CC 6105 Presentation

CC6105 - The Dynamics of Investment in Greater
China
Case Analysis Presentation
Fujian Industrial Securities Company
alvin
boon kok
charles
lynnice
puay leng
theng hwee presents
FIS problems solutions features strategies
1 Size
limited size and lack of powerful ties
limitation in the volume of business
competition with national securities houses in Shanghai
lack of local favoritism

24
Shanghai : 3
Fuzhou : 4
Offices 24 113
Clients’
Transaction RMB 5 Billion RMB 26 Billion
Settlement Fund
(2006) Ranking : 18/20 Ranking: 3/20
targeted at niche areas
Proprietary Trading Priority Services for the riches

Proprietary Trading: the most profitable activity
Income from Proprietary trading
Operating Income
= 21.5%
Net Profit
(2006) RMB 0.3 Billion RMB 1.5 Billion
Income from
Proprietary
trading
RMB 0.2 Billion RMB 0.74 Billion
(2006)
ROE* 48.62% 39.93%

(2006) Ranking : 9/20 Ranking : 17 /20
* Return on Equity (ROE)

firm's efficiency at generating profits from every dollar of net assets (assets minus
liabilities)
shows how well a company uses investment dollars to generate earnings growth
Big client & Mid client rooms : special trading rooms for wealthy
customers
2 Industry
unlike other developing countries, China’s aim at raising
capital had accelerated the competition
extremely competitive environment
though market is young, M&A, financial restructuring

and consulting services already popular
Professional Advices
Transaction Platform
Conferences and seminars
Analyst Reports
Stock Tips
Investment education prog
...
投资者风险教育案例汇编
【案例十六】抵押房产炒股，小心露宿街头
【案情】杭州市民陈先生看到今年资本市场这么红火，同事同学买股票买基金都赚得盆满钵满，他禁不住
心里痒痒，便想到了贷款炒股。他的如意算盘打得很好，在股市里，一年收益按保守估计 15% 算，除去 6.12%
的贷款利率，还有近 9% 的收益。如果点子准，收益还可能翻番。陈先生将两年前通过按揭总价 80 万元买了城
西的一套三居室住房，现市场评估价已值 110 万元，根据银行的加按揭业务，这多出来的 30 万元，可以申请最
高 7 成的消费贷款。因此陈先生便在按揭银行申请了加按揭业务，贷了 6 成的消费贷款 18 万元。但是，让陈先
生想不到的是，他出师不利，刚涉足股市就不太顺利。 18 万资金转眼就亏了 30% 左右，现在面对每月的高额
的银行贷款本息，陈先生感到力不从心，每日紧张地关注股市涨涨跌跌也让陈先生心力憔悴，炒股并没有象他事
先感觉那样轻松。
【点评】抵押贷款的风险同样存在。在相对成熟的资本市场，投资者一般都根据自己的财力决定投资金额
，以赌的心态去博弈的人不多。但是，在我国当下股市行情火爆的时候，一些人将自己的房产抵押贷款入市，这
种做法首先就为政策所不允许。银监会日前发布的《关于进一步防范银行业金融机构与证券公司业务往来相关风
险的通知》，禁止信贷资金被挪用入市。由于这类投资者往往带着豪赌的心态入市，抗风险能力弱，一旦遇到行
情调整，哪怕短暂的调整都可能给其带来亏损。最高人民法院通过了《最高人民法院关于执行设定抵押房屋的规
定》，第一条就规定：“对于被执行人所有的已经依法设定抵押的房屋，人民法院可以查封，并可以根据抵押权
人的申请，依法拍卖、变卖或者抵债。”这就意味着，抵押贷款者的房产即使是“生活所必需的居住房屋”，也
不再享有任何“特权”，很可能因失去房产使生活受到影响。
3 Ties
lacked good relationship with government and
enterprises in other provinces besides Fuzhou
Guan Xi with local government : Approval of IPO listing
missed many business opportunities as an outsider

Hiring people from different regions
Open more branches
Search for new business

4 People Management
Shortage of talented and qualified employees

Performance based Bonus + Salary

Adjustment
RMB
SOE 800
Worker
RMB 2000
Graduate
RMB 2000
R&D+ Bonus
RMB 8000
Investment Banker
“ 金牛”计划 : 为公司转型发展建立新军。 2003 年、

2004 年、 2005 年、 2007 年 4 年招聘近 400 名大学毕业生，进入
公司进行集中培训后，投入到营业部一线岗位，经过几年的锻炼成长，
大部分金牛学员已经成为营业部的业务杠杆，一部分学员甚至已经成为
营业部内部部门或团队的负责人，带领团队在一线从事客户服务和营销
工作
1 proprietary trading
Inherent risks
Professional knowledge and experience is required

2 moral hazard
Investment bankers can work with R&D analysts
Research report maybe biased to suit the speculative

trading by proprietary unit
3 investment banking
Huge Potential
Expansion strategy in place
Securities underwriting Corporate advisory

debt & equity capital market
Risky Business
4 quality service
strong emphasis on analyst report to meet clients’ needs
comfortable environment for customers
comparative advantage of R&D analysis on medical,

railway, food & beverage, construction, fujian
enterprises
Thank You
Q&A session

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CC6105 - The Dynamics of Investment in Greater

Fujian Industrial Securities Company

limited size and lack of powerful ties

limitation in the volume of business

competition with national securities houses in Shanghai

lack of local favoritism

targeted at niche areas

Proprietary Trading Priority Services for the riches

Proprietary Trading: the most profitable activity

Income from Proprietary trading

ROE* 48.62% 39.93%

* Return on Equity (ROE)

extremely competitive environment

though market is young, M&A, financial restructuring

【案例 十六 】抵押 房产 炒股 ，小心 露宿 街头

Guan Xi with local government : Approval of IPO listing

missed many business opportunities as an outsider

Hiring people from different regions

Open more branches

Search for new business

Shortage of talented and qualified employees

Performance based Bonus + Salary

“ 金牛”计划 : 为公司转型发展建立新军。 2003 年、

Professional knowledge and experience is required

Investment bankers can work with R&D analysts

Research report maybe biased to suit the speculative

Securities underwriting Corporate advisory

comfortable environment for customers

comparative advantage of R&D analysis on medical,

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【案例十六】抵押房产炒股，小心露宿街头