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Annual Report 2014 CONTENTS Annual Report 2014 Annual Report 2014 CONTENTS DEFINITIONS 2 Chairman’s Statement 5 Section I Important Notes 6 Section II Significant Risk Warnings 7 Section III Company Profile 8 Section IV Summary of Accounting Data and Financial Indicators 41 Section V Management Discussion and Analysis 47 Section VI Directors’ Report 84 Section VII Other Significant Events 95 Section VIII Changes in Shares and Information of Substantial Shareholders 103 Section IX Directors, Supervisors, Senior Management and Staff 106 Section X Corporate Governance Report 124 Section XI Independent Auditor’s Report 147 Section XII Consolidated Financial Statements 148 China Galaxy Securities Co., Ltd. Annual Report 2014 1 DEFINITIONS In this report, unless the context otherwise requires, the following terms and expressions have the meanings set forth below. “A Share(s)” the shares that is (are) traded on the Shanghai Stock Exchange or the Shenzhen Stock Exchange in Renminbi “Article of Association” the articles of association of the Company (as amended from time to time) “Board” or“ Board of Directors” the Board of Directors of the Company “bp” unit of measurement for the change in interest rate of bonds and notes, one bp equals to 1% of a percentage point “CG Code” Corporate Governance Code and Corporate Governance Report set out in Appendix 14 to the Listing Rules “Company” China Galaxy Securities Co., Ltd.（中國銀河證券股份有限公司）, a joint stock limited company incorporated in the PRC on 26 January 2007, whose H Shares are listed on the Hong Kong Stock Exchange (Stock Code: 06881) “Company Law” the Company Law of the People’s Republic of China “CSRC” the China Securities Regulatory Commission（中國證券監督管理委員會） “Directors” directors of the Company “Domestic Share(s)” issued ordinary share(s) in the share capital of the Company with a nominal value of RMB1.00 each, which is(are) subscribed for or credited as fully paid in RMB “End of the Reporting Period” 31 December 2014 “ETF” exchange-traded funds “Futures IB Business” the business activities in which securities firms, as commissioned by futures companies, introduce clients to futures companies to provide futures brokerage and other related services “Galaxy Capital” Galaxy Capital Management Company Limited（銀河創新資本管理有限公司）, in which the Company holds an equity interest of 100% “Galaxy Derivative” Galaxy Derivative Financial Service Co., Ltd.（銀河德睿資本管理有限公司）, whose equity interest is held as to 70% and 30% by Galaxy Futures and Galaxy Financial Holdings, respectively “Galaxy Financial Holdings” China Galaxy Financial Holdings Limited（中國銀河金融控股有限責任公司）, the controlling shareholder of the Company “Galaxy Fund Management” Galaxy Fund Management Company Limited（銀河基金管理有限公司）, in which Galaxy Financial Holdings holds an equity interest of 50% “Galaxy Futures” Galaxy Futures Company Limited（銀河期貨有限公司）, in which the Company holds an equity interest of approximately 83.32% “Galaxy International Holdings” China Galaxy International Financial Holdings Company Limited（中國銀河國際金融 控股有限公司）, in which the Company holds an equity interest of 100% 2 China Galaxy Securities Co., Ltd. Annual Report 2014 DEFINITIONS “Galaxy Investment” China Galaxy Investment Management Company Limited（中國銀行投資管理有限公 司） “Galaxy Jinhui” Galaxy Jinhui Securities Assets Management Co., Ltd.（銀河金匯證券資產管理有限 公司）, whose 100% equity is held by the Company “Group” the Company and its subsidiaries “H Share(s)” overseas listed foreign shares in the share capital of the Company with a nominal value of RMB1.00 each, which is(are) listed on the Hong Kong Stock Exchange and are subscribed for and traded in HK dollars “Hong Kong” the Hong Kong Special Administrative Region of the PRC “Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited “Huijin” Central Huijin Investment Ltd.（中央滙金投資有限責任公司）, which currently holds a 78.57% equity interest of Galaxy Financial Holdings “IPO” Initial Public Offering “Listing Date” the date on which the Company’s H Shares were listed on the Hong Kong Stock Exchange, being 22 May 2013 “Listing Rules” the Rules Governing the Listing of Securities on the Hong Kong Stock Exchange (as amended from time to time) “margin and securities refinancing” a business in which securities firms can act as intermediaries to borrow funds or securities from the China Securities Finance Co., Ltd. and lend such funds and securities to their clients “Market Share” the market share “Model Code” the Model Code for Securities Transactions by Directors of Listed Companies set out in the Appendix 10 to the Listing Rules “New OTC Board” National Equities Exchange and Quotations for medium and small-sized enterprises “PRC” or“ China” the People’s Republic of China, and for the purposes of this annual report, excluding Hong Kong, Macau Special