2008 TCFA Annual Conference

8/7/2019 2008 TCFA Annual Conference

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The 14th Annual Conference of

The Chinese Finance Association

The Global Credit Crisis and Its Impact On ChinaNovember 1, 2008

New York

Lead Organizer------------------------


Co-organizer------------------------

New York University

Chinese Students & Scholars Association


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THE CHINESE FINANCE ASSOCIATION II

Welcome Letter fromThe Chinese Finance Association

Welcome Letter fromNYU Chinese Students & Scholars Association

Conference Agenda

2008 TCFA Best Papers Awards

Introduction of


Introduction of Sponsors

Strategic Sponsor

Diamond Sponsors

Platinum Sponsor

Gold Sponsors

Speakers Biographies

Robert Engle

Dr. Gary L. Bergstrom

Edward Altman

Lewis S. Alexander

Harvey E. Bines

Jack I. Kantrowitz

Scott Sonnenblick

Bjrn Pettersen

Jun Qian

Li Jin

Tan Wang

P. Raghavendra Rau

Oliver M. Rui

Bin Ke

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TCFA08 THE 14th

ANNUAL CONFERENCE III

Bin Qi, PhD Houqi Zhang

Daobing Li

Bin Hu, CFA, PhD

Tricia Hazelwood

Robert Milam, CFA

Eugene Xu, PhD

Robert Heidenberg

Dajiang Guo

Ching Tan

Hao Wu

Olivia X. Ouyang

Haiyong Cheng

Yi Yang

Chen Ding

Frank Zhu

William A. Douglass, III

Kun Deng, CFA

Boris Shrayer

Ian Kennedy

Huifeng Chang

Dr. Jeff (Min) Lu, CFA

Tao Liang

Hui Fang

Kate Quinn

David Francis

TCFA Advisors, Directors, and Members

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Dear Colleague,

We cordially invite you to attend the 14th Annual TCFA Conference on November 1st 2008 at

Directors Guild of America Theater in New York City, New York.

The U.S. subprime crisis has had a tremendous impact on many parts of global markets.

Liquidity and the ability to access new capital have become crucial factors to many financial

institutions survival. From the seize-up of the municipal auction rate notes market to the

skyrocketed delinquent option ARM loans; from the virtual shutoff of the leveraged loan

market to the dramatic slowdown of consumer credit securitization; from the U.S. to Europe

and Asia, every market has felt the effect of the credit crisis. While the central banks of the

world now have the unprecedented challenge to fend off inflation and slowing economies,

money managers have a difficult time navigating through the volatile markets and massive

deleveraging that has occurred.

In the meantime, the fledging Chinese securities market has just gone through a new

round of revaluation. The Chinese economy has played an increasingly important role in

global markets, and investors and policy makers are closely watching the impact of the

credit crisis on China. Through speeches and panel discussions by experts from the U.S. and

Chinese financial markets, we will discuss the lessons learned, evaluate current strategiesand prepare for the future.

With the continued support of our sponsors, we are able to host our conference at the Di-

rectors Guild of America (DGA) Theater and Le Parker Meridien Hotel in New York City. We

anticipate that this years conference will be interesting and engaging.

Thank you for your attendance and support for TCFA.

TCFA President Elect TCFA Chairman of Board

Tony Tang Charles Wang

THE CHINESE FINANCE ASSOCIATION 1


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TCFA08 THE 14th

ANNUAL CONFERENCE 2

Dear Friends,

The New York University Chinese Students and Scholars Association (NYUCSSA) wel-

comes you to the 14th Annual Conference of The Chinese Finance Association! Rep-

resenting New York Citys home university, we are honored to be the co-organizer

of the conference that has long engaged in facilitating the exchange of intellectual

thoughts and valuable experiences among members of the global Chinese finance

community.

In an era characterized by rapid growth of financial institutions in China, controver-

sial views on financial innovations in the US and turbulences in the global financial

markets, we observe both the challenges and opportunities confronted by China

and the U.S. As current events in the world financial markets require insights from

both practical and theoretical perspectives, we believe that the 14th TCFA Annual

Conference, by connecting industry leaders and scholars between the US and China,

will contribute to the development of the finance world.

Sincerely,

Han Wen

PresidentChinese Students and Scholars Association

New York University


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CONFERENCEAGENDA8:00am - 8:30am

8:30am - 8:40am

8:40am - 9:20am

9:20am - 9:50am

9:50am - 10:05am

10:05am - 10:15am

10:15am - 11:00am

10:15am - 11:45am

11:00am- 11:45am

11:45am - 12:25pm

12:25pm - 1:30pm

1:30pm - 2:20pm

REGISTRATIONDirectors Guild of America Theater

WELCOMING REMARKSTony Tang, TCFA President-Elect

KEYNOTE SPEECH (Intro: Jason Wei)What is Happening to Financial Market Volatility and Why?Robert Engle, Professor of Finance, Stern School of Business, NYUNobel Prize Laureate

GLOBAL INVESTMENT: CRISIS AND OPPORTUNITIES (Intro: Charles Wang)Gary Bergstrom,Chairman, Acadian Asset Management

TCFA BEST PAPER AWARD AND RESEARCH SUMMARY (Chair: Jason Wei)

COFFEE BREAK

SESSION 1BAILOUT PLAN AND THE CHANGING LANDSCAPE OF THE US FINANCIAL INDUSTRYChair: Jeff ZhangDirectors Guild of America TheaterHarvey Bines, Partner, Sullivan & Worcester LLPJack Kantrowitz, Partner, DLA PiperScott Sonnenblick, Partner, LinklatersBjrn Pettersen, Head of Enterprise Risk Management, CRA International

SESSION 2TCFA BEST PAPER PRESENTATION, Sponsored by CICC

Chair: Jason Wei/ Prof. Jun Qian, Boston College)Le Parker 3rd Floor, Azekka RoomProf. Li Jin, Harvard UniversityProf. Tan Wang, University of British ColumbiaProf. P. Raghavendra Rau, Purdue UniversityProf. Oliver Rui, Chinese University of Hong KongProf. Bin Ke, Penn State University

SESSION 3REVIEW AND THE OUTLOOK OF THE FINANCIAL MARKET IN CHINAChair: Li WeiDirectors Guild of America TheaterBin Qi, Director-in-General of Research Center, China Securities Regulatory CommissionsHouqi Zhang, Deputy CEO, ChinaAMCDaobing Li, Deputy CEO, Harvest Fund ManagementBin Hu,CEO, BNY Mellon China Asset Management

CURRENT CONDITIONS & OUTLOOKS FOR GLOBAL CREDIT MARKETS (Intro: Frank Shen)Directors Guild of America TheaterEdward Altman, Professor of Finance, Stern School of Business, NYU

LUNCHLe Parker 3rd Floor, Azekka Room

LUNCHEON KEYNOTE SPEECHPERSPECTIVES ON THE ECONOMIC OUTLOOK & THE CURRENT FINANCIAL CRISIS (Intro: Dajiang Guo)Directors Guild of America TheaterLewis Alexander, Chief Economist, Citigroup

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TCFA08 THE 14th

ANNUAL CONFERENCE 4

2:30pm - 3:15pm

2:30pm - 3:15pm

3:20pm - 4:05pm

3:20pm - 4:05pm

4:05pm - 4:15pm

4:15pm - 5:00pm

4:15pm - 5:00pm

5:00pm - 5:30pm

6:00pm - 8:00pm

SESSION 4FROM HOUSING WOES TO CREDIT CRISISChair: Mei Gao

Directors Guild of America TheaterTricia Hazelwood, Global Head of Asset Finance, Credit SuisseRobert Milam, Head of High Grade Trading, JPMorganEugene Xu, Managing Director, Deutsche BankDajiang Guo, Director, Global Markets, CitigroupRobert Heidenberg, Managing Partner, Lerner Heidenberg

SESSION 5CHINESE PRIVATE EQUITY INVESTMENTChair: Guang GuoLe Parker 3rd Floor, Azekka RoomChing Tan, Head of China Operations, Siguler GuffOlivia Ouyang, Investment Officer, IFCHao Wu, Partner, Centenium-Pinetree China Private Equity

SESSION 6INVESTMENT STRATEGY IN CHINESE STOCK MARKETChair: William WengDirectors Guild of America TheaterHaiyong Cheng, Deputy CIO, ChinaAMCYi Yang, Assistant to the President, China Merchant FundChen Ding, Head of International Business, China Southern FundFrank Zhu, Portfolio Manager, E Fund Management

SESSION 7COMMODITY, EMERGING MARKET AND ALT INVESTMENTChair: Ludan LiuLe Parker 3rd Floor, Azekka RoomWilliam Douglas, III, Founder, K2 AdvisorsKun Deng, Managing Director, Lazard Asset ManagementBoris Shrayer, Global Head of Commodity Marketing, Morgan StanleyIan Kennedy, Global Director of Research, Cambridge Associates

COFFEE BREAK

SESSION 8CAREER OPPORTUNITIES IN CHINAChair: Ming JiangDirectors Guild of America TheaterHuifeng Chang, CEO, CSOPTao Liang, Deputy Head, Institution Accounts, BoseraJeff Lu, Portfolio Manager, ChinaAMC

SESSION 9

CAREER OPPORTUNITIES IN USChair: Annie ZhouLe Parker 3rd Floor, Azekka RoomHui Fang, General Manager, China Merchant Bank, New YorkDavid Francis, Senior Recruiter, Hagan-Ricci GroupKate Quinn, Partner, Westwood Partners

TCFA ELECTIONDirectors Guild of America Theater

TCFA EVENING RECEPTION (Sponsored by Harvest Fund Management)Chairman Remarks: Charles WangLe Parker 3rd FloorDaobing Li, Deputy CEO, Harvest Fund Management

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2008 TCFA BEST PAPERS IN CHINA CAPITAL MARKETThe Chinese Finance Association is pleased to announce the winners of the 2008 TCFA Best Paper Awards. We congratulate thewinners and thank them for the high-quality research on the development of Chinas financial market. We would also like tothank all the invited review committee members for their devotion and the event sponsor for persistent financial support and

advice.

