DOCSLIB.ORG

Mainland China Securities Survey 2016 二零一六年中国证券业调查报告

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Mainland China Securities Survey 2016 二零一六年中国证券业调查报告 Mainland China Securities Survey 2016 二零一六年 中国证券业调查报告 Financial services 金融服务 kpmg.com/cn © 2016 KPMG Huazhen LLP, a People's Republic of China partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.in China. Printed entity. (“KPMG International”), a Swiss with KPMG International Cooperative of China partnership and a member firm the KPMG network of independent member firms affiliated Republic a People's KPMG Huazhen LLP, © 2016 Contents 毕马威国际合作组织(“毕马威国际”)相关联的独立成员所网络中的成员。版权所有，不得转载。 © 2016毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计师事务所，是与瑞士实体— Introduction 目录 01 01 引言 Market overview 02 05 市场回顾 Market development: opportunities and challenges 03 29 市场动态：机遇与挑战 Industry focus: seeking new breakthroughs under the ‘new normal’ 04 51 行业热点：“新常态”下寻找新突破 Conclusion 05 71 结语 Appendix 06 75 附录 Appendix 1 Financial highlights 77 附录1 财务摘要 Appendix 2 Sector rankings for 2015 123 附录2 二零一五年行业排名 Appendix 3 Overview of Sino-foreign securities joint ventures 131 附录3 中外合资证券公司一览 Appendix 4 2016 grading of securities companies by the CSRC 133 附录4 2016年证监会对证券公司的评级 Appendix 5 Qualified foreign institutional investors 135 附录5 合格境外机构投资者 Appendix 6 RMB qualified foreign institutional investors 147 附录6 人民币合格境外机构投资者 Appendix 7 Qualified domestic institutional investors 155 附录7 合格境内机构投资者 Appendix 8 Mainland futures companies 161 附录8 内地期货公司名单 Appendix 9 Mainland fund management companies 167 附录9 内地基金公司名单 Appendix 10 Subsidiaries of mainland fund management companies 171 附录10 内地基金公司子公司名单 Appendix 11 Securities companies that have set up Hong Kong subsidiaries 175 附录11 设立香港子公司的证券公司 Contact us 07 177 联系我们 1 | Mainland China Securities Survey 2016 © 2016 KPMG Huazhen LLP, a People's Republic of China partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.in China. Printed entity. (“KPMG International”), a Swiss with KPMG International Cooperative of China partnership and a member firm the KPMG network of independent member firms affiliated Republic a People's KPMG Huazhen LLP, © 2016 01 Introduction 引言 | 2 二零一六年中国证券业调查报告 © 2016毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计师事务所，是与瑞士实体— 毕马威国际合作组织(“毕马威国际”)相关联的独立成员所网络中的成员。版权所有，不得转载。 © 2016毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计师事务所，是与瑞士实体— 3 | Mainland China Securities Survey 2016 © 2016 KPMG Huazhen LLP, a People's Republic of China partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.in China. Printed entity. (“KPMG International”), a Swiss with KPMG International Cooperative of China partnership and a member firm the KPMG network of independent member firms affiliated Republic a People's KPMG Huazhen LLP, © 2016 Introduction 2015 was an eventful year for China’s securities sector. margin financing at the end of 2015 increasing by RMB A-share indices experienced some volatility, with stock 166.7 billion compared with the previous year, an increase prices fluctuating and occasionally surpassing their daily of 17 percent year-on-year. The total balance even limit thresholds. This was caused by a combination of exceeded RMB 2 trillion at one point. Proprietary trading, macroeconomic and market factors. The stock markets investment banking and asset management business became a major topic of discussion in China as a result. also grew, benefiting from active equity markets, the In the second half of the year, the suspension of trading resumption of initial public offerings (IPOs) later in the on a number of stocks put pressure on liquidity, although year and a buoyant asset securitisation market. the markets gradually stabilised after the regulators introduced a series of supportive policies. As China’s In 2015, the significant improvement in securities economy begins to transition towards more balanced companies’ performance was closely linked to sustained growth, financial reform is expected to play a key role reform and innovation in the financial services sector. as part of the government’s attempts to encourage