strategies14Adding long-term value DistributionChannelsClients baseLocal market acknowledgement22 branches, strategic cooperation with ICBC, C
9、CB etc.700，000 individual clients, main institutional clients exceed 400 Excellent performance record, good reputation , Strong government support, Opportunities from the development of western China ProfessionalismInternational experienceProductdevelopmentInternational standard in FM. & research Or
10、ganizational Know How;International management teamFund product innovation& importation15Outsourcing Value-addedbusinessMarket SegmentationProduct DesignPromotion/Fund DistributionResearch and DevelopmentFund Transaction/ Investment ManagementRisk Control/ Performance evaluation Non value- addedbusi
11、nessComplianceHR/ Administration IT MaintenanceCustomer ServiceTA/ Fund accountingInternal AuditOutsourcing to the reliable third-party16Market SegmentationMarket analysis Market volume 182 billion units in 2003 Growth rate Aver. annual growth rate 50% New opportunities QFII,National Security Funds
12、asset allocation Deregulation in fund issuance procedureCustomer segmentationInstitutional v.s. Individual clients 40%v.s.60%(estimate) Internal sales package A.M. clients transfer into funds holders 17 Customer Needs AnlysisReturnSafetyLiquidationGovernmentOrganizationLowHighMediumInsurance Company
13、HighMediumLowState-owned EnterpriseLowHighMediumPrivate-owned EnterpriseMediumHighHighWealthy InvestorHighMediumLowOrdinary Investor LowHighLow18Identifying the needs of domestic customers Institutional clients : Fixed income,low risk,cash flow management Individuals clients : Growth,Small and middl
14、e cap,active managementFee Structure varies 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 ban
15、k recommendationIndividuals clients : Agency sales via banks, securities houses etc.Customer Segmentation 19Product StrategyPresent fund products Equity,bond,balance,hybrid,index, money market,guaranty etc.Competition products Deposit, fund biding insurance, asset management, trust, underground fund
16、 etc.Development plan Meet the needs of main clients group Product frame Based on capital market environment Image/Brand20Guaranty FundMoney Market FundBond FundBalance FundHighHigh RiskRisk LowLowEquity Fund LowLow ReturnReturn High HighProduct FrameFund Type21Distrubution Distribution methodsDirec
17、t sales to main institutional clients Agency sales through agency 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 fro
18、nt-load fee kickbacksBinding promotion flight tickets,insurance,credit card,lottery etc.22Investment ManagementInvestment StrategiesActive / Passive BenchmarkError trackingPerformance evaluation/Risk managementReporting systemResearchTop to down /Bottom up Investment strategiesListed companies resea
19、rch ModelingStock-based loan23Operational managementIT frameworkTA (Self-establishment / The third-party supporting)Software and hardware selectionCustomer service systemCompany web OAHuman resources & General AdministrationThe number of staffCore employeesJob descriptionTrainingCorporate finance an
20、d administration24ComplianceAuditing and supervisingFund and company assets auditingBehavior supervisingRisk evaluation FirewallEmergency event handling schemePublic relationshipRelationship with CSRC, the exchanges and securities associationLegal affairs, information disclosure, international busin
21、ess25n4、Roadmap26Initial Process in Seting up JVFMC Sign the Joint 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 prod
22、uct development and key clients contactSetup of contracts with custodian bank and distributors PromotionFund issuance 27Short-/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
