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1、 Western XX FMCBusiness Plan(2004-2007) to be further discussed(Confidential) 1ContentContent1、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 Ma
2、nagement Co.,Ltd. 3Registered Capital and Share StructureRegisteredCapital:RMB100millionRegisteredPlace:PudongDistrict,Shanghai,ChinaProposedShareStructure:WesternSecuritiesCo.,Ltd.RMB40millionOtherforeignsponsorRMB33millionShaanxiInvestmentGroupCo.,Ltd.RMB27million4Business ScopeFund management and
3、 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.5Vision, Philosophy and StrategyVisionOne of the leaders in the great China wealth management
4、PhiloshophyInvestors benefits are everythingStrategyBrand, Service and 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
5、 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)9FMCs Organizational Chart (in 3 years )
6、 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-mentDirect saleAgency sale
7、OASystemmaintain-enceComplianceofficeAuditing&Supervis-ingInfo.disclosureHead of Compliance10 Structure of GovernanceBoard of directorsQualification examination and compensationcommitteeCEOThe shareholders meetingBoard of supervisorsThe compliance committeeHead of Compliance11 Structure of Business
8、OperationCEOInvestment decision 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 individu
9、al 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 Organizational Know How;I
10、nternational management teamFund product innovation& importation14Outsourcing Value-addedbusinessMarket SegmentationProduct DesignPromotion/Fund DistributionResearch and DevelopmentFund Transaction/ Investment ManagementRisk Control/ Performance evaluation Non value- addedbusinessComplianceHR/ Admin
11、istration IT MaintenanceCustomer 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 Deregu
12、lation in fund issuance 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-owne
13、d EnterpriseLowHighMediumPrivate-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 management
14、Fee 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 bank recommendationIndivid
15、uals clients : Agency 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 M
16、eet the needs of main clients group Product frame Based on capital market environment Image/Brand19High Risk LowEquity Fund Low Return HighProduct FrameFund Type20Distrubution Distribution methodsDirect sales to main institutional clients Agency sales through agency banks, securities firms, China Un
17、ionpay 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,credit card,lottery etc.21Investmen
18、t ManagementInvestment StrategiesActive / Passive BenchmarkError trackingPerformance evaluation/Risk managementReporting systemResearchTop to down /Bottom up Investment strategiesListed companies research ModelingStock-based loan22Operational managementIT frameworkTA (Self-establishment / The third-
19、party supporting)Software and hardware selectionCustomer service systemCompany web OAHuman resources & General AdministrationThe number of staffCore employeesJob descriptionTrainingCorporate finance and administration23ComplianceAuditing and supervisingFund and company assets auditingBehavior superv
20、isingRisk 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 Joint Venture agreement and the article
21、 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 custodian bank and distributors Promo
22、tionFund 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 funds: 1-2 Series funds the first ye
23、ar: 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 & HongkongLong-term(8-10 year, top 5)Mutual funds：80
24、-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 rate Under 1% Resident Savings 20% growth ann
25、ually 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& Service feeDividends destribution bases on share stuctureService
26、 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% Total Mutual Fund The num. Of FMCs The num. Of Funds 182 billio
27、n 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 (Constructional area)Rent US$0.70/M2 / D (Aver, standard)Deco
28、ration 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 months3435Staff Cost7 employees in establishing period aver. RMB10,000
29、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 million /yIT maintenance 1.1 million/y, 10% of IT costsTraveling
30、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 Cashflow ForecastOptimistic Scenario40Realistic Scenario41 Pe
31、ssimistic Scenario426、 Sales Breakdown in 2005 43n Asset allocation of Chinese insurance Company Direct Sales19992000200120022003Bank Deposits9261235.41930.63026.24549.6Bonds678.5956795.81107.81409.9Funds14.8133.5209307.8463.3Other Assets984.810491655.92052.31958.7Total Assets2604.13373.94591.36494.
32、18378.5ASSUMEthatfundsinvestedbyinsurancecompaniesincreaseby50percentannuallyand1percentmarketsharetakenbyJVFMC;aroundRMB0.7bnunitswillbesoldtoinsurance companies Unit: RMB 100 million yuan44n Potentials from Other Financial Institutions ex BanksTotalassetsoffinancecompaniesareRMB346bn,netassetsareR
33、MB32.2bnbytheendofJun.2002MajorfinancecompaniesinChina:ChinaElectricPowerFinanceCo.,ChinaPetroleumFinanceCo.,ChinaPetrifactionFinanceCo.,HuaNengFinanceCo.,ZhongwuFinanceCo.etc.Trust&SecuritiesCo.ownsRMB250bnassetsbytheendof2002Including:WesternTrust&InvestmentCo.,JinSinTrustCo.,PingAnofChinaTrustCo.
