Institutional Sales

We market and sell various securities trading services and financial products, including stocks, bonds and funds, to institutional investor clients, which primarily include mutual fund management companies of publicly-raised funds, management companies of private investment funds, QFIIs, the NSSF, insurance companies, trust companies, asset management companies, finance companies and commercial banks. We had approximately 500 institutional investor clients as at December 31, 2012.

Investment Research

We provide our institutional investor clients with research services that cover macroeconomic analysis, investment strategies, fixed-income product research, industry sectors and public companies research, and fund research. As at December 31, 2012, our stock research covered over 400 public companies in 24 industries. Our research team serves the vast majority of the management companies of publicly-raised funds and major insurance companies in the PRC, and also provides support to our brokerage, investment banking and other business lines. As of December 31, 2012, our research team consisted of 93 members, of which 23% held doctor’s degrees, 65% held master’s degrees, and 12% held bachelor’s degrees.

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