《商业计划-可行性报告》西部证券2004-2007年商业计划书8.ppt

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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 Manage

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

3、stment 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 Philoshop

4、hyInvestors 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 beginnin

5、g)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-ence

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

8、t 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 institu

9、tional 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 teamFu

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

11、rviceTA/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 procedureCusto

12、mer 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 EnterpriseLowHighMediumPrivate-owned En

13、terpriseMediumHighHighWealthy 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 varies according to client base

14、 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 banks,securities hou

15、ses 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 main clients group Product frame Based on

16、 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 Unionpay etc.E-business through website and call centerDistrib

17、ution 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.21Investment ManagementInvestment StrategiesActive/Passive BenchmarkError

18、 trackingPerformance evaluation/Risk managementReporting systemResearchTop to down/Bottom up Investment strategiesListed companies research ModelingStock-based loan22Operational managementIT frameworkTA(Self-establishment/The third-party supporting)Software and hardware selectionCustomer service sys

19、temCompany web OAHuman resources&General AdministrationThe number of staffCore employeesJob descriptionTrainingCorporate finance and administration23ComplianceAuditing and supervisingFund and company assets auditingBehavior supervisingRisk evaluation FirewallEmergency event handling schemePublic rel

20、ationshipRelationship 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 Set up joint preparatory team Prepare application documents required by

21、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 PromotionFund issuance 26Short-/Medium-/Long Term Target SettingPeriodThe Numb

22、er 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 year:6-8 billion the second year:9-15biliion32-45Beijing,Shanghai、Guangzhou、Sh

23、enzhen,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：80-100billionPension funds&mandates：60billionInternational business：10billionOther asse

24、t 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 annually 29Shareholder Concept2003 2004 2005 2006 200767%33%Maintain 33%Call Option to 49%OrShar

25、e transferCapital Expansion 30Earning 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 b

26、e 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 billion units 47 112 Scenario Growth Rate Market Share (in 3 years)(By the end of 2003)32Fee rate Structure 0.2

27、5%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)Decoration 850 yuan/M2 0.85 million(Aver,standard)Computer Center 1 million Furniture/PCs 32 0.80 millionAutomobile

28、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 yuan/m perOperational periodNumber of employee 32,45,55 in 2003-2007Base salary according to the position Bonus 30%-1

29、20%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 and meeting 3.2-6.2 millionMarketing and Promotion 11-21.5 millionResearch and development 2.1-3 millionCompliance 1.05-1.2

30、5 millionConsulting 5.175 million/yAdministration 0.6-0.84 millionSales 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 Sales1999200020012002

31、2003Bank Deposits9261235.41930.63026.24549.6Bonds678.5956795.81107.81409.9Funds14.8133.5209307.8463.3Other Assets984.810491655.92052.31958.7Total Assets2604.13373.94591.36494.18378.5ASSUMEthatfundsinvestedbyinsurancecompaniesincreaseby50percentannuallyand1percentmarketsharetakenbyJVFMC;aroundRMB0.7b

32、nunitswillbesoldtoinsurance companies Unit:RMB 100 million yuan44n Potentials from Other Financial Institutions ex BanksTotalassetsoffinancecompaniesareRMB346bn,netassetsareRMB32.2bnbytheendofJun.2002MajorfinancecompaniesinChina:ChinaElectricPowerFinanceCo.,ChinaPetroleumFinanceCo.,ChinaPetrifaction

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

34、akenbyJVFMC;morethanRMB0.55bnfundswillbesoldtothesecompanies45nNaCSSeF/Houese Reserve/Listed CompaniesTotalassetsofNationalCouncilforSocialSecurityFund(NaCSSeF)arearoundRMB124.1bnbytheendof2003whichof40percentispermittedtoflowintosecuritiesmarketTotalassetsofNationalHouseReserveare346.7bnbytheendof2

35、003,and1.5%oftotalsummanagedbyShaanxiProvincialHouseReserveAccordingtothebulletinsofChinaSecuritiesJournal,trustassetsoflistedcompaniesmanagedbysecuritiescompaniesexceedRMB3bnin2003ASSUME thataroundRMB20bnassetsofNaCSSeFallocatedintomutualfundsand1percentmarketsharetakenbyJVFMC;0.2bnunitsfundswillbe

