Guotai Asset Management Co., Ltd.
Guotai Asset Management Co., Ltd.
Founded: March 5, 1998
Capital: 110 million (RMB)
Establishment of funds: Fund management business and other businesses approved By China Securities Regulatory Committee.
Our Management Beliefs
Being steady as our base
This kind of strategic orientation is established on the basis of the deep understanding of market circumstances and risk that the stock investment funds face. The core idea of being steady as our base is to control risks effectively and to provide long-term and stable returns for fund-holders. We reject any short-term actions that would harm the long-term interests of investors.
Standard Operation
This is the tactic embodiment of our strategic concept of being steady as our base. The primary meaning of standard operation is regularity of management and operation. Regularity is the lifeline of the survival and development of the company. The standard operation expresses itself as institutionalization and conformity of procedures in all the matters. Such operation rules with institutionalization and conformity as the basis have two-fold connotations. Firstly, the current market statues must be complied with. Secondly, we should come close to the norms and standards acknowledged by international counterparts. Therefore, there is vast space of practice and exploration for our company in standard operation.
Elaborate Management
The main task of the company is to manage fund assets scientifically, to be responsible for investors and to make them satisfied. The first prerequisite of managing funds is to manage human resources well. Therefore, we shall train a staff team that meets the needs of fund business expansion and understands deeply and strives to practice our concepts. All the management systems and measures are meant to form a mechanism that displays a team spirit of humanism and encourages devotion and creativeness, so as to bring everyone’s creativity into full play. On this basis, our company will build up a legal person’s management structures in line with features of fund companies, clarify duties and rights of all positions and stipulate the procedures of all kinds of work to ensure the efficient and safe operation of fund asset. The company will improve the existent management modes and strive to realize effective and scientific management, according to the development of markets.
Striving to be first-class
It is the long-term development goal of our company to strive to achieve first-class performance, first-class management and first-class service.
First-class performance refers to good performance under certain risks. Before the risks of all securities investment funds are not segmented by the current market, the company will take effective countermeasures to control risks and enhance the results and benefits of fund assets operation, so as to meet the needs of investors.
First-class management means that our company must possess the management level and capability of excellent fund management companies in the world. Hence, our company sets forth the present important task of seeking suitable international partners and introducing advanced and effective management methods form abroad. Our company will send employees abroad to raise their job abilities and provide personnel support to elevate the overall management level.
First-class service is the expression of the concept “customer-oriented”. The first-class management and first-class performance are all for maximization of customers’ interests. First-class service includes all-round personal services before, during and after the investment process, which really embodies the principle of “being faithful to others’ trust ” and “faith and credit”.
The basis of “striving to be first-class” is that the company must possess the endless learning ability and quick response ability and the company should become a learning organization.
Organization Structure
Development Course (Milestones of the Company)
Jan 2006
Approved by the Document Ji Zi [2006] No.4 of China Securities Regulatory Commission, Zhejiang International Trust and Investment Co., Ltd. One shareholder of the Company, transferred all of the 20% shares of the Company to Wanlian Securities Co., Ltd.
Dec 2005
The Company convened the Party congress, and established the general Party branch committee on the basis of the original Party branch committee and with the approval from the higher-level Party committee.
Dec 2005
The 1st staff representative congress of the Company has been held successfully. The congress called on all the staff to understand the situation, get their spirit invigorated, perform their duties actively, bring their role as the owner into full play and make contribution to the development of the company.
Dec 2005
The Company has been awarded the “2005 Best Risk Control Prize” by the 21st Century Business Herald.
Dec 2005
The company was awarded the “2005 Top-10 Most Respected Fund Company in China” by the World Finance Lab，the Jin Ding Fund was awarded the “2005 top-10 fund product with Most Investment Value in China” by the World Finance Lab，and Manager Jin of the Jin Ding Fund was awarded the “2005 Top-25 Fund Manager with Most Influence.”