INVESTMENT

Privatization and Risk Sharing: Evidence from the Split Share Structure Reform in China

Sauder School of Business, University of British ColumbiaSauder School of Business, University of British ColumbiaCity University of Hong KongCity University of Hong Kong

Kai LiTan Wang

Yan-Leung CheungPing Jiang

1PRIZE

Stock Returns and Inflation:Decomposition Analysis in Effects of Demand shocks and Supply Shocks

(

)School of Economics, Peking UniversitySchool of Economics, Peking University

Yimig WangLiuyan Zhao

CORPORATE FINANCE & CORPORATE GOVERNANCE

The Helping Hand, the Lazy Hand, or the Grabbing Hand?Central vs. Local Government Shareholders in Publicly Listed Firms in China

Krannert Graduate School of Management of Purdue University andBarclay Global InvestorsCity University of Hong KongCity University of Hong Kong

P. Raghavendra Rau

Yan-Leung CheungAris Stouraitis

Investor Protection, Ownership Concentration and Tunneling()

Management School of Fudan UniversityCentral University of Finance and Economics

Changjiang LuXianhua Zhou

Does Ethnicity Pay? Evidence from Overseas Chinese FDI in China

Harvard Business SchoolMIT Sloan School of ManagementKellogg School of Management, Northwestern University

Li JinYasheng Huang

Yi Qian

2PRIZE

1PRIZE

2PRIZE

3PRIZE

2008 TCFA BEST PAPER AWARD REVIEW COMMITTEEFederal Reserve Bank of New York

Tsinghua University

Tsinghua University

Wuhan University

Xiamen University

George Mason University

Indiana University

Wei, Chenyang (Chair)

Zhu, Wuxiang (Co-Chair)

Li, Jinliang

Pan, Hongbo

Wu, Shinong

Xie, Fei

Yu, Xiaoyun

Boston College

Columbia University

Citigroup

University of Minnesota

University of Wisconsin at Madison

Peking University

University of California at Davis

Qian, Jun (Co-Chair)

Jiang, Wei

Liu, Bo

Wang, Yue

Wu, Youchang

Xu, Nianhang

Zhu, Ning


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TCFA08 THE 14th

ANNUAL CONFERENCE 6

THE CHINESE FINANCE ASSOCIATION

WHAT MAKES US DIFFERENT FROM OTHERCHINESE FINANCE GROUPS/ORGANIZATIONS?

FACTS ABOUT TCFA Founded in U.S. in 1994 as one of the

longest and most successfully run

overseas Chinese professional

associations.

We have 1,500 members worldwide.

Professions include major investment

banks, money management firms,

universities, government regulatory

bodies and other financial service

institutions.

TCFA has local chapters in New York,

Boston, Washington D.C., San Francisco,

London, Hong Kong, Beijing and

Shanghai.

The 13th TCFA Annual Conference was

held at Columbia University, New York

City, NY on October 27, 2007. Over 300

professionals, academics and MBA, PhD

students attended the conference

Regular member activities include

annual conference, best paper award

program, seminars, and career work-

shops.

TCFA sponsored a broad range of

activities such as primary research

projects, industry specific translations,

publications and international conferences.

We launched the first TCFA Chinese

Capital Market Best Paper Award in

2006.

For more information about TCFA,

please visit our official website:

http://tcfaglobal.org


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MISSION STATEMENT

The Chinese Finance Association (TCFA) is a government registered non-profit organization

aimed at facilitating the exchange of ideas, knowledge and information on education, research

and practice in finance and related areas between the US and China. TCFA seeks to bring together

the collective wisdom and expertise of scholars and professionals active in the field of finance in

an effort to help the development of capital market in China. TCFA further seeks to serve as the

central venue to service its members in their professional development.

In pursuit of these goals, TCFA and its local chapters organize and sponsor a broad range of

activities including the best paper award, career development workshops, seminars, and annual

conferences.

TCFA PROGRAMSAnnual Conference: on an annual basis, this TCFA signature program serves as a high-quality communicationplatform for TCFA members to learn more about the development in the financial services industry in bothUS and China. This conference has attracted many prominent speakers globally over the years and it hasalso become a popular event for young professionals to network and learn from established senior membersin the industry.

Best Paper Award Program: launched in 2006, this new program aims to become a great channel forexchange of knowledge and ideas between the U.S. and China in economic and financial studies. It leveragesthe unique talent pool within TCFA and the reputation of both TCFA and the program sponsors to help promotethe development of Chinas financial market.

Financial Analytic Workshop: on a quarterly basis, this workshop program utilizes expert resources availablein local areas to serve our members interests in learning state-of-art analytic techniques used on the Streetand in major asset management companies.

Employment Assistance Program: this program helps facilitate the career building efforts of memberswho are new to the finance industry. Assistance offered include seminars on job market conditions andhow to develop ones interview skills for jobs in the finance industry. TCFA also offers job posting through

member-only areas on our website and our email list. Over the years, TCFA has built a strong relationshipwith various headhunters who also serve as great reference and resources for our members in their careerdevelopment.

Special Topic Seminar & Speaker Event on US and China Financial Market: with a solid reputation andincreasingly growing ties with the Chinese financial market, TCFA now plays an important role in thecommunication between US and Chinese financial institutions. TCFA has hosted Chinese securities regulatorsand other prominent Chinese financial institutions during their trips to the US to help them learn moreabout the US market. TCFA leverages these resources and relationships and has held many seminars andspeaker events covering topics including recent development in Chinas financial market, the success storyand experience of Chinese entrepreneurs running financial-service companies and etc.


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TCFA08 THE 14th

ANNUAL CONFERENCE 8

(The Chinese Finance Association, TCFA) ,,,

,,,

. http://tcfaglobal.org/


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INTRODUCTION OF SPONSORSStrategic Sponsor

Company Overview

Fore Research & Management, LP (Fore) is a research driven, global invest-

ment management firm. Fore adopts in-depth fundamental analysis and

valuation techniques in search of securities with the best risk-reward potential

across a companys capital structure. Fore will also implement top-down

views when macro forces are dominant. Fore seeks to capitalize on the most

attractive opportunities across the global capital markets. Fores global

approach is complemented by the seamless integration of its trading deskswith fundamental and quantitative research and risk management.

Fore was founded in February 2003 through a spin-out of the proprietary

convertible arbitrage business from TD Securities (USA) Inc. (TD).

Mr. Matthew Li, Fores CIO and CEO, founded and managed the TD convertible

arbitrage group from 1996 to 2003.

Fore is a Registered Investment Adviser with the U.S. Securities and ExchangeCommission (SEC).

FORE RESEARCH & MANAGEMENT, LP


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TCFA08 THE 14th

ANNUAL CONFERENCE 10

Diamond Sponsor

Company Overview

Established in 1998, Bosera was one of the first five mutual fund companies in China. Our missionis to create wealth for the investing public. During the 9 years from 1998 to date, the number of thefunds managed by Bosera has increased from only one closed-end fund with RMB2 billion (approxi-mately USD260 million) in 1998 to 13 funds in total at present, including 4 closed-end funds and 9open-end funds. By June 30 2007, the aggregate amount of assets managed by Bosera has exceeded

RMB135 billion (approximately USD18 billion), which makes Bosera one of the largest fund managementcompanies in China. Over the past few years, Bosera funds have paid dividends of more than RMB17.7billion (approximately USD2 billion) in total to investors.

Funds under Management

Bosera offers a full spectrum of fixed income and equity products, including 4 closed-end funds (Yuy-ang Fund, Yulong Fund, Yuhua Fund and Yuze Fund) and 9 open-end funds (Bosera ValueAppreciation Fund, Bosera FTSE/Xinhua A200 Fund, Bosera Cash Income Money Market Fund, BoseraSelect Equity Fund, Bosera Thematic Sectors Equity Fund, Bosera Stable Value Short-term Bond Fund,Bosera Balanced Fund, Bosera Value Appreciation Fund II and Bosera Services Sector Fund).

Bosera Philosophy

Bosera is a knowledge-driven organization, always advocating standardized, streamlined and systematicoperation. We impose great importance on teamwork and knowledge-sharing and require our employeesto be responsible professionals with integrity. We firmly believe that only when we have made contri-butions to society can our firm become an eligible participant in the industry and survive in the modernsociety with long-term sustainability.