34、,AiJianTrustCo.,ShangdongTrustCo.ect.ASSUMEthat10%oftotalassetsoftheseinstitutionsareallocatedintomutualfundsand1%marketsharetakenbyJVFMC;morethanRMB0.55bnfundswillbesoldtothesecompanies45nNaCSSeF/Houese Reserve/Listed CompaniesTotalassetsofNationalCouncilforSocialSecurityFund(NaCSSeF)arearoundRMB12
35、4.1bnbytheendof2003whichof40percentispermittedtoflowintosecuritiesmarketTotalassetsofNationalHouseReserveare346.7bnbytheendof2003,and1.5%oftotalsummanagedbyShaanxiProvincialHouseReserveAccordingtothebulletinsofChinaSecuritiesJournal,trustassetsoflistedcompaniesmanagedbysecuritiescompaniesexceedRMB3b
36、nin2003ASSUME thataroundRMB20bnassetsofNaCSSeFallocatedintomutualfundsand1percentmarketsharetakenbyJVFMC;0.2bnunitsfundswillbesoldtoNaCSSeFASSUME5%shareofShaanxiProvincialHouseReservetakenbyJVFMC,thatis0.25bnunits46 State-owned Enterpirise Groups (Strategic partners)ShaanxiProvincialInvestmentGroupS
37、tate-ownedinvestmentholdingcompanywitharegisteredcapitalofRMB3bn;tomanagethegovernmentalenterprises,realestateandfinancialassetsmorethanRMB15bnbytheendof2002HanNanAirlinesGroupListedcompanyinvestedbyAmericanAviationLtd.,andtotalassetsexceedingaroundRMB20bn;morethansixtythousandemployeesShaanxiProvin
38、cialElectricPowerCo.FullyheldbyNationalElectricPowerCo.,Ltd;totalAssetsexceedingRMB24bnandbytheendof2002;sustainedlong-termgrowthandabundantcashChinaHuaNengGroup,ChinaLuNengGroup,JiangsuElectricPowerCo.,GuizhouElectricPowerCo.,ZhejiangElectricPowerCo.,ChinaInternationalTravelingGroup,ZhongHaiGroup 4
39、7 Non-profit Organization (Good relationship )UniversitiesandaffiliatedcompaniesXianJiaotongUniversity,NorthwesternUniversity,NorthwesternPolytechnicalUniversity,XianFanyiUniversity,ChanganUniversity,TongjiUniversity,ShanhaiFinancialUniversity,FudanUniversity,XijingUniversity,OuyaUniversity,Zhejiang
40、UniversityTianjinUniversity,NankaiUniversity,NanjingUniversityetc.HospitalsandaffiliatedinstitutionsXiJingHospital,XianDianziHospital,XianWujingHospital,EasternHospital,HuaxiUniversityetc.CharityfundsassociationYanlinAgricultureDevelopmentFunds,YanlinIndustryDevelopmentfunds,ShaanxiArchitectureIndus
41、tryFundetc.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 individual investor, and the return should be superior to the marke
42、t benchmarkEmployee can purchase JVFMCs funds at discount front-end fee rateTop-levelManagerMiddle-levelManagerOrdinaryEmployeeTotalShaanxiProvincialInvestmentGroup7736554895931ShaanxiProvincialElectriPowerCo.50232003652440226ShaanxiHigh-techIndustryInvestment20453042875021WesternSecurities955633697
43、Total7924150469335187549Top-levelManagerMiddle-levelManagerOrdinaryEmployeeTotalShaanxiProvincialInvestmentGroup7.718.2554.8980.84ShaanxiProvincialElectriPowerCo.50.2160365.24575.44ShaanxiHigh-techIndustryInvestment20.426.542.8789.77WesternSecurities0.92.756.339.98Total79.2207.5469.33756.03Unit: RMB
44、 Million yuanInternal Sales Estimation50Retail SalesFund Assets under Custody in Chinese Commercial BanksOpen-endFundsClosed-endFundsTotalNum.ofBranchICBC278.83206484.83 17,000ChinaAgriculturalBank114.21230344.214,200ChinaConstructionBank125.52175300.5212,000BankofChina202.1160262.117,064BankofCommu
45、nication152.10146298.10ChinaEverbrightBank16.4516.45ChinaMerchantsBank40.8740.87ShanghaiPudongDevelopmentBank25.7225.72Unit:RMB100millionTotal955.818171772.8140,26451 Comprehensive Cooperation ContractsWesternSecuritiessignedthecomprehensivecooperationcontractswithICBCandCCBin2001;thecontractswillbe
46、signedonceagainafter2004andbecomeeffectcontinuallyFollowingbankshavebeendiscussingcomprehensivecooperationcontractwithWesternSecurities:NationwideBanks:BankofCommunication,HUAXIABank,ShanghaiBank,ShanghaiPudongDevelopmentBankLocalCommercialBanks:XianCommercialBank,BaojiCommercialBank,XianyangCommerc
47、ialBank,NanjingCommercialBank,TianjinCommercialBank,GuiyangCommercialBank,JiNanCommercialBank,YinChuanCommercialBank52Distribution Channels ASSUMEICBC,CAB,CCB,COB as JVFMC agency banks,10 securities firms,100branches as agency;Aver. 80,000 units distributed by each branch,total 3.2 billion units dis
48、tributed 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,Fuzhou, 0.1billion distributed each center,total 0.5 billion;0.2 billi
49、on 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 55