the Advances in technology such as the growth of new financial markets to better support the real economy. The Internet platforms and big data are impacting and will securities market is expected to be crucial in particular in continue to impact upon the traditional profit making providing companies with a number of bespoke and high- business models of securities companies. A number quality financial products. of securities companies also sought to diversify their revenue sources away from traditional business lines 2015 was an overall positive year for China’s securities (e.g. providing channels to direct funding) towards newer sector. According to the summary of the audited and more profitable business lines. The launch of the annual reports of securities companies released by Shanghai Technological Innovation Board is expected to the Securities Association of China (SAC), the sector hasten this development. The Chinese securities market achieved the highest ever level of profitability, posting is also becoming increasingly globalised with more firms total operating income of RMB 575 billion and total net listing in Hong Kong and with the Shanghai-Hong Kong profit of RMB 244 billion on an unconsolidated company Stock Connect having launched last year. level (the definition used for the purpose of analysis hereinafter), an increase of 125 percent and 157 percent Some of China’s biggest securities companies are now respectively when compared with the previous year. beginning to rival many international tier one investment The total assets and net assets of securities companies banks in terms of both size and profitability. The risk reached RMB 6.42 trillion and RMB 1.45 trillion, a year- management and response capabilities of the securities on-year increase of 59 and 60 percent respectively, sector were tested during the volatility experienced in demonstrating the rapid growth of the size of securities the A-share market last year. Going forward, securities companies in 2015. However, earnings in the first half companies should seek to assess potential risk on a of 2016 declined 59 percent compared with the same real-time basis, improve their risk management abilities period in 2015, according to statistics from the Securities generally and establish sound risk management systems. Association of China, demonstrating increased volatility in This would help them as they to continue to grow their earnings. business and also ensure that their services are best placed to improve core competitiveness. Securities companies posted revenue growth across th all business lines in 2015. Net income from brokerage This report is the 10 Mainland China Securities Survey business increased as a result of significantly higher issued by KPMG China. It was prepared based on the transaction volumes, accounting for 48 percent of total 2015 financial statements of 125 securities companies in income, six percentage points higher than in 2014. China released by the SAC on its official website (www. It remained the largest source of income for most sac.net.cn). securities companies. Margin financing and securities lending business continued to grow, with the balance of | 4 二零一六年中国证券业调查报告 © 2016毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计师事务所，是与瑞士实体— 毕马威国际合作组织(“毕马威国际”)相关联的独立成员所网络中的成员。版权所有，不得转载。 © 2016毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计师事务所，是与瑞士实体— 引言 201是中国不的。 201的与不 的，成的， 相关。联网 的。 的务通 成的， 的的有 成。与的成 ，。中国的 的。 。 与体， 。中国“”，转 中国的，不 的， 国际，的 ，有特的，务实体合 的。实 的务。 ，，立的 体，不务的，务 201中国。中国会 转，。 计的，201实 020 是毕马威中国的中国 务，，12 。是中国会“会”网 1，实有的。 () 的12的201 的621 务制的。 ，60，体201 的。，中国会的计 2016201 ，的。 ，的务201 实。中， 务得201成的 ，的，2016 ，是的。务 ，201166 1，2。 权的的的 ，务务务 201有的。 5 | Mainland China Securities Survey 2016 © 2016 KPMG Huazhen LLP, a People's Republic of China partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.in China. Printed entity. (“KPMG International”), a Swiss with KPMG International Cooperative of China partnership and a member firm the KPMG network of independent member firms affiliated Republic a People's KPMG Huazhen LLP, © 2016 02 Market overview 市场回顾 | 6 二零一六年中国证券业调查报告 © 2016毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计师事务所，是与瑞士实体— 毕马威国际合作组织(“毕马威国际”)相关联的独立成员所网络中的成员。