西部证券2004-2007年商业计划书

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1、 Western XX FMCBusiness Plan(2004-2007)to be further discussed(Confidential)1Content Content1、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 Manag

2、ement Co.,Ltd.3Registered Capital and Share StructureRegisteredCapital:RMB100millionRegisteredPlace:PudongDistrict,Shanghai,ChinaProposedShareStructure:WesternSecuritiesCo.,Ltd.RMB40millionOtherforeignsponsorRMB33millionShaanxiInvestmentGroupCo.,Ltd.RMB27million4Business ScopeFund management and inv

3、estment 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 Philosho

4、phyInvestors 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 the beginni

5、ng)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)Customer Service

6、 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 saleOASystemmaintain-enc

7、eComplianceofficeAuditing&Supervis-ingInfo.disclosureHead of Compliance10 Structure of GovernanceBoard of directorsQualification examination and compensationcommitteeCEOThe shareholders meetingBoard of supervisorsThe compliance committeeHead of Compliance11 Structure of Business OperationCEOInvestme

8、nt 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 individual clients,main instit

9、utional 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 management teamF

10、und product innovation&importation14Outsourcing Value-addedbusinessMarket SegmentationProduct DesignPromotion/Fund DistributionResearch and DevelopmentFund Transaction/Investment ManagementRisk Control/Performance evaluation Non value-addedbusinessComplianceHR/Administration IT MaintenanceCustomer S

11、erviceTA/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 issuance procedureCust

12、omer segmentation Institutional v.s.Individual clients 40%v.s.60%(estimate)Internal sales package A.M.clients transfer into funds holders 16 Customer Needs AnlysisReturn Safety LiquidationGovernmentOrganizationLow High MediumInsurance CompanyHigh Medium LowState-owned EnterpriseLow High MediumPrivat

13、e-owned EnterpriseMedium High HighWealthy Investor High Medium LowOrdinary Investor Low High Low17Identifying the needs of domestic customers Institutional clients:Fixed income,low risk,cash flow management Individuals clients:Growth,Small and middle cap,active managementFee Structure varies accordi

14、ng 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:Agency sales via ban

15、ks,securities houses etc.Customer Segmentation 18Product Strategy Present 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 main clients group Prod

16、uct frame Based on capital market environment Image/Brand 19High Risk LowEquity Fund Low Return HighProduct FrameFund Type20Distrubution Distribution methods Direct sales to main institutional clients Agency sales through agency banks,securities firms,China Unionpay etc.E-business through website an

17、d call center Distribution channels Present channels banks,securities firms,internet etc.Channels selection 3-4 commercial banks,10 sec.firms Incentive scheme front-load fee kickbacks Binding promotion flight tickets,insurance,credit card,lottery etc.21Investment ManagementInvestment Strategies Acti

18、ve/Passive Benchmark Error tracking Performance evaluation/Risk management Reporting systemResearch Top to down/Bottom up Investment strategies Listed companies research Modeling Stock-based loan 22Operational managementIT framework TA(Self-establishment/The third-party supporting)Software and hardw

19、are selection Customer service system Company web OAHuman resources&General Administration The number of staff Core employees Job description Training Corporate finance and administration23ComplianceAuditing and supervising Fund and company assets auditing Behavior supervising Risk evaluation Firewa

20、ll Emergency event handling scheme Public relationship Relationship with CSRC,the exchanges and securities association Legal affairs,information disclosure,international business 244、Roadmap25Initial Process in Seting up JVFMC Sign the Joint Venture agreement and the article Set up joint preparatory

21、 team Prepare application documents required by CSRC Obtain the approval of establishment Recruitment and training Install the equipment and software of JVFMCs operation Fund product development and key clients contact Setup of contracts with custodian bank and distributors Promotion Fund issuance 2

22、6Short-/Medium-/Long Term Target SettingPeriodThe Number of Fund,Total AUM(in billion unit)The Number of Staff,Location of 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、Guangzhou、Shenzhen,XianMedium-term(5year,to

23、p10)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：80-100billionPension funds&mandates：60billionInternational business：10billionOther asset management business:10billion

24、 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 annually 29Shareholder Concept2003 2004 2005 2006 200767%33%Maintain 33%Call Option to 49%Or Share transfer Capital Expansion 3

25、0Earning Distribution ConceptJV-FMCShare Capital&ResourceShare 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 le

26、gal enviroment31Market Share Optimistic Scenario 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)32Fee rate Structure 0.25%1-1.5%1%1%=3%0-1%0.6-0.75%0

27、.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 Cost Space 1000 M2(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 million Automobile 3 1.2 million IT costs 11 mi

28、llion(TA,OA,hardware,software etc.)Depreciation method straight line 2004.3-2005.3 12 months3435Staff Cost 7 employees in establishing period aver.RMB10,000 yuan/m perOperational period Number of employee 32,45,55 in 2003-2007 Base salary according to the position Bonus 30%-120%of base salary aver.4

29、0%in BP No compensation for foreign staff by JVFMC 3637 Operational Cost(2005-2007)Rent 2.1 million/y IT maintenance 1.1 million/y,10%of IT costs Traveling and meeting 3.2-6.2 million Marketing and Promotion 11-21.5 million Research and development 2.1-3 million Compliance 1.05-1.25 million Consulti