Oct 2005
The Company has preliminarily drafted the 3-year development planning for information system．Taking“Safety，reliance，stability，expandability，high performance and low costs”as its principle，this draft bring forward flexible designs foe the systems in the aspects of internal management，technical support for investment research and customer service，and lays stress on the guiding function of the receptionists．
Oct 2005
The Company has arranged experience-based training activities with the theme of “Keeping pace with the times，making efforts to become first class and constructing a management team of Guotai funds with high performance”for medium-and –high-level management personnel，which have obtained good effects．
Sep 2005
With the completion of the upgrading of its archives，the Company has become the first company in the fund industry to obtain the class-2 competence of archive management．
Sep 2005
The financial engineering department has started its operation．It provide quantitative support of computational finance for the customer service，design of new product’s core profit model，investment strategy，transaction strategy，performance assessment and risk assessment．
Aug 2005
The online transaction is formally launched．The service method will make it convenient for the investors to buy or sell fund products provided by the Company．It will exert profound influence on the elevation of the Company’s sales ability．
May 2005
With the energetic support from Agriculture Bank of China，our custodian bank，the Company has successfully issued its Monetary Market Securities Investment Fund．The Fund with its IPO exceeding RMB4.4 billion，was established on June 21 formally．
May 2005
The Company removes to its new office located at 23F，Gang Tai Plaza，700 Yan’an Road East．
Mar 2005
The Company divides its market system into three department of marketing planning．funds sales and customer servers．In this way，the internal management relationships of the Company’s market business gets further straightened out and function and duties of each department are defined clearly.
Jan 2005
In the appraisal of 2004 Winning Funds jointly held by Galaxy Securities Fund Research Center and 21 Century Economic Report January 2005, Guotai ranked the fifth in the Comprehensive Performance Award in 2004 China Fund Management Companies and ranked the second in the Close-ended Fund Comprehensive Performance Award in 2004 China Fund Management Company, and Fund Jinsheng won the Close-ended Fund 3-year Continuous Good Performance Award, Fund Jinying ranked the 2nd of the Equity Open-ended 2-year Continuous Good Performance Award.
Dec 2004
The company held the Promotion Month of Fund Law and Regulation Publicity and Education, which played a good role in promotion of the staff to understand the latest laws and regulations.
Nov 2004
CEO Li Chunping joined the European and American Securities Industry delegation, visited governmental institutions and industry Institutions, e.g. American Securities and Exchange Commission, French AMF and American Investment Company Institute (ICI) and management institutions, including ING and French Credit Agricole Indosuez, etc.
Oct 2004
The company became one of three fund companies obtaining the certificate of the National Social Security Council Assets Managers and our persistent steady management style and good risk control capability won the recognition of National Social Security Council and experts from all circles.
Sep 2004
Jinxiang Fund was issued, with the primary issuance scale of RMB 803 million and Bank of China as the trustee bank and the main sale agent bank.
Chen Yongsheng, the Board Chairman, went to Brazil to attend the 18th International Investment Fund Meeting.
Aug 2004
Guotai Jinying Growth Fund, Fund Jintai and Fund Jinsheng under the company obtained the First China Fund Jinniu Prize in the selection of the “First China Fund Jinniu Prize”.
May 2004
The company and Guotai Jinying Growth Fund, Fund Jinsheng and Fund Jinding were respectively honored the “Top Ten Most Respectable Fund Company of China in 2004″, “Top Ten Best Open-end Fund of China in 2004″, “Top Ten Best Close-end Fund Of China in 2004″ in “International Financial Laboratory Yearly Selection of 2004″.
Jinma Fund was issued, with the primary issuance scale of RMB 1.231 billion and China Construction Bank as the trustee bank and the main sale agent bank.
The company implemented the determined posts, personnel allocation and personnel distribution to set up a new post sequence, and to adjust and optimize the post structure of all staff. Meanwhile, the broadband basic salary management system was put into practice.
Apr 2004
The company and China Social Welfare Insurance Academy jointly held “China Corporate Annuity Fund Management Practice Seminar”, with the participation of State Ministry of Labor and Social Security, China Social Welfare Insurance Association, China Securities Regulatory Commission, foreign annuity experts and principles of key local social insurance institution and leaders of large enterprise in charge of annuity, obtaining very good effect.
The company established the coordinated working platform program group to efficiently integrate resources of information system, improve the efficiency of information system and to build a uniform coordinated working platform.
Mar 2004
The company was awarded the Best Service Fund Company in the First Fund Company Selection jointly held by “Shanghai Securities News” and U.S. Morningstar Inc.
Feb 2004
The company participated and organized the meeting affairs of the 27th Fund Joint Assemble Meeting, as a co-sponsor.