版权所有，不得转载。 © 2016毕马威华振会计师事务所(特殊普通合伙) — 中国合伙制会计师事务所，是与瑞士实体— 7 | Mainland China Securities Survey 2016 © 2016 KPMG Huazhen LLP, a People's Republic of China partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.in China. Printed entity. (“KPMG International”), a Swiss with KPMG International Cooperative of China partnership and a member firm the KPMG network of independent member firms affiliated Republic a People's KPMG Huazhen LLP, © 2016 In 2015, the securities sector realised overall net profit after tax of RMB 244 billion, the highest in its history and representing a year-on-year increase of 157 percent (see Chart 1). This surge in profits was largely driven by a bullish A-share market in the first half of 2015, which brought significant growth for the brokerage, proprietary trading, margin financing and securities lending businesses. Investment banking business also grew significantly following the reforms
Load more

Recommended publications
  • Harvest Global Investments Limited
    IMPORTANT: If you are in any doubt about the contents of this Prospectus, you should consult your stockbroker, bank manager, solicitor, accountant or other financial adviser for independent financial advice. HARVEST FUNDS (HONG KONG) ETF (a Hong Kong umbrella unit trust authorised under Section 104 of the Securities and Futures Ordinance (Cap. 571) of Hong Kong) Harvest MSCI China A Index ETF (RMB Counter Stock Code: 83118 HKD Counter Stock Code: 03118) Harvest MSCI China A 50 Index ETF (RMB Counter Stock Code: 83136 HKD Counter Stock Code: 03136) Harvest CSI Smallcap 500 Index ETF (RMB Counter Stock Code: 83150 HKD Counter Stock Code: 03150) PROSPECTUS Manager Harvest Global Investments Limited Investment Adviser Harvest Fund Management Co., Ltd. Listing Agent for the Harvest CSI Smallcap 500 Index ETF Altus Capital Limited 16 November 2018 Hong Kong Exchanges and Clearing Limited (“HKEx”), The Stock Exchange of Hong Kong Limited (the “SEHK”), Hong Kong Securities Clearing Company Limited (“HKSCC”) and the Hong Kong Securities and Futures Commission (the “SFC”) take no responsibility for the contents of this Prospectus, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Prospectus. The Trust and the Sub-Funds have each been authorised as collective investment schemes by the SFC. SFC authorisation is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.
    [Show full text]
  • Expert Affidavit
    Case 4:13-cr-00147-SMR-CFB Document 224-2 Filed 03/13/15 Page 1 of 17 DECLARATION OF TONG YAO I, Tong YAO, declare as follows: 1. I am older than (18) years of age. Except as indicated herein, I have persona! knowledge of the facts and circumstances of the matters set forth in this Declaration. If called as a witness, I could and would testi~’ competently to the matters set forth herein. 2. 1am a native of Changzhou, Jiangsu Province, China. I lived in China until I came to the United States in 1994 for graduate school. I have remained in the United States for 21 years. I teach and publish primarily in English, but I remain fluent in Mandarin. 3. I currently hold the title of Associate Professor of Finance at the Tippie College of Business at the University of Iowa. My field of specialization is financial markets, with a sub-specialization in Asian financial markets. I have studied and published multiple papers about Asian stock markets, and the Chinese stock market in particular. A current copy of my curriculum vitae is attached to this Declaration as Exhibit A. 4. I was asked to determine whether a publicly traded Chinese corporation, DBN, was owned or controlled by the Chinese government, or any entity controlled by the Chinese government, at any time from 2011 through 2014. 5. DBN is a private Chinese corporation, registered at the Industrial and Commercial Administration Authority as “Company Limited by Shares (Listed, Invested or Controlled by Natural Persons),” with its principal place of business in Beijing.
