Warrant Purchase and Pte Ptd

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					HSBC Securities Services




China A-share Market

Masafumi Muto, Senior Vice President

DATE: 24 September 2010
Agenda

I. Overview on China Securities Market

II. China QFII Scheme

III. A-share Market Characteristics/Nature

IV. Recent and Future Market Development

V. Pitfalls When Investing in China




                                             2
Overview on China Securities Market
   Economic Overview
                                                         Sustainable GDP Growth (%)                                        1

                                                                                                                     Re a l GDP Grow th


China economy                                  13.00%
   in a resilient
                                               11.00%
 mode in terms
         of GDP                                     9.00%

       growth…                                      7.00%
                                                                                                                                                      11.4%
                                                                                                                                 10.0%10.1% 9.9% 10.7%
                                                    5.00%                                                             9.1%                                                                                          9.0% 8.7%
                                                              8.8%7.8% 7.1% 8.0% 8.3%
                                                    3.00%

                                                    1.00%
                                                        1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009


                                                                             CPI                                           2                                       Strong Forex Reserves                                                      3

                                                                                                                                                                                  Foreign Exchange Reserve

   …along with                                 9
                                                       8.3                                                                                         2600
    rising forex                               8
                                                                                                                                                   2100
       reserves                                6
                          Inflation Rate (%)




                                                                                                                    5.9




                                                                                                                                  Value (USD bn)
                                               5                                                              4.8                                  1600
                                                                                                  3.9                                                                                                                                      2399
                                               3                                                                                                   1100                                                                            1946
                                                             2.8
                                                                                                                                                                                                                            1530
                                               2                            0.4    0.7      1.2         1.5                                         600                                    1066
                                                                                                                                                                                   609 818
                                               0                                                                                                    100140 145 155 166 212 286 403
                                                                                                                          -0.7
                                                    1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
                                               -2                                    -0.8
                                                                                                                                                     97

                                                                                                                                                            98

                                                                                                                                                                   99

                                                                                                                                                                          00

                                                                                                                                                                                 01

                                                                                                                                                                                        02

                                                                                                                                                                                               03

                                                                                                                                                                                                      04

                                                                                                                                                                                                             05

                                                                                                                                                                                                                    06

                                                                                                                                                                                                                           07

                                                                                                                                                                                                                                  08

                                                                                                                                                                                                                                         09
                                                              -0.8   -1.4                                                                          19

                                                                                                                                                          19

                                                                                                                                                                 19

                                                                                                                                                                        20

                                                                                                                                                                               20

                                                                                                                                                                                      20

                                                                                                                                                                                             20

                                                                                                                                                                                                    20

                                                                                                                                                                                                           20

                                                                                                                                                                                                                  20

                                                                                                                                                                                                                         20

                                                                                                                                                                                                                                20

                                                                                                                                                                                                                                       20
                                               -3

     Data source: National Bureau of Statistics of China
                                                                                                                                                                                                                                       4
Securities Markets Across Asia-Pacific
   Market Cap (as of June 2010)
    Market Capitalisation in US$ billion




                                                                    3244.85

                                                2850.62



                                                                              2184.16



                                                                                        1372.73


                                                                                                  779.18
                                                                                                            588.00


                                                          22.91
                                           0

                                               China A- China B -   Japan     Hong      India     Korea    Taiwan
                                               shares    shares               Kong
 Data source:
 China Shanghai Stock Exchange and Shenzhen Stock Exchange

 Hong Kong Exchange and Clearing Limited

 Bombay Stock Exchange Limited

 Korea Exchange
                                                                                                                     5
 Taiwan Stock Exchange
A-share Market Performance (1999 – June 2010)

                                          SHSE A Share            SZSE A Share
      SHSE A share Index                                                                     SZSE A share Index
          7000                                              Launch of Non-floatable shares                   1800
                                                                Reform Program
                                                                                                             1600
          6000
                                                                                                             1400
          5000
                                                                                                             1200
          4000                                                                                               1000

          3000                                                                                               800
                                                                                                             600
          2000
                                                                                                             400
          1000                                                                                               200
               0                                                                                             0
             99