Bosera Team

Bosera is powered by an open-minded and target-oriented management team consisting of personnelwith different backgrounds, professional knowledge and skills to support each other, who enable the

company to respond in a timely and effective manner to the drastic changes and ultimately achieveour goals.

BOSERA ASSET MANAGEMENT Co., LTD.

Figure 1: Assets under management of Bosera (as of Jun 30, 2007)


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Diamond Sponsor

Company Overview

Leading the Industry

Established in 1998, ChinaAMC is one of the first fund management companies approved by CSRC.

The biggest fund management company in China, with AUM of over RMB 250 billion by the end of2007.

Managing the greatest number of funds in China: 2 closed-end funds, 13 open-end funds, 2 ETFs, 1QDII fund and several mandates.

The first and only fund management company approved to establish a post-doctorate workingstation.

Launched one of Chinas first enhanced index funds in 1999.

The first and only fund management company approved by the National Council for Social SecurityFund to manage pension funds as a pilot program in China in 2001.

Launched Chinas first pure bond fund in Oct. 2002.

Among the first 6 qualified fund management companies to manage the National Social SecurityFund in 2002.

Launched the first ETF in Mainland China: the China 50 ETF in December 2004.

Designated by EMEAP (which is comprised of 11 central banks and monetary authorities in the EastAsia and Pacific region) as the sole manager for ABF China Bond Index Fund in January 2005.

One of the first fund management companies to be licensed to manage corporate annuities inJuly 2005.

In 2007, ChinaAMC successfully launched one of the first QDII funds in China, which investing inglobal equity market.

International Awards

CEO of the Year, QDII Manager of the Year, Most Innovative Award for Investor Education,Most Improved House(2007), Regional Awards/Best Client Servicing Award (2006 & 2007),Best Community Service Award, China (2006) (By Asia Asset Management)

Most Innovative ETF, Asia Pacific (By exchangetradedfunds.com and IFI 2005-2007)

China Fund House of the Year (2005 & 2008) and China Equity: One Year Performance (2008)(By Asian Investor)

CHINA ASSET MANAGEMENT Co., LTD.


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TCFA08 THE 14th


Diamond Sponsor

Company Overview

Established in 1995 as a strategic partnership among prestigious Chinese and international financialinstitutions and corporations, CICC is the first joint venture investment bank in China and has a registeredcapital of US$125 million.

The founding shareholders are:

China Jianyin Investment Limited

Morgan Stanley International Incorporated

China National Investment & Guaranty Co., Ltd.

The Government of Singapore Investment Corporation

Mingly Corporation

Headquartered in Beijing ,CICC has established offices in strategic in china, such as Hong Kong,Shanghai and Shenzhen. With such a domestic service network close to the Chinese stock exchanges,CICC is well positioned to feel the pulse of the capital market and best serve its clients in China.

CICCs business has been expanding since its incorporation. Today its core business departmentsinclude Investment banking, Capital Markets, Sales & Trading, Research, Fixed Income, Asset Management

and Private Equity. These core businesses are enhanced by internal risk control and information tech-nology systems as well as other supporting departments.

CICC is licensed or authorized by the governmental to engage in domestic and foreign stock/bondtrading (brokerage, proprietary and underwriting); fund and asset management; advice on corporaterestructuring, mergers and acquisitions, financing transactions and investments; foreign currencytrading and asset management; inter-bank lending and borrowing.

CHINA INTERNATIONAL CAPITAL CORPORATION


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Diamond Sponsor

Company Overview

1987

Established in Shenzhen in 1987 as a wholly owned subsidiary of China Merchants Group.

200249A600036

Listed on Shanghai Stock Exchange on April 9, 2002.

2006922H

Listed on Hong Kong Stock Exchange on Sept. 22, 2006.

2007118

Application of setting up New York Branch approved on Nov. 8, 2007.

2007RMB13105

By the end of 2007, the total assets were RMB 1310.5 billion, ranked No.6 among the commercial banks in

China.

200728971

By the end of 2007, 28971 employees.

The Company is setting up the framework of universal operation platform; Now the companyhas wholly-owned or partially-owned subsidiaries such as CMB International Capital Corp.,Ltd., CIGNA & CMC, China Merchants Fund Management Co., CMB Financial Leasing Co. and also acquiredcertain shares of Taizhou City Commercial Bank.

40570

Over 570 branches and offices in over 40 major domestic cities.

Market Recognition/

Best Bank in China by Euromoney.

Best Retail Bank in China by Asian Banker.

2007CEO

Awarded The Best Corporate Governance, The Best Investor Relations CEO, and the best Annual Report, etc.by Investor Relations.

CHINA MERCHANTS FUND


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TCFA08 THE 14th


Diamond Sponsor

199836

1.545%

30%15%10%

19055%70%5

30%

144

70122

LOF

QDII

800

2302400(200712)

CHINA SOUTHERN FUND MANAGEMENT Co., LTD.


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Diamond Sponsor

Company Overview

Harvest is one of Chinas top four fund management companies with more than 40 billion yuanof assets under management at the end of 2004. The company was founded in March 1999 as oneof the first 10 fund management institutions authorized by the Chinese government as part of itsstrategy to open up and develop its financial sector.

Harvest was among the first six fund managers chosen by the Chinese government in December2002 to manage the National Social Security Fund, which provides basic pension and welfare insuranceto millions of Chinese people. As a prominent and trusted investment manager, Harvest was one ofthe first companies to gain government authorization in August 2005 to conduct Enterprise Annuitybusiness a market that is expected to grow rapidly over the next two decades as millions ofcompanies improve the benefits they offer to their employees. Harvest has already gained an early

lead in this market with innovative products and services.

Harvest is the fastest growing fund management company in China in terms of assets under man-agement. Our success has attracted investment from one of Europes leading banks. In June 2005,Deutsche Asset Management (DeAM), a subsidiary of Deutsche Bank AG, took a 19.5 percent stake inHarvest, with the option to increase its holding to 49 percent. DeAMs investment, technology andmanagement expertise combined with Harvests in-depth understanding of Chinas capital marketswill improve our competitiveness and help us maintain our leading position in Chinas fund man-agement industry.

Harvest offers a wide range of investment funds. We currently manage two closed-end funds, eight

mutual funds and four Investment Portfolios for the National Social Security Fund. We also providedirect and indirect fund management services to Enterprise Annuity funds and supplementarypensions for some of Chinas biggest insurers including China Life Insurance Asset ManagementCo., Ltd. and Ping An Insurance (Group) Company Of China, Ltd.

According to the latest research by TX Investment Consulting Co., Ltd, one of the largest investmentconsultancies in China, Harvest is the only fund management company whose investment performancehas beaten the industry average every year for the past four years. Harvest has also achieved thehighest average annual return on investment of any fund management company during the sameperiod.

HARVEST FUND MANAGEMENT Co., LTD.


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TCFA08 THE 14th


Platinum Sponsor

Company Overview

Founded in April 2001, E Fund Management Co., Ltd. (E Fund) is a fund management company

licensed with China Securities Regulatory Commission. It is owned by five Guangdong-based

shareholders, including Guangdong Finance Trust Comany and GF Securities Co., Ltd.

The shareholders of E Fund have a profound understanding of the asset management business.

Their understanding of the asset management business and trust in the management of E Fund

has been vital to E Funds fast growth in the past as an independent asset manager.

Within the past seven years, E Fund Management has grown tremendously and ascended to top

industry ranking thanks to its trustworthy, disciplined management style, value investment

philosophy and fundamental research driven investment approach. By the end of June, 2008,

assets under E Funds management exceeded RMB 130 billion, making it one of the largest asset

managers in China.

E Fund has received numerous industry accolades in recent years. It has been a constant occupant

of the Morningstar Best Fund Manager list; it has won the most Golden Bull prizes from China Securities

Journal, the dominant domestic securities publication; and it has been ranked as the countrys

top manager for overall investment capability and performance of open-end and closed-end

funds over the past three years.

E FUND MANAGEMENT Co., LTD.


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Gold Sponsors

200584()65%30%5%[2005]12822005929200611920066142006102320078820083312008822

PRISMSWORD

BANK OF COMMUNICATIONS/SCHRODER ASSET MANAGEMENT

Company Overview

Welcome to HRG. We are a 20 year old executive search and recruiting firm hired by the top tier investment banks

and a selected group of hedge funds. We identify and evaluate the strongest candidates for the front-office to help

our clients hire the best.

HRGs Structured Finance Team is hired by some of the strongest banking, trading and syndicate desks on Wall Street.

HRGs Quantitative Team recruits the quantitative analysts and analytical programmers that clearly stand out among

their peers. HRGs Asset Management Team recruits the best buy side talent for our clients portfolio management

and analysis opportunities. HRGs Trading Team recruits the top tier Traders, Sales and Financial Engineers for the

financial industry. HRGs Technology Team recruits the top tier technology professionals with the strong technical

expertise, hard business knowledge and superior communication skills.