    [Show full text]
  • Office of the State Treasurer Summary of Responses to Request For
    Office of the State Treasurer Summary of Responses to Request for Disclosure July 1, 2017 through June 30, 2018 INVESTMENT PAID 3RD COMPANY NAME DIVISION SERVICES PAYMENT ARRANGEMENTS COMMENTS PARTY FEES? PROVIDER? Aberdeen Asset Management Inc. PFM Yes No ACA Financial Guaranty Corporation DEBT Yes No Acacia Financial Group, Inc. DEBT Yes No Academy Securities DEBT Yes No Acadian Asset Management, Inc. PFM Yes No AIG Financial Products Corp. DEBT Yes No Alliance Bernstein ("AB") PFM Yes No Altaris Constellation Partners IV, L.P. PFM Yes No Altaris Health Partners II, L.P. PFM Yes No Altaris Capital Partners, LLC was paid management fees Management fees are permissible third party payments. (See C.G.S. § Altaris Health Partners III, L.P. PFM Yes Yes totaling $180,961 pursuant to the Limited Partnership 3-13l (b)(2). Agreement. Altaris Capital Partners, LLC was paid management fees Management fees are permissible third party payments. (See C.G.S. § Altaris Health Partners IV, L.P. PFM Yes Yes totaling $86,119 pursuant to the Limited Partnership 3-13l (b)(2). Agreement. Ambac Assurance Corporation DEBT Yes No American Realty Advisors PFM Yes No AMTEC Corp. DEBT No No Anderson, Kill & Olick PFM Yes No Aon Hewitt Investment Consulting, Inc. PFM Yes No Apollo Capital Management VIII, LLC PFM Yes No Apollo Capital Management IX, LLC PFM Yes No Appomattox Advisers, Inc. PFM Yes No (Thomas Welles Fund I, LLC ) AQR Capital Management, LLC PFM Yes No Arclight Energy Partners Fund V, L.P. PFM Yes No TransPacific Group LLC was paid $2,100,000 in connection Placement agent fees are permissible third party payments.
    [Show full text]
  • Annual Report, and They Severally and Jointly Accept Legal Responsibility for the Truthfulness, Accuracy and Completeness of Its Contents
    (A joint stock limited company incorporated in the People's Republic of China with limited liability) Stock Code: 1618 * For identification purpose only IMPORTANT NOTICE I. The Board and the Supervisory Committee of the Company and its Directors, Supervisors and senior management warrant that there are no false representations, misleading statements contained in or material omissions from the information set out in this annual report, and they severally and jointly accept legal responsibility for the truthfulness, accuracy and completeness of its contents. II. The Company convened the 14th meeting of the third session of the Board on 31 March 2020. All Directors of the Company attended the meeting. III. Deloitte Touche Tohmatsu CPA LLP issued an unqualified audit report to the Company. IV. Guo Wenqing, the Chairman and legal representative of the Company, Zou Hongying, the Vice President and the Chief Accountant of the Company, and Fan Wanzhu, the Deputy Chief Accountant and the Head of the Financial Planning Department, have declared that they warrant the truthfulness, accuracy and completeness of the financial report contained in this annual report. V. The proposal for profit distribution or transfer of capital reserve to share capital for the Reporting Period was considered by the Board The net profit attributable to Shareholders of the Company in the audited consolidated statement of MCC in 2019 amounted to RMB6,599,712 thousand and the undistributed profit of MCC headquarters amounted to RMB1,920,906 thousand. Based on the total share capital of 20,723.62 million shares, the Company proposed to distribute to all Shareholders a cash dividend of RMB0.72 (tax inclusive) for every 10 shares and the total cash dividend is RMB1,492,101 thousand, the remaining undistributed profit of RMB428,805 thousand will be used for the operation and development of the Company and rolled over to the coming year for distribution.
    [Show full text]
  • UBS Shifting Asia – Smart Cities
    25 September 2019 Chief Investment Office GWM Investment Research Sustainable investment in Asia Shifting Asia Wind powered turbines in the Pacific Ocean Gettyimages Editorial Dear reader, Few would have forecast a few years ago that China would to follow suit. Many have also backed regulators to enhance emerge as the world’s second largest green bond issuer in corporate stewardship and governance code frameworks 2018, just two percentage points behind the US; or that and enforced ESG disclosure reporting. The HKMA, which Abenomics would transform Japan into the world’s fastest- regulates the Hong Kong financial system and manages an growing sustainable investing (SI) market with a similar as- HKD 4 trillion Exchange Fund, is a case in point; it has been sets under management (AUM) penetration to what the US uniquely positioned to put into practice what it has promul- had in 2014; or that in 2019 Asia would have more stock gated via new green finance and ESG regulation. Others, like exchanges with mandatory environmental, social and gov- Singapore’s Temasek, have adopted ESG into investment ernance (ESG) reporting than any region in the world. decisions strongly motivated by climate change risk. Attitudes toward sustainable investment in Asia have Asian asset owners have embraced SI because of the rising changed radically in just a few years. And while it has acceptance that SI does not compromise financial returns become evident that governments must lead in Asia to or performance. For long-term investors, including pension produce meaningful change to sustainability challenges, funds and insurance companies, SI can lower downside risk there has also been indirect pressure from the wider public from “stranded assets” created by climate change and on governments and corporations, particularly on issues re- transition risk.