                         00


                                  01


                                         02


                                                03


                                                       04


                                                               05


                                                                       06


                                                                                07


                                                                                        08


                                                                                                 09


                                                                                                        10
           19


                       20


                                20


                                       20


                                              20


                                                     20


                                                             20


                                                                     20


                                                                              20


                                                                                      20


                                                                                               20


                                                                                                      20
Data source:

China Shanghai Stock Exchange

China Shenzhen Stock Exchange                                                                                      6
Market Statistics (As of June 2010)
                          B-share market                                                      A-Share Market


                               B-share             A-share         Government    Enterprise       CB       Close       ETF        LOF       Warrant
                                                                      bond         bond/                    end
                                                                                 Corporate                 funds
                                                                                   bond


    Market Cap            10.42                 2037.40            523.76       73.13         7.00       4.39      5.51
   (USD’bn) SHH



     Market Cap           12.49                 813.22             506.23       15.42         0.66       7.09      3.64      2.00       -
      (USD’bn)
        SZN

   Average daily          43.44                 10008.39           119.72       89.83         138.60     16.49     199.24               527.18
  turnover USD’m
       SHH


   Average daily          30.66                 9531.86            8.94         23.03         6.92       39.35     101.19    10.75      -
  turnover USD’m
       SZN

  No of Issue-SHH         54                    869                170          229           6          13        8                    3


  No of Issue-SZN         54                    1000               169          67            3          28        3         41         0


Data source: Shanghai Stock Exchange and Shenzhen Stock Exchange


                                                                                                                                            7
Regulatory Structure

                                                 State Council




                                            China Banking        China Securities
 The People’s      State Administration                                                China Insurance
                                              Regulatory           Regulatory
 Bank of China          of Foreign                                                       Regulatory
                                             Commission           Commission
   (PBOC)           Exchange (SAFE)                                                   Commission (CIRC)
                                               (CBRC)                (CSRC)




                       China Securities
                        Depository and         Shanghai Stock        Shenzhen Stock     China Financial
 CSRC Branches
                       Clearing Corp Ltd         Exchange              Exchange        Futures Exchange
                           (CSDCC)




  CSDCC Shenzhen                           CSDCC Shanghai
      Branch                                  Branch



                                                                                                    8
China QFII Scheme
Who Qualifies for QFII Status?
The eligibility for a QFII is restricted to specified categories of institutions with a strong track record,
defined as follows:

                               Track
                             Record and                                           Paid in        Ranking in
    Type of Institution                       Assets under Management
                             Operational                                          Capital          world
                             Experience
                                            Not less than US$5 billion in
                               5 years
Fund managers                               securities assets in the last           N/A             N/A
                               or more
                                            financial year
                                            Not less than US$5 billion in
                               5 years
Insurance companies                         securities assets in the last           N/A             N/A
                               or more
                                            financial year
                                            Not less than US$10 billion in
                              30 years
Securities companies                        securities assets in the last       USD1 billion        N/A
                              or more
                                            financial year
                                                                                               Total assets
                                            Not less than US$10 billion in
                                                                                               ranked in top
Commercial banks                 N/A        securities asset in the last            N/A
                                                                                               100 banks in
                                            financial year
                                                                                               the world
Others (pension fund,
charity fund, endowment                    Not less than US$5 billion in
                             5 years or
fund, trust company,                       securities asset in the last             N/A             N/A
                                more
government investment                      financial year
institution)

                                                                                                               10
QFII Scheme

Account Management
Multiple securities       QFII can open the securities account 1) for proprietary fund, 2) for clients’ assets under
accounts opened with       management or 3) open-ended China fund respectively;
CSDCC
                          Multiple ‘QFII-fund’ accounts can be opened for publicly raised open-ended funds and
                           each fund should have at least 70% of the fund assets allocated to China A-shares
                           market.