THE HAGAN-RICCI GROUP


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TCFA08 THE 14th


Gold Sponsors

Company Overview

Westwood Partners values long-term relationships above the short-term gain. We place ourclients interests first and foremost and are relentlessly dedicated to providing quality service that

exceeds their expectations. Based in New York, with an affiliate office in London, Westwood Part-ners is committed to providing its clients with high quality, differentiated executive search andadvisory services.

Westwood is comprised of four senior partners, each of whom has pertinent work experience inthe financial services industry, extensive subject matter knowledge and a successful track recordworking with clients and understanding their critical business needs. Our experiential platformallows us to identify and recruit superior talent achieving unparalleled results on behalf of ourclients. As trusted advisors we work closely with our clients to increase their understanding of thecompetitive landscape, to identify areas of strategic advantage and investment, and to structuretheir businesses to compete most effectively.

Founded in 2001, Westwood Partners maintains a close affiliation with Sainty Hird & Partners,the premier London-based executive search firm servicing clients in the financial services indus-try throughout Europe. This affiliation provides Westwood Partners with direct insight into theEuropean marketplace and offers seamless cross-border execution.

Westwood Partners provides world class executive search and advisory services in the followingkey areas:

Equities Investment Banking Private Equity

Hedge Funds Risk Management Derivatives

Credit Asset Management Fixed Income

WESTWOOD PARTNERS, LLC


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SPEAKERS BIOGRAPHIES

Robert Engle, the Michael Armellino Professor of Finance at New York University

Stern School of Business, was awarded the 2003 Nobel Prize in Economics for his

research on the concept of autoregressive conditional heteroskedasticity (ARCH). Hedeveloped this method for statistical modeling of time-varying volatility and demon-

strated that these techniques accurately capture the properties of many time series.

Professor Engle shared the prize with Clive W. J. Granger of the University of California

at San Diego.

Professor Engle is an expert in time series analysis with a long-standing interest

in the analysis of financial markets. His ARCH model and its generalizations have

become indispensable tools not only for researchers, but also for analysts of financial

markets, who use them in asset pricing and in evaluating portfolio risk. His research

has also produced such innovative statistical methods as cointegration, common

features, autoregressive conditional duration (ACD), CAViaR and now dynamic conditional

correlation (DCC) models.

Before joining NYU Stern in 2000, Professor Engle was Chancellors Associates Professor

and Economics Department Chair at the University of California, San Diego, and

Associate Professor of Economics at the Massachusetts Institute of Technology.

He received his bachelor of science in physics from Williams College and his master

of science in physics and doctor of philosophy in economics from Cornell University.

Born in Syracuse, NY, he grew up in Media, Pennsylvania, spent 25 years in San Diego,

and now lives in New York.

KEYNOTESPEECH

8:40am-9:20amWHAT IS HAPPENING TOFINANCIAL MARKET VOLATILITY AND WHY?Directors Guild of America Theater

ROBERT ENGLEProfessor of Finance

Stern School of BusinessNew York University


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TCFA08 THE 14th


SPEECH9:20am-9:50amGLOBAL INVESTMENT:CRISIS AND OPPORTUNITIES

DR. GARY L. BERGSTROMChairmanAcadian Asset Management, LLC.

Directors Guild of America Theater

Gary is Chairman of Acadian Asset Management LLC, a global asset management

firm with offices in Boston, Singapore and London.

As of 2008, Gary has 39 years of continuous experience in global investing. He spent

nine years at the Putnam Companies and started the Putnam International Fund in

1971. During the five years in which he managed the fund, it consistently outperformedglobal market indices.

Gary founded Acadian Financial Research, predecessor of Acadian Asset Management,

in 1977. Acadian worked closely with the State Street Bank and Trust Company to

launch and manage their first international index fund. In 1987 Acadian ended its

formal relationship with State Street and began managing institutional assets

directly. Since then, the firm has continued to be a pioneer in developing advanced

active strategies for global investing.

Gary has been a member of the editorial board of the Journal of Portfolio Management.

His article, A New Route to Higher Returns and Lower Risks, published in the

journal in 1975, was one of the first to advocate major allocations of the assets of

U.S.-based funds to international equities. Other publications include articles in the

Financial Analysts Journal, The Columbia Journal of World Business, and The Sloan

Management Review, as well as chapters of many books.

Gary has a particular interest in development economics and emerging markets,

gained in part from his extensive research in India during his graduate work at MIT

Sloan. He holds a doctorate from the Massachusetts Institute of Technology, where

he also served on the faculty.


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SPEECH 11:45am-12:25pmCURRENT CONDITIONS AND OUTLOOKFOR GLOBAL CREDIT MARKETS

Edward Altman is the Max L. Heine Professor of Finance at the Stern School of Business, New

York University. Since 1990, he has directed the research effort in Fixed Income and Credit

Markets at the NYU Salomon Center and is currently the Vice-Director of the Center. Prior to

serving in his present position, Professor Altman chaired the Stern Schools MBA Program for

12 years. He has been a visiting Professor at the Hautes Etudes Commerciales and Universite

de Paris-Dauphine in France, at the Pontificia Catolica Universidade in Rio de Janeiro, at the

Australian Graduate School of Management in Sydney and Luigi Bocconi University in Milan.

Prof. Altman has an international reputation as an expert on corporate bankruptcy, high

yield bonds, distressed debt and credit risk analysis. He was named Laureate 1984 by the

Hautes Etudes Commerciales Foundation in Paris for his accumulated works on corporate

distress prediction models and procedures for firm financial rehabilitation and awarded the

Graham & Dodd Scroll for 1985 by the Financial Analysts Federation for his work on Default

Rates on High Yield Corporate Debt and was named Profesor Honorario by the University

of Buenos Aires in 1996. He is currently an advisor to the Centrale dei Bilanci in Italy and to

several foreign central banks. Prof. Altman is also the Chairman of the Academic Council of the

Turnaround Management Association. Prof. Altman was named to the Max L. Heine endowed

professorship at Stern in 1988. He was inducted into the Fixed Income Analysts Society Hall of

Fame in 2001 and elected President of the Financial Management Association (2002). Professor

Altman was named one of the 100 most influential people in the world in 2005 by the

publication Treasury and Risk Management. He received his MBA and Ph.D. in Finance from

the University of California, Los Angeles.

Professor Altman is one of the founders and was an Executive Editor of the internationalpublication, the Journal of Banking and Finance and Advisory Editor of a publisher series, the

John Wiley Frontiers in Finance Series. Professor Altman has published or edited almost two

dozen books and well over 100 articles in scholarly finance, accounting and economic journals.

He is the current editor of the Handbook of Corporate Finance and the Handbook of Financial

Markets and Institutions and the author of a number books, including Recent Advances in

Corporate Finance; Investing in Junk Bonds; Distressed Securities: Analyzing and Evaluating

Market Potential and Investment Risk; and his most recent works on Corporate Financial Distress

and Bankruptcy(2005); Managing Credit Risk: The Next Great Financial Challenge (2007);

Recovery Risk (2005); Bankruptcy, Credit Risk and High Yield Junk Bonds (2002). His work has

appeared in many languages including French, German, Italian, Japanese, Korean, Portuguese

and Spanish.

Prof. Altmans primary areas of research include bankruptcy analysis and prediction, credit

and lending policies, risk management in banking, corporate finance and capital markets.

He has been a consultant to several government agencies, major financial and accounting

institutions and industrial companies and has lectured to executives in North America, South

America, Europe, Australia-New Zealand, Asia and Africa. He has testified before the U.S. Congress,

the New York State Senate and several other government and regulatory organizations and is

a Director and a member of the Advisory Board of a number of corporate, publishing, academic

and financial institutions.

Dr. Altman is a member of the Board and past Chairman of the Board of Trustees of the Inter-

School Orchestras of New York and was a founding member of the Board of Trustees of the

Museum of American Financial History.

EDWARD ALTMANProfessor of Finance

Stern School of Business

New York University



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TCFA08 THE 14th


LUNCHEONKEYNOTE SPEECH

1:30pm-2:20pmPERSPECTIVES ON THE ECONOMIC OUTLOOK

AND THE CURRENT FINANCIAL CRISIS

LEWIS S. ALEXANDERChief EconomistCitigroup


Lewis S. Alexander was appointed Chief Economist at Citi in April 2005. In this

capacity, Lewis regularly presents Citi economists analysis to clients, policymakers,

and senior leaders of Citi around the world.

Previously, Lewis served as the Global Head for Emerging Markets within Economie

and Market Analysis from 1999 until 2005. In that role, Lewis directed the work ofeconomics teams covering Latin America, Central and Eastern Europe, the Middle

East, Africa, and Asia (excluding Japan). Lewis joined Citi in September 1999 as a

Managing Director.

Prior to joining Citi, Lewis had a long career at the Board of Governors of the Federal

Reserve System, where he served most recently as Deputy Director of the Division of

International Finance. As Deputy Director, Lewis directed the Federal Reserve Boards

analysis of foreign financial markets and international banking, represented the Federal

Reserve in key international forums, and worked closely with the U.S. Treasury on a

variety of policy issues. Lewis also was an Associate Economist of the Federal Open

Market Committee. Earlier, he served as Chief Economist of the U.S. Department of

Commerce (1993-96) and was a consultant to the Bank for International Settlements

(1988-89).

