1st Conference on Chinese Capital Markets
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Conference Program PDF
Keynote Address by Peter G. Peterson
For more information on the participants and their presentations, click their highlighted name.
|Rosenthal Pavilion, 10th Floor, Kimmel Center|
Opening Remarks9:00 AM
|John Sexton, President, NYU|
David Denoon, Director, NYU Center for U.S.-China Relations
Honoring Mr. Wenliang Wang, Chairman, Rilin Group
Panel 19:15 – 10:30
Chinese Commercial and Government BanksModerator: Amb. J. Stapleton Roy, former U.S. Ambassador to China and Director, Kissinger Center, Smithsonian Institution
Dr. Zuzana Fungacova, Transition Economies Research, Bank of Finland, “What Is the Future for Chinese Commercial Banks?”
Profs. David Backus & Thomas Cooley, Stern School, NYU, “Demographic Change and Savings Rates: the U.S. and China”
Mr. Xiaojun Huang, First V.P. and Head of Research, New York Branch, Bank of China, “Issues Ahead For Chinese Banks”
Chinese Non-Bank Financial InstitutionsModerator: Amb. Nicholas Platt, former President of the Asia Society
Prof. Wei Xiong, Princeton University, “Likely Future Patterns in Derivative Use in China”
Xuan Wang, Chief N.Y. Representative, China Continent Insurance Co., “Trends in the Chinese Insurance Industry”
Anla Cheng, CEO, Sino-Century China Private Equity, “Recent Patterns in China’s Private Equity Market”
|Keynote Speaker - Peter G. Peterson, Former Chairman, Blackstone Group,|
Chairman, Peter G. Peterson Foundation, “Global Debt
and Its Implications” To be introduced by Amb. Winston Lord,
former U.S. Ambassador to China
Panel 32:00 -3:15
Chinese Equity and Bond MarketsModerator: Francis Zou, Partner, White and Case
Prof. Paul Wachtel, Stern School, NYU “Synchronicity in Chinese Equity Markets”
Mr. Minjian Bi, Head, CICC Investment Bank, “Trends in the Chinese Equity and Bond Markets”
Carl Walter, JP Morgan, “How Do the Distinctive Features of the Chinese Capitalism Affect Equity Markets?”
Capital Flows and Foreign Investment in Chinese Financial InstitutionsModerator: Jerome Cohen, Co-Director, Asia Law Institute, NYU School of Law
Prof. Yiping Huang and Xun Wang, Economics Dept., Peking Univ. “Capital Controls & Deregulation of Chinese Financial Markets”
Mary W. Darby, Chazen Institute, Columbia University, “What Role Will Foreign Firms Play in China’s Financial Future?”
Prof. Yingmao Tang, Peking Univ. Law School, “The Legal Framework for Foreign Investment in Chinese Financial Institutions”
|David Denoon “Next Steps in Research on Chinese Capital Markets”|
|Rm 914, Kimmel Center|
|David Backus is the Heinz Riehl Professor in the economics group of New
York University's Stern School of Business. His interests include
international capital flows and markets, fixed income and currency
derivatives, and Asian and Latin American economic history. Prior to
joining Stern in 1990, he studied at Hamilton College (BA, 1975) and
Yale University (PhD, 1981), taught at Queen's University and the
University of British Columbia, and served at the Federal Reserve Bank
of Minneapolis. He is currently an editor of the Review of Economic
Dynamics and a research associate of the National Bureau of Economic
Research. He grew up in Pittsburgh and remains an avid follower of the
Pirates and Steelers. |
|Mr. Bi is Senior Advisor of the CICC’s US office and is currently in charge of the CICC’s North American investment banking operations based in New York. Mr. Bi was co-head of Investment Banking and a member of CICC’s management committee from 1999 to 2005. Mr. Bi has led many landmark transactions including equity and debt offerings, M&A and corporate restructuring. Before joining CICC, Mr. Bi worked in the area of agriculture and rural development at the World Bank in Washington D.C. and in China’s Ministry of Agriculture.|
|As founder and partner of Centenium Capital Partners, LLC, Ms. Cheng runs an Asian Hedge and Alternative Strategy Fund of Funds under Centenium Asia Fund, acts as financial advisor to multi-strategy Asian funds and conducts investment banking activities for Asian financial institutions. Centenium fund of funds invests in alternative funds (hedge funds, private equity and arbitrage) throughout the Asia Pacific region including Japan, India and China. Centenium also raises funds from US institutional investors, US endowments, and family offices for direct investment in Asian hedge and alternative funds. . In addition, Ms. Cheng is partner of Centenium-Pinetree China Private Equity with offices in Shanghai and Beijing. Prior to founding Centenium Capital Partners, LLC, Ms. Cheng founded Cheng Capital which specialized in Asian hedge fund of funds. Previous to this, she worked at Robert Fleming, New York as SVP and head of Japan/Taiwan/Korea Institutional Sales Group. She started her career at Goldman Sachs on the GNMA bond desk, moved onto Citgroup, first as an Pacific Basin analyst, then later, as Asian portfolio manager. Ms. Cheng graduated from Wharton Graduate School of Business, MBA, and Pratt Institute, magna cum laude. She speaks English, Chinese and Japanese. She is a trustee of the following Boards: China Institute; Facing History and Ourselves; The Riverdale Country Day School; The Committee of 100 and Museum of Chinese in Americas. She has been past Board Chair of ThinkQuest, and Trustee of The Browning School and the New York Community Trust.|
|Of counsel in the Corporate Department, Jerome A. Cohen concentrates in business law relating to Asia and has long represented foreign companies in contract negotiations and dispute resolution in China, Vietnam and other countries in East Asia. He is also a law professor at New York University School of Law and a senior fellow for Asia Studies at the Council on Foreign Relations.|
At NYU, he teaches courses on "Legal Problems of Doing Business With China and East Asia" and "International Law - East and West." He has published several books and articles on Chinese law as well as a general book, China Today, co-authored with his wife, Joan Lebold Cohen. In 1990 he published Investment Law and Practice in Vietnam.