RMB and FCY cash          QFII has to open RMB account and FCY account; FCY account (in USD, EUR, GBP, HKD
accounts                   and JPY) is used to deposit principal in foreign currency before conversion into RMB;
                          Funds maintained in the QFII’s FCY accounts and special RMB accounts cannot be
                           used for purposes other than onshore securities investment;
                          QFIIs may, within 10 working days prior to their investment, convert the FCY into RMB
                           for investment.




                                                                                                                   11
QFII Scheme (cont.)
Quota Management
Principal injection      Within 6 months upon approval. If the principal is not fully remitted but more than the equivalent
                          of USD20m within the prescribed deadline, quota is reduced to the actual remitted amount.
                         For QFII who failed to remit in the equivalent of USD20m within 6 months after approval of initial
                          investment quota, they shall close the accounts and repatriate out the fund within one month.
                         QFIIs that have remitted-in the accumulated principal less than the equivalent of USD20m cannot
                          convert FCY into RMB for investment.

Lock-up period           The lock-up period is 3 months for pension funds, insurance funds, mutual funds, charity funds,
                          endowment funds, government and monetary authorities, and open-ended China fund.
                         The lock-up period is 1 year for other types of QFIIs.
                         The calculation of the lock-up period is counted from the date on which the QFII fully remits-in
                          the quota.
Repatriation             Apply to SAFE for both principal and profits repatriation. SAFE shall give approval on a case-by-
                          case basis.
                         Except for open-ended China fund, other QFIIs may, after the lock-up period, apply to SAFE for
                          principal repatriation.
                         For profit repatriation (except for open-end China fund), QFII shall provide the audit report and
                          tax certificate on profits. QFII can only apply for one profit repatriation each year.
                         After the 3 months lock-up period, open-ended China fund can remit in or repatriate out on
                          monthly basis the net subscription or net redemption amount.


                                                                                                                        12
QFII Scheme (cont.)
Investment
Multiple brokers                  Up to 3 brokers in each market, however, in practice only 1 broker in each
                                   market.
Disclosure                        Substantial shareholding disclosure requirement – 5% threshold and any
                                   subsequent 5% change applies at end investor level, including shareholdings
                                   in A-shares, B-shares, H-shares, and convertible securities
                                   - Note1: Calculation shall be aggregated by the investor and its concerted
                                   parties
                                   - Note 2: Short Swing Profit penalty
                                   - Note 3: The investor and its concerted parties have the disclosure obligation

Foreign Ownership Limitation      Shareholding by a foreign investor through QFII(s) in a single listed company
                                   shall not exceed 10% of the total number of shares of the listed company;
                                  Aggregate shareholding of A shares by all foreign investors in a single listed
                                   company shall not exceed 20% of the total number of shares of the listed
                                   company.
                                  If the thresholds are exceeded, Stock Exchanges will issue a “sell-down
                                   notice to the last buyer.




                                                                                                                     13
QFII Scheme (cont.)
Other
Tax               QFII’s income from deposit interest (including interest from RMB/USD cash balance, Clearing
                   Reserve Fund, Warrant Collateral Fund), stock/cash dividend, coupon interest (except
                   government bond coupon) are subject to 10% withholding tax.
                  QFIIs who are eligible for a lower tax rate under the Double Tax Treaty (DTT) can apply for tax
                   exemption or reduction from the paying agent's domiciled tax bureau.
                  Stamp duty is payable by sellers only at 0.1%.
Settlement        A-shares are settled on T and cash movement on T+1. Failed trade is not allowed.
                  Cash projection report is provided by the custodian bank to broker and QFII to prevent over-
                   purchase/over-sold.
Proxy Voting      Split voting is allowed but subject to acceptance of the listed company.
                  Partial voting is allowed.