Lewis received his Ph.D. in Economics from Yale University in 1987, after obtaining an

M.Phil. from Yale in 1985. Previously, he obtained an A.M. (1979) and an A.B. (1978) in

Economics from Stanford University.


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1SESSION

10:15am-11:00amBAILOUT PLAN AND THE CHANGINGLANDSCAPE OF THE US FINANCIAL INDUSTRYChair: Jeff ZhangDirectors Guild Of America Theater

HARVEY E. BINESPartnerSullivan & Worcester, LLP

JACK I.KANTROWITZ

PartnerDLA Piper

Harvey E. Bines is a partner in the Corporate Finance and Investment Management

Practice Groups in Sullivan & Worcester, LLPs Boston office. He practices primarily in

the areas of corporate finance, mergers and acquisitions, investment management law,

securities law, including the Investment Company Act and Investment Advisers Act,

and corporation, limited liability company and partnership law. Mr. Bines counsels

domestic and foreign clients, and advises clients respecting domestic and offshore

investments and transactions. He was formerly an associate professor of law at The

University of Virginia School of Law (investment law, torts) and an adjunct professor

at Boston College Law School (corporate finance). Mr. Bines has advised and lecturedin Israel, Ireland, and Central and Eastern Europe. He has served as a board member

of an NYSE-listed company and of an NASD company.

Jack I. Kantrowitz has represented companies and investment banks on a broad

range of securities law and corporate finance matters, including initial public offer-ings, secondary equity offerings (including offerings by selling securities holders),

domestic and cross-border sales of high-yield and investment-grade debt, offerings

of structured products, and stock and asset acquisitions. These transactions have

involved issuers in Europe, Latin America, and Asia, as well as in the United States

and Canada.

In another significant component of his practice, he advises companies and investors

in the venture and technology area, notably in the fields of electronics, telecommunications,

and life sciences. In addition to capital markets transactions, these activities have

included corporate structuring and human resources elements and the negotiation

of joint venture and licensing agreements.

Mr. Kantrowitz represented France Telecom in the issuance and sale of $16.4 billion

of its debt, in three currencies and seven tranches of from two to 30 years, for which

the American Lawyer named him a Deal Maker of the Year. He also has represented

financial institutions in a series of highly structured future flow transactions for

major international commodities corporations and assisted major investment banks

in the development of innovative financing vehicles involving intricate swap and

derivative components and structured equity products.

Mr. Kantrowitz is fluent in French


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TCFA08 THE 14th


SCOTT SONNENBLICKPartnerLinklaters

Scott focuses his practice on corporate transactions. He has extensive experience in

mergers and acquisitions across a wide range of transactions, representing buyers,

sellers, special committees, financial advisors and investors in public and private

mergers, acquisitions, tender offers, hostile contests, leveraged buyouts, spin-offs

and venture capital transactions. Scotts M&A practice has spanned a variety of in-

dustries with a particular emphasis on complex financial joint ventures and cross-border

M&A transactions. He advises clients on corporate and securities laws, governance

issues and SEC compliance and reporting. He has recently represented:

-- CITIC Securities on its proposed US$2 billion cross investment and joint venture

with Bear Stearns

-- Compagnie Gnrale de Gophysique in its $3.1 billion acquisition of Veritas

DGC Inc.;

-- Tom Group, Inc. in its going private bid for Tom Online Inc.;

-- Critical Care Systems International, Inc., in its sale to Accredo Health Systems,

Inc.;

-- Visa Europe Ltd. in connection with the reorganization and proposed initial

public offering of Visa International; and

-- CITIC Group, in its proposed bid for the public float of Asia Satellite Telecom-

munications Holdings Ltd. and subsequent mandatory offer.

Scott also regularly advises on executive compensation matters and the securities,

tax and ERISA laws impacting employee benefits in the context of corporate transactions

and initial public offerings.

BJRN PETTERSENHead of Enterprise Risk ManagementCRA International

Mr. Pettersen is a practice leader of the Risk Management practice of CRA International

and has more than 15 years of experience building significant strategic and enterprise

risk management capabilities in the financial services industry. Prior to joining CRA,

Mr. Pettersen was Head of BearingPoints North America Risk Management practice

where he was responsible for developing and delivering world-class consulting

services for one of the largest and fastest growing consulting firms in the United

States. In addition to his work at BearingPoint and other firms, he has served as anadjunct professor at the Illinois Institute of Technologys Stuart School of Business

and lectured on capital markets and derivatives in IITs innovative Financial Markets

and Trading Program.


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2SESSION

10:15am-11:45amTCFA BEST PAPER PRESENTATIONSPONSORED BY CICCChair: Jason Wei/Prof. Jun QianLe Parker 3rd Floor, Azekka Room

Professor Qian is an associate professor of finance at Boston College. He received his

Ph.D. from University of Pennsylvania and his B.S. degree from University of Iowa.

He also attended Fudan University in Shanghai, China as an undergraduate. His

research interests span many topics of theoretical and empirical corporate finance

and financial institutions. His research papers have been published in top aca-

demic journals including the Journal of Finance, Journal of Financial Economics, and

Journal of International Economics. He also applies financial economic theories tothe development of financial systems in emerging markets. Some of his recent work

explains how China and India have achieved their impressive economic growth without

strong legal and political institutions or an efficient, standard financial system

that includes a stock market and a banking sector. He is a member of the American

Finance Association and Western Finance Association, and a Research Fellow at the

Wharton Financial Institutions Center.

Professor Qian teaches the core corporate finance course (MF127) at the undergraduate

level and the corporate finance theory course (MF881) at the graduate level in the

Carroll School of Management. He also taught at MITs Sloan School of Management

(2007-2008), where he developed a new MBA elective course entitled Corporate

Finance in Emerging Markets.

JUN QIANAssociate Professor of Finance

Carroll School of ManagementBoston College

LI JINAssociate Professor

of Business AdministrationHarvard Business School

Li Jin is an associate professor in the vfinance area at the Harvard Business School.

He currently teaches the required finance course in the first year MBA program. His

primary research interest is in empirical corporate finance and asset pricing. His

current researches study trading patterns of institutional investors such as hedge

funds, mutual funds and pension. He has also studied compensations of corporatemanagers and the comparison of securities markets across countries.


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TCFA08 THE 14th


TAN WANGPeter Lusztig Professor in Finance,Sauder School of BusinessUniversity of British Columbia

Professor Wang is the Peter Lusztig Professor of Finance at Sauder School of Business,

University of British Columbia. His current research interests include intertemporal

asset pricing theory, decision under uncertainty, and investment. His research papers

have been published in top academic journals including Econometrica, Journal of

Economic Theory, Review of Financial Studies, Journal of Finance, Stochastic Models,

Mathematical Finance, Journal of Economic Dynamics and Control, Theory and Decision,

etc.. Professor Wang was a visiting Assistant Professor at MIT Sloan School of

Management, and a visiting scholar to International Monetary Fund and Federal Re-

serve Bank of Cleveland. He is the former Associate Editor of Management Science and

the Associate Editor of Annals of Economics and Finance. Professor Wang received

his Ph.D. and M.A. in Economics from University of Toronto, M.Sc in Operations

Research from Chinese Academy of Sciences and his B.Sc. in Computer Science fromBeijing Institute of Economics

P. RAGHAVENDRA RAUProfessor of Finance,Krannert Graduate Schoolof Management of Purdue UniversityBarclay Global Investors

Raghavendra Rau is a professor of finance at Purdue University and a principal at Barclays

Global Investors. His current research areas are in the fields of empirical corporate

finance and the economics of information. His research focuses on the acquisition

and utilization of information by participants in a market framework. His most recent

major publications are Good stewards, cheap talkers, or family men? The impact of

mutual fund closures on fund managers, flows, fees, and performance, in the Review

of Financial Studies and The impact of all-star analyst job changes on their coverage

choices and investment banking deal flow, in the Journal of Financial Economics.

Professor Rau has taught at Purdue University, UCLA, and the Institut dEtudes

Politiques de Paris among other places. In 1996, he won the Competitive Award for

Business Finance and the Best of the Best Award from the Financial ManagementAssociation for the paper Glamour, Value and Post-Acquisition Performance of Acquir-

ing Firms. In 2000, he won the Barclays Global Investors Award from the European

Finance Association for the paper A Rose.com by any other name. He received

Krannerts Outstanding Undergraduate Teaching Award in 2001, and also won a John and

Mary Willis Young Faculty Scholar Award. Professor Rau is a member of the American

Finance Association, European Finance Association, the Financial Management Asso-

ciation, the French Finance Association, and the Western Finance Association.