30、ng 5.175 million/y Administration 0.6-0.84 million Sales tax 5%Income tax 15%3839Revenue,Profit and Cashflow ForecastOptimistic Scenario40Realistic Scenario41 Pessimistic Scenario426、Sales Breakdown in 2005 43n Asset allocation of Chinese insurance Company Direct Sales1999 2000 2001 2002 2003Bank De

31、posits9261235.41930.63026.24549.6Bonds678.5956795.81107.81409.9Funds14.8133.5209307.8463.3Other Assets984.810491655.92052.31958.7Total Assets2604.13373.94591.36494.18378.5ASSUMEthatfundsinvestedbyinsurancecompaniesincreaseby50percentannuallyand1percentmarketsharetakenbyJVFMC;aroundRMB0.7bnunitswillb

32、esoldtoinsurance companies Unit:RMB 100 million yuan44n Potentials from Other Financial Institutions ex Banks TotalassetsoffinancecompaniesareRMB346bn,netassetsareRMB32.2bnbytheendofJun.2002MajorfinancecompaniesinChina:ChinaElectricPowerFinanceCo.,ChinaPetroleumFinanceCo.,ChinaPetrifactionFinanceCo.

33、,HuaNengFinanceCo.,ZhongwuFinanceCo.etc.Trust&SecuritiesCo.ownsRMB250bnassetsbytheendof2002Including:WesternTrust&InvestmentCo.,JinSinTrustCo.,PingAnofChinaTrustCo.,AiJianTrustCo.,ShangdongTrustCo.ect.ASSUMEthat10%oftotalassetsoftheseinstitutionsareallocatedintomutualfundsand1%marketsharetakenbyJVFM

34、C;morethanRMB0.55bnfundswillbesoldtothesecompanies45n NaCSSeF/Houese Reserve/Listed Companies TotalassetsofNationalCouncilforSocialSecurityFund(NaCSSeF)arearoundRMB124.1bnbytheendof2003whichof40percentispermittedtoflowintosecuritiesmarket TotalassetsofNationalHouseReserveare346.7bnbytheendof2003,and

35、1.5%oftotalsummanagedbyShaanxiProvincialHouseReserve AccordingtothebulletinsofChinaSecuritiesJournal,trustassetsoflistedcompaniesmanagedbysecuritiescompaniesexceedRMB3bnin2003ASSUME thataroundRMB20bnassetsofNaCSSeFallocatedintomutualfundsand1percentmarketsharetakenbyJVFMC;0.2bnunitsfundswillbesoldto

36、NaCSSeFASSUME5%shareofShaanxiProvincialHouseReservetakenbyJVFMC,thatis0.25bnunits46 State-owned Enterpirise Groups(Strategic partners)ShaanxiProvincialInvestmentGroupState-ownedinvestmentholdingcompanywitharegisteredcapitalofRMB3bn;tomanagethegovernmentalenterprises,realestateandfinancialassetsmoret

37、hanRMB15bnbytheendof2002 HanNanAirlinesGroupListedcompanyinvestedbyAmericanAviationLtd.,andtotalassetsexceedingaroundRMB20bn;morethansixtythousandemployees ShaanxiProvincialElectricPowerCo.FullyheldbyNationalElectricPowerCo.,Ltd;totalAssetsexceedingRMB24bnandbytheendof2002;sustainedlong-termgrowthan

38、dabundantcash ChinaHuaNengGroup,ChinaLuNengGroup,JiangsuElectricPowerCo.,GuizhouElectricPowerCo.,ZhejiangElectricPowerCo.,ChinaInternationalTravelingGroup,ZhongHaiGroup 47 Non-profit Organization(Good relationship)UniversitiesandaffiliatedcompaniesXianJiaotongUniversity,NorthwesternUniversity,Northw

39、esternPolytechnicalUniversity,XianFanyiUniversity,ChanganUniversity,TongjiUniversity,ShanhaiFinancialUniversity,FudanUniversity,XijingUniversity,OuyaUniversity,ZhejiangUniversityTianjinUniversity,NankaiUniversity,NanjingUniversityetc.HospitalsandaffiliatedinstitutionsXiJingHospital,XianDianziHospita

40、l,XianWujingHospital,EasternHospital,HuaxiUniversityetc.CharityfundsassociationYanlinAgricultureDevelopmentFunds,YanlinIndustryDevelopmentfunds,ShaanxiArchitectureIndustryFundetc.48Internal Sales PackageASSUME 100,000 units purchased by each top-level manager 50,000 units purchased by each middle-le

41、vel manager 10,000 units purchased by each ordinary employee Product package should be well designed for individual investor,and the return should be superior to the market benchmark Employee can purchase JVFMCs funds at discount front-end fee rateTop-levelManagerMiddle-levelManagerOrdinaryEmployeeT

42、otalShaanxiProvincialInvestmentGroup77 365 5489 5931ShaanxiProvincialElectriPowerCo.502 3200 36524 40226ShaanxiHigh-techIndustryInvestment204 530 4287 5021WesternSecurities 9 55 633 697Total 792 4150 46933 5187549Top-levelManagerMiddle-levelManagerOrdinaryEmployeeTotalShaanxiProvincialInvestmentGroup7.7 18.25 54.89 80.84ShaanxiProvincialElectriPowerCo.50.2 160 365.24 575.44ShaanxiHigh-techIndustryInvestment20.4 26.5 42.87 89.77WesternSecurities 0.9 2.75 6.33 9.98Total 79.2 207.5 469.33 756.03Unit:RMB Million yuanInternal Sales Estimation50