Jan 2004
Cui Haifeng, Fund manager of Jinlong Sector Select Sub Fund, was awarded “Shanghai Excellent Financial Talent”.
Our Fund
Jintai Securities Investment Fund
Profile
Transaction code: 500001
Date of establishment: March 27, 1998
Expiration date: as of March 26, 2013
Size: 2 billion
Type: Contract type closed-end
Fund trustee: Industrial and Commercial Bank of China
Accounting firm: PRICEWATERHOUSECOOPERS Zhong Tian
Unit Cumulative net value at the end of 2005: 1.6938RMB
Investment Conception
We adhere to the investment philosophy of value-based development,and make efforts to search for those investment objects of whose value has been underestimated by the market and which are in line with the development trend of the market.With respect to the operation strategy,we insist on the combination of key investment and portfolio investment as well as the combination of long-term investment and short-term operation.This Fund will realize the sustained and stable growth of its net value by making use of the relatively-balanced combination of investment and the fundamental-research-based risk management.
Fund Manager’s Comment
Affected by the two factors including the economic situation and the split-share reform,this Fund took defense as its main task in the first half of 2005.Since the forth quarter,with the concert on the uncertainly of economy being reduced and the market expectation being improved gradually,this Fund began to increase its investment in the industries with favorable development situation and obtain good effect.In 2006,this Fund will still focus its investment on those industries with favorable development situation,and continuously hold the superior enterprise in such industries,including the leading enterprise in catering,commercial,transportationand medicine,as its investment objects.This Fund will conduct staged investment on industries with staged good performance.Meanwhile,this Fund will pay unceasing attention to the enterprise which possess advantages in essential resources(such as natural resources,channels and land)and technologies.
Jinxin Securities Investment Fund
Profile
Transaction code: 500011
Date of establishment: October 21, 1999
Expiration date: As of October 20, 2014
Size: 3 billion
Type: Contract type closed-end
Fund trustee: China Construction Bank
Accounting firm: PRICEWATERHOUSECOOPERS Zhong Tian Accounting Firm
Unit cumulative net value at the end of year 2005: 1.2532RMB
Investment conception
We adhere to the investment philosophy of value-based development,pay unceasing attention to and invest in the companies in growing industries with high standing in their repective industry,favorable prospect,sound financial situation and perfect corporate governing structure.Meanwhile,this Fund will also pay close attention to the M&A value of these companies.
Fund Manager’s comment
In 2005,this Fund increased its shares of those companies with continuously and stable upgraded performance,monopolization in resources and brand effect,and reduced its shares of those companies impacted by the interest rate,exchange rate and oil price.We believe that the 11th Five Year Programming appreciation of RMB,advance in price of commodities,TMT,financial innovation and M&A will be the most important themes of investment in 2006.With respect to the strategy of industrial configuration,we think the structural change in the economic growth and the exchange rate of RMB will become the important factors for choosing industries in 2006.In detailed,we believe that those industries including TMT,commerce,non-ferrous metal,real estate plus finance,mechanical equipment(including new energy source and energy-saving product0and medical retail will have a good prospect,and we will pay close attention to the strategic M&A value of companies with periodical performance,especially with monopolization in resources,such as companies in petrochemical and electrolytic aluminum industries.
Jinsheng Securities Investment Fund
Profile
Transaction code: 184703
Date of establishment: April 26, 2000
Expiration date: as of November 30, 2009
Size: 0.5 billion
Type: Contract type closed-end
Fund trustee: China Construction Bank
Accounting firm: PRICEWATERHOUSECOOPERS Zhong Tian Accounting Firm
Unit cumulative net value at the end of 2005: 1.2263RMB
Investment conception
We insist on the valued-based investment,and attach great importance to the enterprise’s sustained ability to make profits and the factors which ensure such ability including the development strategy,governing structure,management level,industrial features and policy environment.
Fund manager’s comment
Investment is a challenge.It takes time to develop the style of investment and improve the ability of investment.In 2005,we didn’t change our principle of value judgment,and paid much attention to the judgment of the value of each industry and the leading enterprises in such industry.In commercial or real estate industry,we obtained gains and losses as well.In 2006,we will expand the coverage of this principle,and apply it to other enterprises apart from those leading ones in each industry.Additionally,we will view the market from the angle of international economies,and make the value-based investment and value judgment dance in a bullish market.