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Oliver M. Rui is an associate professor at the School of Accountancy of The Chinese

University of Hong Kong. He holds a B.S. degree in International Economics (1990)

from the Institute of International Relations in Beijing, a Msc. degree in Economics

(1993) from Oklahoma State University and an MBA in Statistics (1995) and a Ph.D.

in Finance (1997), both from the University of Houston. Prior to joining The Chinese

University of Hong Kong, he taught at the University of Houston and the Hong Kong

Polytechnic University. Dr. Rui has published more than 30 papers in reputable

international journals including Journal of Financial and Quantitative Finance, Journal

of Banking and Finance, Journal of Comparative Economics, Journal of Corporate

Finance, Financial Review, Journal of Financial Research, Journal of International

Money and Finance, Journal of Accounting and Public Policy, Review of Quantitative

Finance and Accounting, Journal of Management Studies, Journal of Behavioral Decision

Making, Journal of Multinational Financial Management, Pacific Basin Finance

Journal, Journal of Business Research, and Emerging Markets Review. He has also

published in top domestic refereed journals including Economics Research, Management Science Review, Management World, China Soft Science, Journal of System Engineering, Systems Engineering Theory & Practice, StatisticsResearch >> and World Economy. He has two textbookspublished in Chinese A Collection of Empirical Researcheson Chinese Stock Marketand Corporate Finance.

Dr. Rui is a Charted Financial Analyst. He serves as a member of the Panel of Ex-

aminers of the Securities Industry Examination of the Hong Kong Stock Exchange,

a Member of American Finance Association, Financial Management Association,

American Accounting Association, Hong Kong Securities Institute. He is a member

of the Advisory Board of the Business Valuation Forum in Hong Kong. He is a visitingfinancial economist at Shanghai Stock Exchange and research fellow at Hong Kong

Institute for Monetary Research. He is also a vice president of Hong Kong Financial

Engineering Association. He is the Program Director of Master of Accountancy.

OLIVER M. RUIAssociate Professor

School of AccountancyThe Chinese University of Hong Kong

BIN KEAssociate Professor of Accounting

The Smeal College of BusinessThe Pennsylvania State University

Dr. Bin Ke is an associate professor of Accounting at the Pennsylvania State University.

He received his B.S. degree from the Institute of International Relations (Beijing) and

Ph.D. degree in Accounting from the Michigan State University. Before pursuing his

doctoral studies, he worked as a marketing analyst for Sony Corporations China

Representative Office. Dr. Ke teaches financial reporting and financial statementanalysis. His research covers a broad range of topics, including insider trading,

institutional investors, financial analysts, earnings management and corporate

governance. Dr. Ke is a regular visitor to major universities in mainland China, Hong

Kong, and Singapore.


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TCFA08 THE 14th


BIN QI, PhDDirector-in-General ofResearch CenterChina Securities Regulatory Commission

Dr. Bin Qi is the Director-in-General of Research Center, the think-tank of the China

Securities Regulatory Commission. Prior to his current position, Dr. Qi was a Deputy

Director of the Fund Supervision Department of CSRC for five years, supervising mutual

fund industry and QFIIs in Chinese capital market. Dr. Qi joined CSRC in 2000 as a

member of its Strategy and Planning Committee. Before joining CSRC in 2000, Dr. Qi

was a partner of a New York-based venture capital firm. Prior to that, Dr. Qi worked

with Goldman Sachs Asset Management and Paribas Capital Market in New York and

London.

Dr. Qi holds a Ph. D. in Economics from Tsinghua University, an MBA from the University

of Chicago and an MS in Biophysics from the University of Rochester. From 1991 to 1992,

Dr. Qi lectured physics at Tsinghua University, where he received his BS in physics.

In 2005, Dr. Qi translated The Great Game, The Emergence of Wall Street as a World

Power, into Chinese, which became a best-seller in China and has been reprinted more

than 20 times since then. In 2007, Dr. Qi led a joint-team of CSRC and The World Bank

and drafted China Capital Markets Development Report, the first of the sort, which

provides a comprehensive review of the history of Chinese Capital Markets, and full

analysis of the challenges of the market, and development strategies for the years to

come (till 2020). The Report is available in both Chinese and English.

3SESSION

11:00am-11:45amREVIEW AND THE OUTLOOK OF THE

FINANCIAL MARKET IN CHINAChair: Li Wei


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2020


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HOUQI ZHANG

Deputy CEOChina Asset Management Co., Ltd.

Dr. Zhang has over 14 years of experience in the securities industry. He joined China

AMC in 2002 and is currently the Deputy CEO, member of the Management Committee and

member of the Investment Committee. He is in charge of the institutional investment

and institutional client businesses. He has worked as the Assistant to CEO and Head

of Research at Great Wall Securities Co., Ltd. and Deputy Head of Research at China

Securities Co., Ltd. Dr. Zhang received his Ph.D in Finance at Peking University, Master

in Economics at Fudan University and Bachelor in Economics at Nanjing University.

1420026

DAOBING LIDeputy General ManagerHarvest Fund Management

Daobing Li has been the Deputy General Manager of Harvest Fund Manager for the

past 8 years and has over 15 years of industry experience. Mr. Li held positions in the

marketing department prior to his current role and was in charge of the retail markets,

organizing sales channels and promotions. He has grown the company tremendously

under his direction and successfully expanded distribution and presence in all of

China and Taiwan. Prior to Harvest, he ran operations for the China Xiamen Corp for

International Techno-Economic Cooperation and worked for the Xiamen Overseas

Chinese Museum.

Mr. Li has a B.A. in History and M.A. in International Trade from Xiamen University and

a Ph.D. in Political Economy from Tsinghua University in China.

BIN HU, CFA, PhDCEO

BNY Mellon China Asset Management JV

Dr. Hu will be the CEO for the new joint venture Fund Management Company of BNY

Mellon at China. Dr. Hu has been working for BNY Mellon Asset Management for

about 9 years. He was one of founders of Coefficient Global LLP, a hedge subsidiary of

BNY Mellon at San Francisco, where he worked as co-Portfolio manager of Coefficient

Select fund (a global macro fund) and co-Portfolio manager of Coefficient Credit fund

(a credit and equity security selection fund). Before that, he was a Vice President and

senior quantitative analyst at Standish Mellon, a subsidiary of Mellon at Boston.

Mr. Hu obtained an M.B.A. from the University of Illinois at Urbana-Champaign, a

Masters degree of science in information management from NanKai University, and a

Ph.D. in management engineering/finance from the Management School of Shanghai

JiaoTong University. He conducted post-doctoral research on equity investment strategies

in Asia-Pacific stock markets at the Department of Economics and Finance, City University

of Hong Kong. Mr. Hus Ph.D. dissertation, Anomalies in Asia-Pacific Stock Markets, was

published as a book. Dr. Hu is a CFA designation holder, and a board director of TCFA

(from 2005-present). Dr. Hu was the Chairman of the TCFA Boston Chapter (2005-

2006).


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TCFA08 THE 14th


TRICIA HAZELWOODManaging Director,Global Head of AssetFinance Capital MarketsCredit Suisse

Tricia Hazelwood is a Managing Director of Credit Suisse and Global Head of the Asset

Finance Capital Markets group within the Investment Banking division, based in New

York. She has been involved in the finance industry for 16 years. Ms. Hazelwood currently

has responsibility for Asset Backed Origination, Syndication and Capital Markets. Prior

to her current role, Ms. Hazelwood was Head of ABS Syndicate for 7 years and was

involved in the structuring, pricing and distribution of all ABS products. She joinedCredit Suisse First Boston (CSFB) in New York as a Vice President in July of 2000 from

CSFB in Australia, where she had worked in the Investment Banking team since August

of 1995. Prior to this, Ms. Hazelwood worked at Salomon Brothers where she was an

analyst in the mergers and acquisitions team. Ms. Hazelwood holds a degree in

Economics from the University of South Australia.

4SESSION

2:30pm-3:15pmFROM HOUSING WOES TO CREDIT CRISIS

Chair: Mei GaoDirectors Guild of America Theater

ROBERT MILAM, CFAManaging DirectorJ.P. Morgan Securities, Inc.

Rob Milam is Head of High Grade Credit Trading for JPMorgans North American

Credit Trading businesses. The High Grade desk is responsible for trading and making

markets for clients in investment grade corporate bonds and credit derivatives. Rob

also recently took over management of the preferred stock and hybrid capital trading

business.

Rob has been with JPMorgan since 1998, and prior to moving to the High Grade desk

spent almost eight of those years in the Loan Trading business where he most recently

he headed the par loan and loan credit derivative trading business. Prior to Loan Trading,Rob held positions in Emerging Markets, Credit Derivatives Marketing and the JPMorgan

Credit Portfolio.

Rob is a CFA charter holder and a graduate of Princeton University where he earned

a B.S.E. in Chemical Engineering. Rob is currently serving a two year term as a board

member of the LSTA (Loan Syndications and Trading Association).


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EUGENE XU, PhD

Eugene Xu joined Deutsche Bank in 2000. Before joining the Trading, he was the Headof Deutsche Banks Residential Real Estate Asset Backed Securities (ABS) Research. He

and his team have produced research works on subprime mortgage and manufactured

housing securitizations, primary and secondary market opportunities that are sought

by investors and issuers, as well as Deutsche Banks trading desk. His recent work

regarding the impact of the US housing market on the subprime mortgage credit

performance and home equity ABS was featured in Bloombergs top news and was

extensively quoted by Barrons and the Wall Street Journal. Besides his work on the

US products, Eugene has also worked on non-US mortgage assets such as Australian,

Hong Kong and Mexican mortgages. Eugene was also one of the key members of the

Deutsche Bank team that brought into fruition the first securitizations of Taiwanese

residential mortgage assets.

