China Dream: Uprising Mutual Fund Industry
BIO of Mr. Haipeng LI • Mr. Li currently is the Deputy General Manager and CIO (Fixed Income) of China Southern Asset Management Co. , and he also serves as the Director of CSOP Asset Management in HK. • Mr. Li joined China Southern Asset Management in 2002 as the senior research analyst; and over the past years, he had served as the Assistant Portfolio Manager, Portfolio Manger, Executive Director of National Social Security and International Business Department, Director of National Social Security Business Department, Director of Fixed Income Department, GM Assistant and Investment Director of Fixed Income, before he was appointed as the deputy GM. • Before China Southern, Mr. Li worked as a Senior Analyst in the Office of Chief Investment Officer of AXA Financial Co. in US • Mr. Li graduated from the Peking University with the Bachelor’s degree, and MBA from EMORY University US. He is also the CFA Charterholder 2
Overview of China’s Fund Industry
Development of China Capital Markets – Stocks v. Since 2006, China Stock Markets experienced rapid development: the number of listed companies increased from 1, 435 in 2006 to 2, 852 in 2016 April, whereas the A-share market cap increased from 2, 370. 2 billion RMB to 35, 609. 8 billion RMB. v. When the SHSE and SZSE were launched in 1990, there were only 8 listed companies, and the A-share market cap was just 982 million. 450, 000 3000 China Stock Markets, 2006 – 2016/04 400, 000 2500 350, 000 300, 000 250, 000 1500 200, 000 150, 000 100, 000 50, 000 0 2006 A-share 2008 marcap in circulation (in 1002011 RMB) million 2012 2007 2009 2010 No. of 2014 2013 listed companies 2015 0 2016/4 Source：Wind 4
Development of China Capital Markets – Bonds v. China bond market is now the third largest bond market globally and the second largest in Asia. Till the end of 2015, bond markets account for 19% of the total social finance volume. v. By the end of 2015, there are 20, 334 Chinese bonds, the total volume of outstanding bonds is 48, 531 billion RMB. v. Since 2015, the issuance of bonds grows fast. In 2015, total issuance of bonds arrived at 22. 9 trillion RMB and the volume increased by 108. 3%. 30. 00 % of outstanding bond volume, 2016/04 25. 00 20. 00 15. 00 10. 00 5. 00 s O th er S AB y en c Ag en t ru m st In te rm rt. Sh o TN M e po or C En te rp ris ra t e l ia nc na Fi an k rb te In ic un M N at io n ip al al 0. 00 Source: Wind 5
Development of China Mutual Fund Industry v. Number of Mutual fund companies have v. The AUM of most of mutual fund increased from 5 in 1998 to 106 in 2016 April. companies have increased, and the v. Number of mutual funds grows from 27 in 1998 to 2, 891 in 2016 April, while the total Net Asset of the industry reaches 8, 552 billion RMB from 10. 3 billion RMB. number of “ 100 -billion fund mangers” grows from 13 to 21 in 2015. v. Top 10 China Mutual Fund Companies: 2015 Name AUM in 2015 (100 million RMB) 1 Tian Hong 6, 739. 3 2 China AM 5, 902. 09 2500 3 E Fund 5, 759. 67 50, 000 2000 4 ICBCCS 4, 430. 27 40, 000 1500 5 Harvest 3, 540. 05 1000 6 CSAM 3, 355. 59 500 7 GF Fund 3, 298. 68 0 8 CCB Principal 3, 146. 29 90, 000 3500 China Mutual Funds, 1998 – 2016/04 80, 000 3000 70, 000 60, 000 30, 000 20, 000 10, 000 2015 2014 2012 2013 2011 2016/04 Source: Wind 2009 Net Asset (in 100 million RMB) 2010 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 0 No. of mutual funds 9 10 BOC Investment China Universal Source：Eastmoney 2, 769. 42 2, 525. 25
AUM of Asset Management Companies v By the end of 2015, the total AUM of mutual funds and private funds reached CNY 12, 423 trillion, with YOY growth of 88% or CNY 5. 82 trillion. Mutual funds has counted CNY 8. 397 trillion, with the YOY growth of 89% or CNY 3. 861 trillion. The number of mutual funds has reached 2, 722 with the YOY growth of 44%, or 828. Private funds has reached CNY 4. 03 trillion with the YOY growth of 88% or CNY 1. 88 trillion. The flourishing growth of mutual funds is based on the performance of newly issued funds in bull market in the first half year, and on the significant expansion of monetary funds in second half year. The increasing growth of private funds is mainly led by the expansion of separate accounts business. Change in Fund Industry’s AUM in the late 3 years (Unit: 100 million) 140, 000 124, 234 120, 000 100, 000 83, 972 80, 000 65, 986 60, 000 44, 528 40, 262 29, 308 41, 500 21, 458 12, 192 20, 000 AUM Of Mutual Fund 数据来源：中国证券投资基金业协会 2013 2014 Of 2015 AUM PE Total AUM 7