23、Staff,Location of Branchesof BranchesShort-term(1-2 year)Num of funds: 1-2 Series funds the first year: 6-8 billion the second year: 9-15biliion32-45Beijing,Shanghai、G u a n g z h o u 、Shenzhen,XianMedium-term(5 year, top 10)Num of funds: 7-8 funds Mutual funds: 30-50 billion Pension funds: 25 billi
24、on Mandates: 25 billion 60-85Major cities in China mainland & HongkongLong-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 countries28n5、 Assumption
25、and Forecast29Macroeconomy GDP growth rate 7%-8% annually Inflation rate Under 1% 7.80%7.10%8.00%7.30%7.80%9.10%0%2%4%6%8%10%199819992000200120022003Chines GDP Growth Rate 02,0004,0006,0008,00010,00012,000199819992000200120022003Chinese Resident Saving (in RMBbn yuan)线性 (Chinese Resident Saving (in
26、RMBbn yuan)Resident Savings 20% growth annually -5%0%5%10%15%20%199519961997199819992000200120022003Chinese CPI2 天移动平均 (Chinese CPI)30Shareholder Concept2003 2004 2005 2006 200767%33%Maintain 33%Call Option to 49%OrShare transferCapital Expansion 31Earning Distribution ConceptJV-FMCShare Capital& Re
27、sourceShare Capital& ResourceDividends& Service feeDividends& Service 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 enviroment32Market ShareOptimistic Scenario
28、60% 5% Realistic Scenario 45% 3.5% Pessimistic Scenario 30% 2% Total 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)33Fee rate Structure 0.25%ManagementFeeCustodyFeeSubscription Fee(IPO)Subscription Fee(after
29、 IPO)Redemption FeeEquity &HybridFundBond Fund Index Fund MoneytaryMarket Fund1-1.5% 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% * NA NA* 0.25% sales service fee charged34Setup CostSpace 1000 M2 (Constructional area)Rent US$0.70/M2 / D (Aver, standard)Decoration 85
30、0 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 months35SETUP 2004.3-2005.3in RMB yuanNotePreriod MilestoneItemUnitRMB/unitTotal
31、 SumPre-pararingBefore LOI Expenses paid by each partyPreparetory Team(6 months)After LOI Space100m2US$0.7/m2/daver. Level in Pudong areaRent6 months17,500/month105,000Consulting800,000R&D,IT,Marketing,HR topicsPayroll7 persons10,000/m/p420,000Overhead50,000/m300,000staitionary,communication,transpo
32、rtTravelling and meeting1,200,000Overseas and domesticTraining3 times100,000/t300,000in Frankfurt&ShanghaiOther business activity500,000Public relationshipSubtotal3,625,000Establishing(6 months)After approvalExpenses paid by both partiesSpaceRent6 monthsRMB175000/month1,050,000Payroll15 persons10,00
33、0/m/p900,000Overhead75,000/m450,000Travelling and meeting1,800,000Recruting &Training600,000Other business activity750,000Subtotal5,550,000IT equipment12,100,00011 million in equipment,10%installmentComputer&Furniture32persons25000/p800,000including conference equipmentsDecorationm21,850,000includin
34、g computer centerAutomobile3400,000/u1,200,000Subtotal15,950,000Total establishing expense25,125,000Depreciation MethodTypeYearsTotal SumAnnual SumStraight line Initial expense59,175,0001,835,000IT ,furniture,Decoration314,750,0002,950,000Automobile51,200,000240,00025,125,0005,025,000constructional
35、1000m2 , actural 700m236Staff 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 37PositionNum.RMB/uTo
36、talNum.RMB/uTotalNum.RMB/uTotalCHAIRMAN180080018008001800800CEO170070017007001700700CIO160060016006001600600CMO150050015005001500500COO145045014504501450450HEAD COMPLIANCE1250250125025012502506 6330033006 6330033006 633003300FUND MANAGER250010004500200045002000HEAD SALES1300300330090043001200HEAD RE
37、SEARCH128028012802802280560HEAD DEALING126026022605202260520HEAD IT12602601260260126026062100210011396013134540RESEARCH ANALYST2180360418072061801080SALES&Markting2180360418072061801080HEAD HR ADMIN118036011801801180180HEAD FINANCE/ACCOUNTING1180180118018011801806 6126012601010180014142520Other OPER