Guotai Jinying Growth Securities Investment Fund
Profile
Date of establishment: May 8, 2002
Type: Contract type open-end
Fund trustee: Bank of Communications
Accounting firm: PRICEWATERHOUSECOOPERS Zhong Tian Accounting Firm
Unit cumulative net value at the end of year 2005: 1.107RMB
Sale agents
Bank of Communications, Merchants Bank, Pudong Development Securities,Guosen Securities,Galaxy Securities,Haitong Securities,Goldstone Securities,Minsheng Securities,Soochow Securities,Orient Securities,Everbright Securities,HongYuan Securities,GF Securities and their business network in the country.
Investment conception
Attaching great importance to risk management and striking a proper balance active investment and passive investment.
Fund manager’s comment
In the first half of 2005,this Fund took active defense as the conception of its operation.In the second half,however,this fund assumed the offensive actively on the basis of the change of the market environment,and made satisfied achievements.Year 2006 will See the turning-around of the stock market is lower than the averaged level of the major overseas markets and the emerging markets surrounding our country. If taking the quid pro quo into consideration, the extent of the underestimation will be more serious. We are in the full conviction that the estimated value of the domestic market will rise to normal level with the elimination of the concerns on the declining growth rate of profits and the stock thorough circulation. However, the extent and the frequence of the fluctuation in the market will get increased. Therefore, we should adopt a more flexible strategy for the configuration of various types of assets. The 11th Five Year Programming, appreciation of RMB, advance in price of commodities, TMT, financial innovation and M&A will become the most important themes of investment in 2006.
Guotai Jinlong Series Securities Investment Fund
Date of establishment: December 5,2003
Type: Contract type open-end
Fund trustee: Pudong Development Bank
Accounting firm: PRICEWATERHOUSECOOPERS Zhong Tian Accounting Firm
Unit cumulative net value of the Jinlong Sector Select Sub-fund at the end of year 2005: 1.062RMB
Unit cumulative net value of the Jinlong Bond Sub-fund at the end of year 2005: 1.051RMB
Guotai Jinlong Series Securities Investment Fund Sale agents
Bank of Communications,Merchants Bank,Pudong Development Bank,Minsheng Bank, Guotaijunan Securities,CITIC Securities,Guosen Securities,China Merchants Securities,Galaxy Securities,Haitong Securities,Shenyin & Wanguo Securities, Industrial Securities,Goldstone Securities,Minsheng Securities,Soochow Securities,Orient Securities,Shanghai Securities,Everbright Securities,Hongyuan Securities,GF Securities and their business network in the country.
Jinlong Sector Select Sub Fund
Investment Conception
Choose advantageous enterprises in advantageous industries and pursue relatively high returns
Fund Manager’s Comment
Adhering to the investment strategy of conducting defense actively and choosing industry carefully,this Fund obtained favorable investment performance in 2005. Based on its optimistic judgment on the market,this Fund will hold shares at a relatively high level,and will follow two main principles when choosing industry. One is:Under the guidance of the 11th Five Year Programming,the new industrial policy and the adjustment in economic structure will surely result in new growth opportunity for some industries,and this Fund will pay close attention to such industries including new materials,new energy sources,aerospace technologies,electricity networks and railway investment;the other is:Against the background of the internalization of the stock market and the rapid growth of the scale of QFII,this Fund is to explore those hidden opportunities of investment through the comparison between the domestic and international estimated value,and focus its attention on such industries including finance,real estate,food and beverage,metal and nonmetal.
Guotai Jinma Stable Return Securities Investment Fund
Profile
Date of establishment: June 18,2004
Type: Contract type open-end
Fund trustee: China Construction Bank
Accounting firm: PRICEWATERHOUSECOOPERS Zhong Tian Accounting Firm
Unit cumulative net value at the end of year 2005: 0.962RMB
Guotai Jinma Stable Return Securities Investment Fund Sale agents
China Construction Bank,Bank of Communications,Pudong Development Bank,Guotaijunan Securities,CITIC Securities,Guosen Securities,China Merchants Securities,Galaxy Securities,Haitong Securities,Shenyin & Wanguo Securities,Goldstone Securities,Wanlian Securities,Minsheng Securities,Soochow Securities,Orient Securities,Golden Sun Securities,Everbright Securities,Hongyuan Securities,GF Securities and their business network in the country.