Before joining Deutsche Bank, Eugene worked for Credit Suisse First Boston as a Vice

President in its Asset Securitization Department, where he was responsible for quantitative

analysis, the strategies for subordinate ABS as well as other research projects. Prior to

this, Eugene worked in the Mortgage Backed Securities Research in Chase Securities

from 1996 to 1997, and the Mortgage Backed Securities Research in Smith Barney from

1993 to 1996. Eugene also worked as a Research Member for the Institute for Advanced

Study, in Princeton, New Jersey. Eugene holds a BSc and an MSc in Mathematics from

Fudan University in Shanghai, China and holds a PhD from the University of California,

Los Angeles.

Managing Director, ABS,CDO and Correlation Trading Strategy

Deutsche Bank, New York

ROBERT HEIDENBERGManaging Partner

Lerner-Heidenberg Properties

Robert Heidenberg, a co-founder of Lerner-Heidenberg Properties, has been the owner,

developer and manager of shopping centers and retail properties since 1985. The

company specializes in acquiring and repositioning under-performing shopping cen-

ters primarily in New York, New Jersey, Pennsylvania, and Michigan, with its current

portfolio consisting of 4 million square feet of retail space. Mr. Heidenberg earned a

Bachelors Degree from the University of Pennsylvania and a law degree from Yeshiva

Universitys Benjamin N. Cardozo School of Law. Before venturing into the real estate

investment business, he practiced law in New York.

Mr. Heidenberg serves on the board of overseers of the University of PennsylvaniasSchool of Design, and is a Research Sponsor of the Zell/Lurie Real Estate Center at the

Wharton School. He is also on the board of trustees of his alma mater, Horace Mann

School, where he serves as Board Secretary, member of the Executive Committee, and

co-chair of the physical facilities committee. He has been a member of the board of

trustees of Temple Emanu-el, Closter, NJ, since 1992, and from 1992-2002 served as

co-chair of the boards real estate committee.


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TCFA08 THE 14th


DAJIANG GUODirectorGlobal Markets,Citigroup

Dajiang Guo is working for the Global Markets of Citigroup, as a Director, with respon-

sibilities in the areas of distressed asset portfolio management and risk management,

structured product modeling and analytics, secondary market trading and hedging

strategies and analysis, as well as new products development. Prior to that, he was

working for the structured credit group of RBS Greenwich Capital, where he worked

on structured credit products primary market new issue and secondary markets trading.Prior to that, Mr. Guo was working with Centre Group of Zurich Financial Services,

where he worked on various structured finance principal transactions, exotic deriva-

tives, and structured finance products investment.

Mr. Guo also was an adjunct assistant professor of economics and finance at The College

of Insurance in New York, and assistant professor of economics at the University of

Guelph in Canada. Mr. Guo has had several articles published in various financial Journals,

including Journal of Business & Economics Statistics, Journal of Fixed Incomes, Review

of Derivative Studies, Journal of Futures Markets, Canadian Journal of Economics, etc.

Mr. Guo holds a Ph.D. in Financial Economics from the University of Toronto, and a

Chartered Financial Analyst (CFA) from The Association of Investment Management

and Research (AIMR).

Mr. Guo was the president of TCFA for the year of 2004/2005; as well as director and

member of accounting committee of TCFA.

Royal Bank of Scotland, Green-

wich Capital

(Zurich Financial)

20042005


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5SESSION

2:30pm-3:15pmCHINESE PRIVATE EQUITY INVESTMENTChair: Guang Guo

Le Parker 3rd Floor, Azekka Room

CHING TAN

Mr. Tan is a senior member of the firms investment staff and sits on the BRIC

Opportunities Funds Investment Committee and responsible Siguler Guffs operation

in China. Prior to joining Siguler Guff, Ching was a Vice President and General Manager

of GE Healthcare in China, responsible for managing its medical imaging business.

In his ten year tenure with GE, Ching worked in various functions in healthcare and

transportation industries both in China and the U.S. He also worked as a management

consultant with Booz Allen Hamilton in Chicago and at an Asia-based venture capital

firm in Beijing

Ching holds an M.S.E. degree in Biomedical Engineering from Johns Hopkins University,

and an M.B.A. with Honors from the University of Chicago.Managing DirectorSiguler Guff, Shanghai Office

HAO WU

Dr. Wu was born in China and educated in both China and the U.S. Dr. Wu received

his B.S. in Physics from Fudan University in Shanghai and his Ph.D. degree in Electrical

Engineering and MBA in Finance both from University of Southern California in Los

Angeles. He also attended Executive Education Programs at Harvard Business School.

Before co-founding Pinetree Capital and re-launching Sino-Century along with Dr.

Chang to invest high-growth private companies in China in 2005, Dr. Wu worked at a

number of financial service firms, including AIG Global Investment where he advised

AIG companies in Asia and in Europe. He is a Chartered Financial Analyst (CFA) and is a

member of Institute of Electrical and Electronics Engineers (IEEE).

PartnerCentenium-PinetreeChina Private Equity

OLIVIA X. OUYANGPrivate Equity & Investment FundsInternational Finance Corporation

Olivia is an investment officer with the private equity and investment funds group at

the IFC, where she has covered fund investments in China, Southeast Asia and India.

Prior to IFC, she was the CFO of Jupiter partners, a New York-based private equity firm

focused on mid-market growth and buyout opportunities. She is a graduate of the

Harvard Business School and Stanford University.


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TCFA08 THE 14th


6SESSION

3:20pm-4:05pmINVESTMENT STRATEGY IN

CHINESE STOCK MARKETChair: William Wang


HAIYONG CHENGDeputy CIOChina Asset Management Co., Ltd.

Mr. Cheng has 11 years of experience in equity investments. He has worked as

portfolio manager in China AMC since 2004. Mr. Cheng is currently Deputy CIO, Head

of Global Investment and the member of the Investment Committee. He used to work

in INVESCO Great Wall Fund Management Co., Ltd. and Baoying Fund Management

Co., Ltd. Mr. Cheng graduated from Peking University.

1120044

YI YANGAssistant to the PresidentChina Merchant Fund

Mr. Yang joined China Merchant Funds in 2003 and had held research positions in the

fund control division and investment department prior to his current role. Mr. Yang

has a broad depth of experience in investments and finance and has his CFA and CPA.

He has an MBA from the University of Chicago Business School.

2003

CFA

(CPA)MBA


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CHEN DING

Chen Ding is the director of the international business department in China Southern

Fund, one of the largest asset management firms in China. Last September she led her

team to launch the first QDII mutual fund in China with an initial fund size of $4 billion.

Before joining China Southern Fund Management Company, she was an assistant

general manager of China Merchant Security Company.

Head of International BusinessChina Southern Fund

FRANK ZHU

Frank Zhu is currently working at E Fund Management as a portfolio manager and

research analyst, covering its oversea investments. Prior to E Fund, he worked as an

investment manager/buy-side equity analyst at AllianceBernstein L.P. in New York City.

Before that, he was a sell-side equity research analyst (ranked top-3 in IT Hardware by

Institutional Investors Magazine) at Bear Stearns and CSFB. He also worked as a consul-

tant at AECOM (formerly a unit of KPMG Consulting) as well as an economist/research-

er at Battelle/US DOT in Washington DC before he returned to Business School. Frank

holds an MBA in Finance from Indiana University, an MS in transportation engineering

from Virginia Tech and a B.S. degree in Real Estate from Tsinghua University.

Portfolio ManagerE-Fund Management


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TCFA08 THE 14th


3:20pm-4:05pmCOMMODITY, EMERGING MARKET

AND ALT INVESTMENTChair: Ludan Liu

Le Parker 3rd Floor, Azekka Room

WILLIAM A.DOUGLASS, IIIFounder and Managing DirectorK2 Advisors

William A. Douglass, III, Founding Managing Director has been in the investment

business since graduating from Vanderbilt University in 1984. He then joined

Donaldson, Lufkin and Jenrette Securities where he worked as an institutional and

retail salesman. In 1991, Mr. Douglass joined Tiedemann International Research, Ltd.

(TIR) (Tokyo) as Director of Sales. He returned to the U.S. in 1992 to become Director

of Sales for TIRs North American operation where he co-managed the firms U.S. business

until April 1994. In July 1994, Mr. Douglass founded K2 Advisors. He also worked at

Caspian Securities from June 1995 until July 1997, when he devoted his full attentionto K2.

Mr. Douglass serves on the Board of Advisors of Outward Bound USA; Board of Directors

of CitySquash, Inc. and as a special Advisor to the Codman Academy, a charter school

in Dorchester, MA.

KUN DENG, CFAManaging Director, Portfolio ManagerLazard Asset Management LLC

Kun Deng is a Managing Director at Lazard Asset Management where he is responsible

for the global, international, and emerging markets discounted assets strategies.