38、ATION STAFFSales51005008100800101001000Rearch210020021002003100300Finance/Accounting380240480320480320IT280160280160280160Admin250100250100350150141412001200181815801580222219301930 TOTAL STAFF COST3232786078604545106401064055551229012290TOTAL EXPENSE43,50643,50655,08665,41665,416See costbreakdown w
39、orksheet% OF TOTAL STAFF COST18%18%19%19%19%19%OVER TOTAL EXPENSEBONUS 30%-120% OF BASE SALARY ACCORDING TO Annual Performance JV STAFF BASE SALARY BUDGET (IN RMB1,000yuan)20052005200620062007200738 Operational Cost(2005-2007)Rent 2.1 million /yIT maintenance 1.1 million/y, 10% of IT costsTraveling
40、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%39200520062007NOTEItemMonthRMB/unitDepreciation5,025,0005,025,0005,025,000Operating
41、expenseRent12175,000/month2,100,0002,100,0002,100,000Payroll127,860,00010,640,00012,290,000 See JV STAFF BASE PAY WORKSHEETBonus3,144,0004,256,0004,916,000 Aver. 40% PAYROLLOverhead123000/m/p1,152,0001,620,0001,980,000 32,45,55 persons in 2005,2006,2007Travelling&meeting 3,200,0004,800,0006,240,000I
42、T service/ maintainence1,100,0001,100,0001,100,000 10% OF IT INSTALLMENTSubtotal18,556,00024,516,00028,626,000Marketing expenseAdvertisement4,500,0005,500,0006,500,000 1 million increasing annuallyDistribution Channels50,000/u3,000,0005,000,0007,500,000 60-150 in 3 yearsMaterials50/u500,0001,000,000
43、1,500,000 10,000-30,000 in 3 yearsBinding promotion 500,000/u2,000,0003,000,0004,000,000 Flight ticket,credit card,insurance,lottery etc.Other promotion activity200,000/u/y1,000,0001,500,0002,000,000Subtotal11,000,00016,000,00021,500,000Rearch expenseSoftware service300,000300,000300,000Rearch repor
44、t800,0001,000,0001,200,000Product development 1,000,0001,200,0001,500,000Subtotal2,100,0002,500,0003,000,000Legal affairsAuditing expense700,000700,000700,000Information disclosure 350,000450,000550,000Subtotal1,050,0001,150,0001,250,000ConsultingConsulting5,175,0005,175,0005,175,000 under SLA. , to
45、 be further discussedSubtotal5,175,0005,175,0005,175,000AdmininstrationRecruiting&Training1210,000/m120,000120,000120,000Public relationship1210,000/m120,000120,000120,000Administrative expense12360,000480,000600,000Subtotal600,000720,000840,00043,506,00055,086,00065,416,000Tax Sales tax rate5% of r
46、evenueIncome tax rate15% of incomeIn Million Euros1 Euro=￥10.354.205.326.32Total expenseBUSINESS STARTING PERIOD (in RMB YUAN)40Revenue,Profit and Cashflow ForecastOptimistic ScenarioYearNoteNumber of Funds1 Umbrella FundTotalEquity(=80%)Hybrid(50%:50%)Monetary MarketBond FundFee Rate1.50%1.00%0.33%
47、0.75%Front-load Fee Rate50% kick back1.00%1.00%0.25%1.00%Net AUMs(in Million Units)2,0002,0004,00008,000Revenue(in Million RMB Yuan)40.0030.0018.200.0088.20 in Million Euro1 Euro= ￥10.353.862.901.768.52YearNumber of Funds22,4002,4004,8009,600 New Launch1 Guaranty Fund5,0005,000Net AUMs7,4002,4004,80
48、014,600Revenue111.0024.0015.84150.84 in Million Euro10.722.321.5314.57YearNumber of Funds47,8802,8805,76016,520 New Launch1 Bond, 1 Equity fund3,0004,0007,000Net AUMs10,8802,8805,7604,00023,520Revenue153.2028.8019.0150.00251.01 in Million Euro14.802.781.844.8324.252004200520062007Revenue0.00088.2001
49、50.840251.008Cost25.12543.50655.08665.416 - Sale tax0.0004.4107.54212.5505%Income040.28488.212173.042 - Income tax06.04313.23225.95615%Net profit034.24174.980147.085 in Million Euro3.3087.24414.211Cumulated profit(25.13)9.11684.097231.182 in Million Euro(2.43)0.888.1322.34TotalCash Flow to Union (in
50、 Million Euro)0.001.592.895.199.67 Cost/Income ratio n.a.49.33%36.52%26.06% Net yield margin n.a.1.10%1.03%1.07% Expense margin n.a.0.54%0.38%0.28% Profit margin n.a.0.56%0.66%0.79%200520062007Fund Type41Realistic ScenarioYearNoteNumber of Funds1 Umbrella FundTotalEquity(=80%)Hybrid(50%:50%)Monetary