Outlook of China Mutual Fund Industry An Unprecedented Opportunity in the Asset Management Industry v According to BCG, the total volume of China asset management industry will reach 174 trillion RMB in 2020, 13% CAGR from 2015 -2020. v Fund industry plays an important role and enjoys the highest CAGR. Mutual funds are expected to manage 15% of the total volume by 2020 with CAGR of 16%. Industry Drivers v Growing household wealth：personal investable asset volume will increase from 110 to 196 trillion RMB from 2015 to 2020, those of high net worth household will reach 88 trillion RMB. v Aging：there will be another 150 million retired population in 10 years, while the present social security system hardly fulfill their demands. v Stable macro background and technology advancement Internationalization of China Mutual Fund: Mutual Recognition of Funds v China CSRC and Hong Kong SFC reached provisional consensus on Match 22 nd 2015, and it comes to official effect since July 1 st, 2015 v The initial investment caps are 30 billion RMB for inbound and outbound individually
Overview of China Southern Asset Management
Corporate Milestone - Leader of the Industry The First Corporate Pension Mandate in China The First China's NCSSF Mandate Established as one of the first 10 asset management companies in China 1998 1999 2000 2001 The first to receive QDII accreditation in China First RQFII Fund in HK CSOP Shen Zhou RMB Fund The first to receive Received the Insurance segregated account business Funds management accreditation in China 2002 2003 2004 2005 2006 2007 First LOF in China Southern Active Sector Allocation Fund First principal protected fund in China Southern Principalguaranteed Fund First open-end fund China Southern Sustaining Growth Balanced Fund 2008 2009 2010 2011 First Subsidiary in Hong Kong CSOP Asset Management Co. , Ltd. 2012 2013 2014 2015 Established the domestic subsidiary in Shenzhen China Southern Capital Co. , Ltd. First QDII Fund in China Southern Global Dynamic Allocation Fund 数据来源：Wind资讯 10
Asset Under Management - Continuously Growing Overall Asset Growth: 1998 - 2015 RMB (100 M) 6000 5, 093 5000 4000 2, 944 3000 2, 348 2, 294 1, 958 2000 1, 864 1, 552 2, 270 2012 2013 1, 747 960 1000 515 50 60 95 144 230 20 1998 1999 2000 2001 2002 2003 700 0 2004 2005 2006 2007 2008 2009 2010 2011 2014 2015 Source: Wind 11
Overseas Customers Investment Advisory Services Equity Investment v One of the largest investment and research team in the industry (more than 100 fund managers, associates and research analysts） v Fund managers have more than 11 years' industry experience on average. v More then 96% members from the investment & research team hold a master degree, 25% of them have studied or worked abroad. Fixed Income Investment v Stable and reliable track investment record with no major investment accidents in history. v One of the most experienced and largest fixed income investment teams in the industry, with 28 investment professionals and over 13 years' experience in the fixed income market v As the first one among all the asset managers, CSAM established the fixed income department in April 2003 Separate Account Investment v One of the largest investment and research team in the industry, with 13 fund managers, associates and research analysts v Enriched separate account investment experiences: one of the first batch to be qualified for the National Social Security Fund Mangers, Enterprise Annuity Fund Managers, Insurance Separate Account Managers v A comprehensive management capability and quality management team (more than 90% hold a Master degree or above)
地址：深圳市福华一路六号免税商务大厦 22, 31 -33层 邮编： 518048 网址：www. nffund. com 电话： 0755 -82763888 传真： 0755 - 82763889 This presentation has been prepared by China Southern Asset Management Co. , Ltd. (CSAM) and it is for informational purposes only. The information contained in this presentation does not constitute a distribution, an offer to buy or sell any securities or the solicitation of any offer to buy or sell any securities, engage the investment management services of CSAM in any jurisdiction in which the distribution or offer is not authorized or would be contrary to local laws or regulations.
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