    [Show full text]
  • Investor Members and Signatories to CDP 2019
    Investor Members and Signatories to CDP 2019 MEMBERS MEMBERS MEMBERS ACTIAM Catholic Super Hang Seng Bank CCLA Investment Management Aegon Harvest Fund Management Ltd Allianz Global Investors ClearBridge Investments Hermes Fund Managers Allianz Group Danske Bank A/S HSBC Global Asset Management Aviva Investors EdenTree Investment HSBC Holdings plc Management AXA Group Edmond de Rothschild Asset Invesco Ltd Management AXA Investment Managers Energy Income Partners, LLC Investec Asset Management Baillie Gifford & Co. Environment Agency Pension Itaú Asset Management Fund Bank of America Ethos Foundation Janus Henderson Investors BBVA Etica SGR Jupiter Asset Management Bluebay Asset Management LLP Eurizon Capital SGR S.p.A. Kames Capital BNP Paribas Asset Management Evenlode Investments KEVA Boston Common Asset Legal and General Management, LLC Fidelity International British Columbia Investment Legg Mason, Inc. Management Corporation (BCI) Fondaction CSN Caisse des Dépôts Franklin Templeton London Pensions Fund Authority California Public Employees' M&G Investments Retirement System (CalPERS) FUNDAÇÃO ITAUBANCO California State Teachers' Generation Investment Martin Currie Retirement System (CalSTRS) Management Calvert Investment Management, Mongeral Aegon Seguros e GMO LLC Inc Previdência S.A. Canada Pension Plan Investment Goldman Sachs Asset MS&AD Insurance Group Board (CPPIB) Management Holdings, Inc. Capricorn Investment Group Group La Française National Australia Bank 2 MEMBERS MEMBERS MEMBERS PREVI Caixa de Previdência dos Neuberger
    [Show full text]
  • Participating Companies & Organizations As of September 19
    Participating Companies & Organizations As of September 19, 2019 ADNOC George W. Bush Institute OYO Hotels and Homes African Development Bank GMO Asset Management Paramount Pictures Akbank Government Pension Investment Patagonia Allianz Global Investors Fund (GPIF) Japan PensionDanmark Alphabet and Google Greentech Capital Advisors Perella Weinberg Partners Anheuser-Busch InBev Guggenheim Partners Planet Labs AP7 Gulf International Bank (UK) Ltd. Propper Daley Apollo Global Management Harvest Fund Management Qatar Investment Authority Arm Hellman & Friedman Qatar Stock Exchange Atlassian HSBC Revolution AustralianSuper Hudson Institute Royal DSM Avenue Capital India Today Group Royal Dutch Shell Aviva Investors Indonesia Investment Sesame Workshop AXA Group Ingersoll Rand Sinovation Ventures Bain Capital Inspired Capital Snap Inc. Bank of America International Monetary Fund Softbank Bank of England Investec Group Spring Labs Bank of Canada Islamic Development Bank Group SRMG BGD Holdings, LLC JPMorgan Chase State Street Corp. BlackRock, Inc. K5 Global Suez Blackstone Group Kering Sygnia Group Bloomberg LP Kissinger Associates Temasek International Bloomberg Philanthropies Kohlberg Kravis Roberts & Co. Teneo BNP Paribas Kuwait Investment Authority Tesco Boudica Macquarie Group The Carlyle Group Brazilian Agribusiness Association Mahindra Group The Goldman Sachs Group, Inc. Business Roundtable Marathon Asset The New York Times Canaccord Mars, Incorporated The Paulson Institute Capital Market Authority Mastercard The Saudi Stock Exchange Carlsberg Group/Carlsberg Matarin Capital (Tadawul) Foundation Merck The Walt Disney Company CBS Metlife The World Bank Group China General Chamber of MidOcean TIAA Commerce (CGCC) Moelis & Company Tigress Financial Partners Cisneros Moody’s Tudor Investment Corp Citigroup MSNBC U.S. Department of State CNN National Geographic Partners Uber ConsenSys National Stock Exchange of Unitel SA Angola Cowen, Inc.