Eligible       Exchange-listed A shares; Exchange-listed bonds; Funds; Exchange-listed warrants;
Investment
               Subscription to IPO, additional issuance, rights issues, and convertible bond issuance;
Products
               Other instruments approved by CSRC

Regulatory     Daily FX report, weekly report, monthly report, quarterly operation model report, annual
Reporting
               audit report and annual compliance report


                                                                                                                     14
QFII Application Process

                                                          Obtain Securities Investment
                                        CSRC              Business License
          QFII

                                                          Obtain Investment Quota and
                                        SAFE              Approval to open FCY and
Application                                               RMB account
Documents

                                                          Obtain approval to open RMB
                                    PBOC SHH              account with Custodian
     Custodian


  * According to our experience,                          Apply for the Investor ID
                                       CSDCC              at CSDCC SHH and SZN
  the whole application approval
  lead time can take 18-24 months

                                                          Report to Shanghai and
                                         SSE              Shenzhen Stock Exchange
                                                          after the above approvals

                                    QFII Starts Trading

                                                                                         15
Approved QFII List (As of 30 June 2010)
UBS AG                                                             Nomura Securities Co. Ltd                  Morgan Stanley & Co. International PLC

Citigroup Global Markets Limited                                   Goldman Sachs & Co.                        Deutsche Bank AG
HSBC Limited                                                       ING Group N.V.                             JPMorgan Chase Bank N.A.
                                                                   Standard Chartered Bank (Hong Kong)
Credit Suisse (Hong Kong) Limited                                                                             Nikko Asset management Co., Ltd
                                                                   Limited
Merrill Lynch International                                        Hang Seng Bank Limited                     Daiwa Securities SMBC Co., Ltd
Lehman Brothers International (Europe)                             Bill & Melinda Gates Foundation Trust      INVESCO Asset Management Ltd
ABN Amro Bank N.V.                                                 Societe Generale                           Barclays Bank PLC
Dresdner Bank Aktiengesellschaft                                   Fortis Bank SA/NV                          BNP Paribas
                                                                   Credit Agrigole Corporate and Investment
Power Corp of Canada                                                                                          Goldman Sachs Asset Mgt Intl.
                                                                   Bank
                                                                   Government of Singapore Invt Corporation
Martin Currie Investment Mgt Ltd.                                                                             PineBridge Investment LLC
                                                                   Pte Ltd
Temasek Fullerton Alpha Ptd Ltd                                    JF Asset Management Ltd                    Dai-ichi Mutual Life Insurance Co.
DBS Bank Limited                                                   AMP Capital Investment Ltd                 The Bank of Nova Scotia
KBC Financial Products UK Limited                                  LCF Edmond de Rothschild Banque            Yale University

Morgan Stanley Investment Management Inc                           Prudential Asset Mgt (HK) Ltd              Stanford University

GE Asset Management Incorporated                                   United Overseas Bank Limited               Schroder Investment Management Ltd
HSBC Investment Mgt (HK) Limited                                   Mizuho Securities Co., Ltd                 UBS Global Asset Mgt (Singapore) Ltd.
Sumitomo Mitsui Asset Mgt Co; Ltd                                  A European Central Bank                    Pictet Asset Management Ltd
The Trustees of Columbia University in the
                                                                   Prudential Asset Management Co., Ltd       Robeco Institutional Asset Management B.V.
City of New York
Source of the information: CSRC and SAFE website sorting by the approval date.
Note: Those highlighted in red above are HSBC’s QFII clients.
                                                                                                                                                   16
Approved QFII List (cont.)
State Street Global Advisors Asia Limited                           Platinum Investment Management Limited     KBC Asset Management N.V.

Mirae Asset Investment Management Co., Ltd                          ACE INA International Holdings, Ltd.       Caisse de dépôt et placement du Québec