Investment Conception
Research leads to value. We insist on research in fundamentals and value investment.
Fund Manager’s Comment
Based on its understanding of the macro-economy and the development trend of the stock market, this Fund raised and implemented the forward-looking investment strategy of configuring shares of listed companies in consumables and service industries in 2005. We believe that year 2006 will see the turning-around of the A-share market and a lot of investment opportunities will come forth. This Fund will take the relevancy to growth of GDP as the basis, have an eye on the prosperity of each industry and the increase of actual profits, strengthen the judgment on the features of the market and the research on the value of each company, focus its investment on those leading companies in consumables and service industries which benefit from the upgrading of consuming structure, and seek for opportunity to increase its shares of the leading companies in the industries which are regarded as the major supporting objects in the 11th Five Year Programming. Meanwhile, it will pay close attention to the investment opportunities resulting from the re-estimation of the value of enterprises and the M&A against the background of stock thorough circulation.
Guotai jinxiang Principal Guaranteed Value Added Mixed Securities Investment Fund
Profile
Date of establishment: November 10, 2004
Type: Contract type open-end
Fund trustee: Bank of China
Accounting firm: PRICEWATERHOUSECOOPERS Zhong Tian Accounting Firm
Unit cumulative net value at the end of year 2005：1.035RMB
Guotai Jinxiang Principal Guaranteed and Value Added Mixed Securities Investment Fund Sale agents
Bank of China,China Construction Bank,Bank of Communications,Guotaijunan Securities,CITIC Securities,China Merchants Securities,Galaxy Securities,Haitong Securities,Shenyin & Wanguo Securities,Industrial Securities,Goldstone Securities,Mingsheng Securities,Soochow Securities,Orient Securities,Shanghai Securities,Everbright Securities,Hongyuan Securities,GF Securities and their business network in the country.
Investment Conception
Value investment,To realize the capital safety through the quantized classification and configuration and configuration of capital and obtain the capital gains by investing in risk assets such as convertible debt and stocks.
Fund Manager’s Comment
This Fund abode by the basic principles of the CPPI and OBPI strategies in the course of the investment,and obtained an annual yield rate of 3.2%.With respect to the investment on stocks,this Fund always kept a low proportion of stock investment,and laid stress on the selectionof stocks.With respect to the investmenton bonds,this Fund adopted a strategy of combining the duration matching with the active investment.it conducted the matching between the remaining duration and the breakeven deadline for 70% bonds in the portfolio,and used around 10% capitals to invest in bonds actively.It is estimated that in 2006, the growth of the overall macro-economy will slow down slightly,the enterprises will get their fund-raising channel widened and the banks will continuously get their capital increased.A relatively important uncertain factor in the market comes from the extent of the central bank’s open market operation.In general,the whole-year investment strategy is to increase the proportion of investment on stock assets,reduce the initiative investment on public debt and financial bonds, slightly shorten the portfolio duration,elevate the proportion of corporate bonds,and grasp the investment opportunities in several varieties of convertible debt from the share-splitting reform.
About us
Add: 23F, Gangtai Plaza, No.700 Yan’an East Road, Shanghai, China
P.C: 200001
Tel: 0086-21-23060288
Fax: 0086-21-23060266
Website: www.gtfund.com
Beijing Branch: 1F, Youyi Hotel, No.1 South Street, Zhongguan Village,Haidian Area, Beijing, China
Tel (Beijing Branch): 0086-10-68498552
Fax(Beijing Branch): 0086-10-68498182
Customer Service hotline: 4008888688;0086-21-33134688
Members of Supervisory and Directors Board
Chairman: Mr.Chen Yongsheng
Director: Mr.Yuan Ping，Mr.He Wei, Mr.Zhang Hezh, Mr.Zhou Zhiping, Mr.Zhang Mingzhi, Mr.Li Chunping
Independent Directior: Mr.Dong Fureng, Mr.Gong Haocheng, Mr.Cao Erjie, Mr.Wu Peng
Board Secretary: Mr.Zhang Ke
Supervisor: Mr.Huang Mingda, Mr.Li Zhiliang, Mr.Huang Yongming
Copyright Fund China 2008.
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