    [Show full text]
  • 中國銀行股份有限公司 Bank of China Limited
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. 中國銀行股份有限公司 BANK OF CHINA LIMITED (a joint stock company incorporated in the People’s Republic of China with limited liability) (the “Bank”) (Stock Code: 3988 and 4619 (Preference Shares)) Report for the Third Quarter ended 30 September 2020 The Board of Directors (the “Board”) of the Bank is pleased to announce the unaudited results of the Bank and its subsidiaries (the “Group”) for the third quarter ended 30 September 2020. This announcement is made by the Bank pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. I. BASIC INFORMATION 1.1 Corporate information A Share Shanghai Stock Exchange Stock Name 中國銀行 Stock Code 601988 H Share The Stock Exchange of Hong Kong Limited Stock Name Bank of China Stock Code 3988 Domestic Preference Share Shanghai Stock Exchange First Tranche Stock Name 中行優1 Stock Code 360002 Second Tranche Stock Name 中行優2 Stock Code 360010 Third Tranche Stock Name 中行優3 Stock Code 360033 Fourth Tranche Stock Name 中行優4 Stock Code 360035 Offshore Preference Share (Second Tranche) The Stock Exchange of Hong Kong Limited
    [Show full text]
  • Aftermarket Research Source Book
    Aftermarket Research Source Book November 2020 Refinitiv Aftermarket research collections provide the most comprehensive offering in the marketplace, with over 30 million research reports from over 1,900 sources. This document provides an index of the available research sources across the following collections: Subscription / Investext® Collection Pay-Per-View (PPV) / Research Select and Market Research Collections Aftermarket Research Source Book - November 2020 2 New Contributors Added Year to Date 81 contributors from 34 countries have been added to the collection since the beginning of 2020 Australia 3 Ireland 1 South Africa 1 Brazil 1 Japan 4 South Korea 1 Canada 5 Kenya 2 Spain 2 Chile 1 Lebanon 1 Switzerland 1 China 4 Liechtenstein 1 Turkey 2 Colombia 1 Nigeria 4 United Arab Emirates 6 France 2 Peru 1 United Kingdom 5 Germany 1 Philippines 1 United States 11 Ghana 1 Russia 1 Uzbekistan 2 Hong Kong 6 Saudi Arabia 1 Vietnam 1 India 3 Singapore 2 Indonesia 1 Slovenia 1 Contributor Highlights Refinitiv is pleased to announce that BofA Global Research has joined the list of exclusive BofA Global Research contributors only accessible, by qualifying users, through our Aftermarket Research collection. • A team of 285 analysts covering approximately 3,100 companies in 24 global industries – one of the largest research providers worldwide and with more sector coverage than anyone else. • More coverage (2,832) in large- and mid-caps than bulge-bracket peers. • One of the largest producers of equity research with approximately 47,000 documents published in 2019. GraniteShares is an entrepreneurial ETF provider focused on providing innovative, cutting-edge alternative investment solutions.