Among the funds he manages are The World Trust Fund, a closed-end fund listed on

the London Stock Exchange, Lazard Emerging World Fund, a mutual fund listed in

Dublin, and Lazard World Alternative Value Fund, a hedge fund. Mr. Deng has degrees

from Columbia University and Beijing University. He is Chairman of the Audit

Committee of the Board of Martin Currie China A Ltd and Chairman of the Invest-

ment Committee of the Peking University Education Foundation (USA). In addition,

Financial Times ranked him as one of the top global equity managers for the years

2000-2003, and again ranked him No. 1 in the global equity category for years 2001-

2004. He was also ranked in Citywires Top 100 European Fund Managers for the

three consecutive years of 2005, 2006, and 2007. The Lazard Emerging World Fund,for which he is responsible, was recently awarded the Best Fund Over Five Years in

the emerging markets category by Lipper in the Nordics Region.

7SESSION


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BORIS SHRAYERManaging Director, Head of

Global CommoditiesMarketing and Strategy

Morgan Stanley

IAN KENNEDYGlobal Director of ResearchCambridge Associates

Boris ran worldwide investor coverage and strategy in commodities at Morgan

Stanley until becoming head of corporate and investor marketing in July 2008.

He has been working with institutional investors for 15 years after starting that

business at Merrill Lynch and coming to Morgan Stanley in early 1997.

Boris started his career at Goldman Sachs in Fixed Income Research after getting

his degree in mathematics from MIT and a brief research stint in physical

oceanography.

Ian is Global Director of Research at Cambridge Associates, which he joined in

1989. As the Director of Research, Ian oversees the firms research and writes

periodic papers on investment planning issues. He has extensive experience

speaking on these and similar subjects at conferences and seminars, and he

serves as the firms internal resource to other consultants on fundamental

investment planning and asset allocation questions. In addition to his research

responsibilities, Ian has considerable consulting experience with major endow-

ment funds, foundations, pension funds, and international organizations.

Before Ian joined Cambridge Associates, he held positions at Merrill Lynch and

Prudential Securities. He was also a faculty member at Bucknell University and

the University of Virginia, where he taught English Literature. Ian graduated

from Oxford University and has a doctorate in English from the University of

Virginia.


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9SESSION

4:15pm-5:00pmCAREER OPPORTUNITIES IN USChair: Annie ZhouLe Parker 3rd Floor, Azekka Room

HUI FANG General Manager

China Merchants BankNew York Branch

KATE QUINNPartner

Westwood Partners

DAVID FRANCISSenior Recruiter

Hagan-Ricci Group

Mr. Hui Fang has been appointed by the Board as General Manager of China

Merchants Bank New York Branch. Mr. Fang started his banking carrier in 1984

when China had just opened its door to the outside world. In the last 24 years his

carrier has been focused on international banking business, as Deputy Manager

of International Department at Bank of China, Wulumuqi Branch from 1984 to

1992; Manager of Trade Settlement Department at Bank of China, London Branch

from 1992 to 1998; Deputy General Manager of Investment Banking Department

from 1998 to 2002 and General Manager, International Department at China

Merchants Bank from 2002 to 2007.

198424

1984199219921998

199819982002

200220072008

Kate Quinn is a partner at Westwood Partners. She has been a dedicated search

professional since 2002.

Her practice focuses on trading across asset classes and strategies--

both quantitative and discretionary trading. Kates and Westwoods clients span

top banks, asset managers and hedge funds globally. In addition to search, Kate

does capital introduction and private equity.

Prior to her experience in search, Kate had a lucrative and longstanding career

in marketing and advertising. Her core specialty was new company and brand

launches. This involved strategic planning, budgeting, branding, customer

development and training. Her clients included Genentech, Amgen, Genzyme,

AT&T, DuPont, Instinet, among others.

David Francis is a senior recruiter with the Hagan-Ricci Group. He has over 12

years of executive search experience. He has focused on quantitative resources

for high frequency trading, algorithmic execution and risk management for

financial firms and hedge funds. He holds a BS from The Johns Hopkins University,

Baltimore and a MBA from Suffolk University, Boston.


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TCFA08 THE 14th


TCFA SENIOR ADVISORS,

DIRECTORS AND MEMBERS

CHARLES WANGCo-Director ofResearch and Senior Portfolio ManagerAcadian Asset Management

Charles H. Wang is the co-director of research and senior portfolio manager

at Acadian Asset Management, a leading institutional global equity manager

with around $50 billion asset under management. Acadian manages a

broad range of global equity funds, including long-short products, hedge

funds and emerging markets strategy.

Before joining Acadian Charles was a vice president at Putnam Investments

in the global asset allocation team. Charles has fourteen years investment

experience. He has spoken extensively at industry and academic conferences,

been interviewed by major U.S. Charles has translated Pioneering Portfolio

Management by Yale Endowment CIO David Swensen into Chinese. Charles

was most recently featured in The World Journal, the leading Chinese newspa-

per in North America, and Wall Street Transcript.

Charles holds a B.S. in mathematics from Peking University, a M.S. from Uni-

versity of Massachusetts, and a Ph.D. in finance from Yale School of Manage-

ment. Charles is a member of the Q Group, Chicago Quantitative Alliance

(CQA) and Boston Committee on Foreign Relations. Charles is a former

president of the Chinese Finance Association (www.china-finance.org) and

currently chairman of the board.

MING JIANGManaging DirectorHarvest Fund Management Co., Ltd.

Ming Jiang is currently a Managing Director at Harvest Fund. He heads up

Harvest Fund International sales and business development. His group is

responsible for developing and marketing products and services that allow

domestic investors to invest internationally and foreign investors to invest

domestically. Products and services include QFII advisory, QDII products and

hedge funds. Prior to Harvest Fund. Ming was a director at Radian Asset

Assurance. He was a co-head of corporate CDO group. His group was respon-sible for investing corporate synthetic CDO and other structured products

for Radian. Prior to joining Radian in 2003, Ming was a Vice President at

Goldman Sachs from 1998 to 2003. Ming worked on quantitative credit

research and strategy at Credit Derivatives Strategy Division. Prior to Goldman

Sachs, Ming also worked in interest rate/commodity derivatives areas at

Sumitomo Bank Capital Market and Citigroup. Ming holds an MBA from

NYUs Stern School of Business and a M.S. from Columbia University.


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TONY TANGPresident

Great Eastern Advisory

LI WEI Director of China Institutional SalesCitigroup Global Markets and Banking

MEI GAOPartner & Portfolio Manager

Fore Research & Management

Tony Tang is the President of Great Eastern Advisory, LLC, a financialconsulting firm specialized in analyzing structured products, sub-primeand ABS related issues. He also works on capital introduction, strategic

partnerships for financial firms in China. He was a Managing Directorat Royal Bank of Scotlands Greenwich Capital Group, trading corporatecorrelation products and synthetic ABS. Before RBS Greenwich, he was aPrincipal at Mariner Investment Group, a New York based hedge fund.He was a Director at ABN AMRO Bank, responsible for its New York exoticcredit derivatives trading operations. Prior to ABN, he traded corporateCDS at JPMorgan.

Mr. Tang holds an MBA degree from University of Chicago, MS in Physicsand Computer Science from Drexel University and BS in Physics fromUniversity of Science and Technology of China (USTC). Mr. Tang is aCharted Financial Analyst (CFA).

Mr. Tang is the President-Elect of the Chinese Finance Association (TCFA).

Li Wei is currently the Director of China Institutional Sales and Citigroup.Before Joining Citigroup, Li had worked at NYSE Euronext for 7 years asOfficer, Managing Director, and Director in Trading Market Data, Strategy,and Research respectively. Li has been a tenure trackassistant professor at Iowa State University. The first Senior FinancialAdvisor for Shanghai Stock Exchange, and the senior research fellow atTel Aviv Stock Exchange. In China, Li worked at Shenzhen GovernmentInvestment Corporation as a senior PM and Peoples Bank of China asa management member. Li has been the chairperson, board member,accounting committee member, New York Chapter chair of the board ofThe China Finance Association (TCFA). Li received her Ph.D. in finance fromthe University of Utah, M.S. in management, and B.S. in managementinformation system from Tsinghua University.

(Officer),

Ms. Mei Gao heads the portfolio management of global credit at ForeResearch & Management. She is also the portfolio manager of Fore 2007-1CLO, a cash flow collateralized loan obligation that holds 500 million USDof leveraged loans. Ms. Gao has been with Fore since its inception in 2003and prior to Fore, she spent five years at Toronto Dominion Bank, whereshe traded the banks convertible arbitrage portfolio.Ms. Gao is a graduate of Shantou University, China (BA, Literature) andWilfrid Laurier University, Canada (MBA).Ms. Gao is a CFA charter holder.Currently she is the Board of Director at The Chinese Finance Association

(TCFA).


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TCFA08 THE 14th


WILLIAM WENG, PhDManaging DirectorHead of Active Quantitative EquitiesUBS Global Asset Management(Americas) Inc.

CHENYANG WEIEconomistFederal Reserve Bank of New York

LUDAN LIUPortfolio ManagerMorgan Stanley

William Weng is a Managing Director and Head of Active Quantitative Equities

in UBS Globa

Documents

2008 TCFA Annual Conference