                                                                    Samsung Investment Trust Management Co.,
President and Fellows of Harvard College                                                                       Alliance Bernstein Limited
                                                                    Ltd.
Oversea-Chinese Banking Corporation                                 First State Investment Management (UK)
                                                                                                               DAIWA Asset Management Co.
Limited                                                             Limited
Shell Asset Management Company B.V                                  T. Rowe Price International, Inc.          Credit Suisse
                                                                                                               Allianz Global Investors Luxembourg
UOB Asset Management LTD                                            Abu Dhabi Investment Authority
                                                                                                               S.A.
                                                                                                               Hanwha Investment Trust Management C
Capital International, Inc                                          Mitsubishi UFJ Sec. Co., Ltd
                                                                                                               o., Ltd
Emerging Markets Management, L.L.C.                                 DWS Investment S.A.                        The Korea Development Bank
                                                                                                               Lloyd George Management (Hong Kong)
Woori Bank Co., Ltd                                                 Bank Negara Malaysia
                                                                                                               Limited
Templeton Investment Counsel, LLC                                   BEA Union Investment Management Limited    The Sumitomo Trust & Banking Co. Ltd
                                                                                                               Ashmore Investment Management
Korea Investment Trust Management Co.,Ltd                           Baring Asset Management Limited
                                                                                                               Limited
BNY Mellon Asset Management International                           Manulife Asset Management (Hong Kong)      Nomura Asset Management CO., LTD
Limited                                                             Limited
Tongyang Investment Trust Management
                                                                    Royal Bank of Canada                       Aviva Investors Global Services Limited
Co., Ltd

Ivy Investment Management Company                                   DIAM Co., Ltd.                             OFI Asset Management

Source of the information: CSRC and SAFE website sorting by the approval date.
Note: Those highlighted in red above are HSBC’s QFII clients.
                                                                                                                                                 17
Approved QFII List (cont.)

                                                                AMC
                                                                51%
   Total approved QFIIs: 96
    (as of 30Jun10)

   Total approved/available quota:
    USD17.72 bn/USD12.28bn                                                    Insurance Firm
    (as of 30Jun10)                                                                 2%


                                                                             Securities Firm
                                                                                  9%

                                                        Other
                                                        11%



                                                                      Bank
                                                                      26%



    Source of the information: CSRC and SAFE websites




                                                                                       18
Reviewing Approach

   First-in/First out

   Prefer long-term investor and lower turnover ratio

   Moderate quota allocated to allow more participants into the market

   CSRC and SAFE jointly review the application and would come up with a list to be
    reviewed on quarterly basis

   SAFE internally will form a committee to review QFII/QDII quota applications on
    monthly basis

   Applicant must be the actual user of quota

   Selling/transferring quota is not allowed

   Currently regulators do not approve quota to new applicants for structured
    product issuance (except ETF issuer)



                                                                                       19
QFII Market Share (As of June 2010)




  Data source: China Securities Regulatory Commission




                                                        20
A-share Market Characteristics/Nature
Market Characteristics
                    Shanghai Stock Exchange                           Shenzhen Stock Exchange
Trading Hour        9.15 - 9.25 am (pre-opening collective bidding)   9.15 - 9.25 am (pre-opening collective bidding)
                    9.30 - 11.30 am; 1 - 3 pm (consecutive trading)   9.30 - 11.30 am; 1 – 2.57 pm (consecutive trading)
                    9.30 – 11.30 am; 1 - 3.30 pm (block trading)      2.57 pm – 3 pm (closing collective bidding)
                    [Main Board]                                      9.15 – 11.30 am; 1 - 3.30 pm (block trading)
                                                                      [Main Board, SME Board, Growth Enterprise Board]
Tradable Lot           A-share: 100 shares                              A-share: 100 shares
                       Funds and warrants: 100 units                    Funds and warrants: 100 units
                       Bonds: CNY1,000 for both bids and offers         Bonds: CNY1,000 for bids and CNY100 for
                                                                          offers
Circuit Breaker        Nil
Mechanism

Daily Price            +/-10% for A-shares and funds / +/-5% for ST and *ST stocks
Fluctuation Limit      No price fluctuation limit on IPO of stocks and IPO of closed-end funds, additional offering, or
                        stocks which resume listing after suspension, on the first trading day
Cross Listing          Not permitted




                                                                                                                        22
Market Nature

   Securities are denominated, traded and settled in local currency - RMB

   All listed securities are in scripless form and CSDCC acts as central counterparty

   Not a true DVP market

   Investor ID is required

   No failed trades

   Credit facility is not available for securities trading purpose

   10% withholding tax applies to non-resident corporation

   Disclosure requirement - 5% substantial shareholding reporting obligation
    applies




                                                                                         23
QFII – Clearing Flowchart

                                      T Day (ie SD)                           T+1 Day
      Pre-trading
      checking
                                                                     5
                                 3
      Trade and
      settlement
      instruction                    4a