    [Show full text]
  • Annual Report 2018
    PRINCIPLES FOR RESPONSIBLE INVESTMENT Annual Report 2018 An investor initiative in partnership with UNEP Finance Initiative and UN Global Compact THIS ANNUAL REPORT SETS OUT HOW OUR WORK OVER THE PAST YEAR CONTRIBUTES TO THE GOALS OF OUR 10-YEAR BLUEPRINT FOR RESPONSIBLE INVESTMENT 2 ANNUAL REPORT | 2018 3 FOREWORD Chair, Martin Skancke One of our longstanding commitments has been to bring the PRI closer to our signatories through more regional support. Last year, we hired a first-ever head of China to meet the growing interest in responsible investment that we see not only in that country but also in other countries across the region, most notably in Malaysia, Singapore and South Korea. Not content to stand still In Europe, we’ve added a head of Benelux and a head of Nordic, CEE and CIS. A MEANINGFUL COMMITMENT Accountability is another priority in the Blueprint. Following considerable consultation and discussion, the PRI is implementing minimum requirements for signatories. We will work closely with those who are not meeting the requirements in order to help them improve their performance. Failure to meet these requirements by 2020 would result in delisting. But, in order to further move responsible investment forward, it is equally important to recognise leadership. We will highlight and share good practices being carried out by our signatories. At this year’s PRI in Person in San Francisco, we will be announcing the establishment of leadership As we look back over the past year, delivering on the awards, the first of which will be awarded at PRI in Person ambitious agenda outlined in our Blueprint for responsible 2019 in Paris.
    [Show full text]
  • Annual Report CONTENTS
    (A joint stock company incorporated in the People’s Republic of China with limited liability) Stock Code: 6066 2018Annual Report CONTENTS Definitions ................................ 2 Chairman’s Statement ....................... 6 Section 1 Important Notice ................. 8 Section 2 Company Information ............. 10 Section 3 Financial Summary ............... 29 Section 4 Management Discussion and Analysis .................... 35 Section 5 Report of Directors ............... 102 Section 6 Other Significant Events ........... 120 Section 7 Changes in Shares and Information on Substantial Shareholders .......... 124 Section 8 Directors, Supervisors, Senior Management and Employees ....... 129 Section 9 Corporate Governance Report ...... 163 Section 10 Environmental, Social and Governance Report ............... 192 Annex Independent Auditor’s Report and Notes to the Consolidated Financial Statements ..................... 224 Annual Report 2018 1 DEFINITIONS Unless the context otherwise requires, the following expressions have the following meanings in this annual report: “A Share(s)” listed domestic shares in the share capital of our Company with a nominal value of RMB1.00 each, listed on the Shanghai Stock Exchange and traded in RMB “Articles of Association” or “Articles” the articles of association of CSC Financial Co., Ltd. “Board” or “Board of Directors” the Board of Directors of our Company “BSCOMC” Beijing State-owned Capital Operation and Management Center (北京國有資本經營管理中心) “Central Huijin” Central Huijin Investment Limited (中央匯金投資有限責任公司)
    [Show full text]
  • THE DEPOSITORY TRUST COMPANY ANNUAL REPORT 1987 Table of Coil Tell Ts Highlights 4 a Message from Management 5 History
    THE DEPOSITORY TRUST COMPANY ANNUAL REPORT 1987 Table of COil tell ts Highlights 4 A Message from Management 5 History. Ownership, and Policies 6 ~~~ 8 Eligible Issues 15 Same-Day Funds Settlement System 16 DTC Growth: A Five-Year Perspective 17 Municipal Bond Program 18 Securities in Book-Entry-Only Form 19 Institutional Use of Securities Depositories 20 Automation of Depository Services 23 Interfaces and the National Clearance and Settlement System 25 The October Market Break 26 Protection for Participants' Securities 27 Officers of The Depository Trust Company 32 The Board of Directors 33 Report of Independent Accountants 34 Participants 42 DTC Stockholders 46 The quadrennial electiol1 of American presidel1ts is the occasioll for reflectioll ill this year's allllual report, aided by Fred Otl1es's collage 011 the cover. The Depository Trust Company, a service company owned by members of the financial industry, is a national clearinghouse for the settlement of trades in corporate and municipal securities. DTC also performs securities custody services for its participating banks and broker-dealers. In 1987, those Participants delivered $9.8 trillion of securities through the depository s book-entry system, and securities in its custody exceeded $2.8 trillion at yearend. Depository Trust's primary mission is to reduce the cost of securities services offered to the public by its Participants. It does so through its automated systems, its telecommunications links with more than 600 Participants and others, and its relation­ ships with the hundreds of firms that serve as transfer agents, paying agents, exchange agents, and redemption agents for securities issuers.
    [Show full text]