Administrative Region and Taiwan region “Prospectus” the prospectus dated 9 May 2013 issued by the Company in relation to the listing of its H shares on the main board of the Hong Kong Stock Exchange “QDII” Qualified Domestic Institutional Investor “QFII” Qualified Foreign Institutional Investor “Reporting Period” the period from 1 January 2014 to 31 December 2014 China Galaxy Securities Co., Ltd. Annual Report 2014 3 DEFINITIONS “RQFII” Renminbi Qualified Foreign Institutional Investor, a pilot program launched in the PRC which allows Hong Kong subsidiaries of PRC brokerage companies and fund houses to facilitate investments of offshore Renminbi into the PRC capital markets “SASAC” the State-owned Assets Supervision and Administration Committee of the State Council（國務院國有資產監督管理委員會） “Securities Law” the Securities Law of the People’s Republic of China “SFC” the Securities and Futures Commission of Hong Kong “SFO” the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) as amended, supplemented or otherwise modified from time to time “SHCI” the Shanghai Composite Index “SSE” the Shanghai Stock Exchange “Supervisors” supervisors of the Company “Supervisory Committee” the supervisory committee of the Company “SZCI” the Shenzhen Component Index “SZSE” the Shenzhen Stock Exchange “HK$” or“ HK dollars” Hong Kong dollars, the lawful currency of Hong Kong “RMB” or“ Renminbi” Renminbi, the lawful currency of the PRC “US$” or“ U.S. dollars” or“ USD” United States dollars, the lawful currency of the United States Notes: 1. In this report, any discrepancies between totals and sums of amounts listed are due to rounding. 2. This report is prepared in both Chinese and English languages and in the event of any inconsistency, the Chinese version shall prevail. 4 China Galaxy Securities Co., Ltd. Annual Report 2014 CHAIRMAN’S STATEMENT Dear shareholders, In 2014, with the gradual progress in the integration of the industry, gradual implementation of the “one belt and one road” strategy, introduction of a mixed ownership mechanism on a pilot basis and reform and development of central and local state- owned enterprises, the Chinese capital market entered a new stage of accelerated reform and innovation. The Company seized the opportunity and achieved better operating performance under the collective efforts of all employees of the Company. Total revenue and other income was RMB13.017 billion. The net profits attributable to shareholders of the Company was RMB3.771 billion, an increase of 54.48% and 76.59%, respectively, compared to that in 2013, the weighted average return on net assets was 13.91%. During this year, the Board of the Company completed the interim evaluation of the implementation of strategy and formulated the three-year capital planning. The application for A Shares IPO was officially accepted by CSRC. Meanwhile, market-oriented reform made progress. The systems of risk management and internal control were improved. The Company newly obtained, among others, the qualification for pilot Internet securities business, qualification for securities investment fund custody, qualification for market making business of the nationwide shares transfer system and authorization for Hong Kong Stock Connect business transaction. The scope of business was further expanded. Looking ahead to 2015, the Chinese securities market is facing reshuffle and reform. It will be the prime time for development of the securities industry with strategic opportunities, which will lead to the emergence of a group of internationally competitive investment banks with brand influence and significance in the system. We must face competition, carry out reforms, seize the opportunities and make development as the first priority. The Company will maintain the focus on making progress and achieving new developments. The Company will grasp the opportunities with strong commitment to its reform and progress, pushing forward the successful follow-on offering of H Shares and the listing of A Shares through various channels. Meanwhile, external expansion will continue to be promoted through merger and acquisition and business integration. Internally, the Company will make innovative developments. Market-oriented reform will be further promoted and the governance mechanism will be continuously optimized. Talents for transformation will be recruited and nurtured, effectively strengthening our core competitiveness and improving the efficiency and degree of capital operation. By order of the Board China Galaxy Securities Co., Ltd. Chen Youan Chairman 27 March 2015 China Galaxy Securities Co., Ltd. Annual Report 2014 5 SECTION I IMPORTANT NOTES The Board of Directors, Supervisory Committee, Directors, Supervisors and senior management of the Company undertake that
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