36、soldtoNaCSSeFASSUME5%shareofShaanxiProvincialHouseReservetakenbyJVFMC,thatis0.25bnunits46 State-owned Enterpirise Groups(Strategic partners)ShaanxiProvincialInvestmentGroupState-ownedinvestmentholdingcompanywitharegisteredcapitalofRMB3bn;tomanagethegovernmentalenterprises,realestateandfinancialasset

37、smorethanRMB15bnbytheendof2002HanNanAirlinesGroupListedcompanyinvestedbyAmericanAviationLtd.,andtotalassetsexceedingaroundRMB20bn;morethansixtythousandemployeesShaanxiProvincialElectricPowerCo.FullyheldbyNationalElectricPowerCo.,Ltd;totalAssetsexceedingRMB24bnandbytheendof2002;sustainedlong-termgrow

38、thandabundantcashChinaHuaNengGroup,ChinaLuNengGroup,JiangsuElectricPowerCo.,GuizhouElectricPowerCo.,ZhejiangElectricPowerCo.,ChinaInternationalTravelingGroup,ZhongHaiGroup 47 Non-profit Organization(Good relationship)UniversitiesandaffiliatedcompaniesXianJiaotongUniversity,NorthwesternUniversity,Nor

39、thwesternPolytechnicalUniversity,XianFanyiUniversity,ChanganUniversity,TongjiUniversity,ShanhaiFinancialUniversity,FudanUniversity,XijingUniversity,OuyaUniversity,ZhejiangUniversityTianjinUniversity,NankaiUniversity,NanjingUniversityetc.HospitalsandaffiliatedinstitutionsXiJingHospital,XianDianziHosp

40、ital,XianWujingHospital,EasternHospital,HuaxiUniversityetc.CharityfundsassociationYanlinAgricultureDevelopmentFunds,YanlinIndustryDevelopmentfunds,ShaanxiArchitectureIndustryFundetc.48Internal Sales PackageASSUME100,000 units purchased by each top-level manager50,000 units purchased by each middle-l

41、evel manager10,000 units purchased by each ordinary employeeProduct package should be well designed for individual investor,and the return should be superior to the market benchmarkEmployee can purchase JVFMCs funds at discount front-end fee rateTop-levelManagerMiddle-levelManagerOrdinaryEmployeeTot

42、alShaanxiProvincialInvestmentGroup7736554895931ShaanxiProvincialElectriPowerCo.50232003652440226ShaanxiHigh-techIndustryInvestment20453042875021WesternSecurities955633697Total7924150469335187549Top-levelManagerMiddle-levelManagerOrdinaryEmployeeTotalShaanxiProvincialInvestmentGroup7.718.2554.8980.84

43、ShaanxiProvincialElectriPowerCo.50.2160365.24575.44ShaanxiHigh-techIndustryInvestment20.426.542.8789.77WesternSecurities0.92.756.339.98Total79.2207.5469.33756.03Unit:RMB Million yuanInternal Sales Estimation50Retail SalesFund Assets under Custody in Chinese Commercial BanksOpen-endFundsClosed-endFun

44、dsTotalNum.ofBranchICBC278.83206484.83 17,000ChinaAgriculturalBank114.21230344.214,200ChinaConstructionBank125.52175300.5212,000BankofChina202.1160262.117,064BankofCommunication152.10146298.10ChinaEverbrightBank16.4516.45ChinaMerchantsBank40.8740.87ShanghaiPudongDevelopmentBank25.7225.72Unit:RMB100m

45、illionTotal955.818171772.8140,26451 Comprehensive Cooperation ContractsWesternSecuritiessignedthecomprehensivecooperationcontractswithICBCandCCBin2001;thecontractswillbesignedonceagainafter2004andbecomeeffectcontinuallyFollowingbankshavebeendiscussingcomprehensivecooperationcontractwithWesternSecuri

46、ties:NationwideBanks:BankofCommunication,HUAXIABank,ShanghaiBank,ShanghaiPudongDevelopmentBankLocalCommercialBanks:XianCommercialBank,BaojiCommercialBank,XianyangCommercialBank,NanjingCommercialBank,TianjinCommercialBank,GuiyangCommercialBank,JiNanCommercialBank,YinChuanCommercialBank52Distribution

47、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 distributed through commercial banks;Aver.3,000,000 units distributed by each branch of agency securities firms,total 0.3 billion units

48、 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 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 55