      Securities                                   Exchange
      trading and
      clearing

      Trade
      confirmation                                                        9


      Securities                                                  CSDCC
      settlement                          4d
                      Broker
                                                                      6            Cash Clearing
      Cash clearing
                                                                                      Bank
                             4b
                      2



                                               7
                                                                              8

                                           4c
                                                              Custodian
                          QFII




                                                                                        24
Common Types of Corporate Action
                                          Bonus Issue           Dividend            Rights Issue       Proxy Voting

                                         Securities Times, Shanghai Securities News, China Securities News, two local
          Information Source
                                                                           vendors

              Frequency                          Once to twice a year, most of them are from April to October

               AGM Date                         AGM is held once a year, one month after announcement date

           Last Trading Date                                                  T

                Ex-date                                                      T+1

              Record Date                                                     T

          Rights Receive Date                           N/A                             T+1

         Rights Trading Period                                     N/A


  Payment Deadline for Rights Shares                    N/A                       To be announced           N/A

                                                               SHH: to be
                                           SHH : T+2
  Payment Date (Shares Available Date)                         announced          To be announced
                                           SZN: T+1
                                                                SZN: T+1




                                                                                                                  25
Recent and Future Market Development
Recent Development
   Revision of QFII Application Documents by CSRC (Apr10)
        Revised format of investment plan
        Removed notarisation requirement for certain documents
        Non-disciplinary letter needs to be issued by applicant’s home domiciled
         regulatory body

   Regulatory Reporting
        CSRC announced revised format of QFII Annual Compliance Report (Feb10)
        Local custodian may be requested to submit a quarterly report to CSRC to
         confirm QFII’s asset allocation is in line with QFII’s investment plan (Jul10)

   Index Futures
        Launched by CFFEX on 16 April 2010
        CSRC is finalizing Guideline on Participation in Index Futures Trading by
         QFIIs
        QFIIs shall wait for CSRC’s release of official Guideline in order to proceed
         with trading code and hedging quota applications.




                                                                                          27
Future Market Development

    Multiple Broker
       It may be possible for QFIIs to appoint three brokers as per CSRC’s rule in
           each exchange in the future to be in line with the international practice and
           is expected to stimulate brokers to provide better services.


    Implementation of T+1 DVP in A-share Market
        The settlement cycle may be changed to T+1 to mitigate the current non-
          DVP risk in the existing settlement cycle where securities settlement takes
          place on T and cash on T+1.




                                                                                           28
Pitfalls When Investing in China
Pitfalls When Investing in A-share Market
 A relatively young market with evolving rules and regulations

 The application is reviewed on a case-by-case basis, thus, precedents may not always
  be carried forward
  – E.g. the removal of unlisted securities assets from AUM, diversity of participants, etc.

 Time-consuming application process may result in mismatch with the investor’s
  strategy or miss the best timing for fund raising

 QFIIs under the same group may be requested to jointly monitor the 5% substantial
  shareholding reporting threshold

 Foreign ownership limit (FOL) is monitored on post-trade basis
   Stock Exchange implements “last buy, first sell” policy – the last buyer will be forced to sell
    down its positions if the aggregate foreign shareholding exceeds 20%




                                                                                                 30
Contacts in HSBC

HSBC China
             Title: Director, Head of HSBC
                                                            Title: SVP, Head of Client Services
             Securities Services China
  Andy Ng                                      Vicky Tsai   Tel: +8621 3888 1722
             Tel: +8621 3888 2380
                                                            Email: vickytsai@hsbc.com.cn
             Email: andyng@hsbc.com.cn



HSBC Services Japan Limited Tokyo

             Title: Senior Vice President                   Title: Vice President
 Masafumi                                      Yoshihiko
             Tel: +813 5203 3065                            Tel: +813 5203 3067
   Muto                                          Ikeda
             Email: masafumi.muto@hsbc.co.jp                Email: yoshihiko.ikeda@hsbc.co.jp




                                                                                                  31
32
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