Mr. Cohen was visiting law professor at Doshisha University in Kyoto in 1971-72 and an honorary law professor at the University of Hong Kong in 1979. From 1979 to 1981, he took part in various trade and investment contract negotiations and taught a course on international business law, in the Chinese language, for Beijing officials. Mr. Cohen has been advisor to the Government of Sichuan Province, China; chairman of the American Arbitration Association's China Conciliation Committee; a member of the Panel of Arbitrators of both the China International Economic and Trade Arbitration Commission and the China Securities Regulatory Commission in Beijing; a trustee of the China Institute in America; a trustee of the Carnegie Endowment for International Peace; and a director of the National Committee on U.S.-China Relations. He also formerly served as chairman of the New York/Beijing Friendship (Sister City) Committee, a trustee of The Asia Society, a corporate director of the Japan Society, the vice chairman of the Advisory Council for The Johns Hopkins-Nanjing University Joint Center in China and a member of the Board of Editors of both the China Quarterly and the American Journal of International Law. He continues to serve on the Advisory Board of Human Rights Watch - Asia.
|Thomas F. Cooley is the Paganelli-Bull Professor of Economics at the Leonard N. Stern School of Business at New York University, as well as a Professor of Economics in the NYU Faculty of Arts and Science. He served as Dean of the Stern School from 2002 to January 2010. Before joining Stern, he was a Professor of Economics at the University of Rochester, University of Pennsylvania, and UC Santa Barbara. Prior to his academic career, he was a systems engineer for IBM Corporation. He is a Research Associate of the National Bureau of Economic Research and a member of the Council on Foreign Relations. He is also the former President of the Society for Economic Dynamics, a Fellow of the Econometric Society and holds an honorary doctorate from the Stockholm School of Economics. He is a widely published scholar in the areas of macroeconomic theory, monetary theory and policy and the financial behavior of firms. He also writes a weekly opinion column for Forbes.com.|
|Mary Wadsworth Darby is Founder and Managing Director of Peridot Asia Advisors. Peridot Asia Advisors is a business strategy consulting and financial advisory firm that assist clients dealing with greater China and other countries in Asia. Ms. Darby has lived and worked in Asia for more than 25 years focusing primarily in the financial services industry and with several Fortune 100 companies. She has developed strategic business plans for many companies, advised on market opening strategies and negotiated numerous significant and complex transactions in excess of $5 bn with her Chinese counterparts. She was in the first group of US businesses to travel to China after the historic Nixon-Kissinger opening and has been conducting business in China since then. Before founding Peridot, Mary Wadsworth Darby worked for Morgan Stanley in Firm Management in New York City and for Morgan Stanley Investment Management in Hong Kong. She was also Executive Director of the America-China Society, an organization devoted to the promotion of relations between the US and China chaired by Henry A. Kissinger and the late Cyrus R. Vance. |
Ms. Darby is also a Senior Research Scholar, Jerome A. Chazen Institute, Columbia Business School and she has lectured on multi-cultural negotiations and" how to negotiate with the Chinese" and researches Chinese capital markets.
Mary Wadsworth Darby serves on a number of educational and non-profit
Boards and she is a member of the Council on Foreign Relations. She
has an excellent command of Mandarin.
|David Denoon is Professor of Politics and Economics at New York University and Director of the NYU Center on U.S.-China Relations. He has a B.A. from Harvard, an M.P.A. from Princeton, and a Ph.D. from M.I.T.; and has served in the Federal Government in three positions: Program Economist for USAID in Jakarta, Vice President of the U.S. Export-Import Bank, and Deputy Assistant Secretary of Defense.|
Professor Denoon is a member of the Council on Foreign Relations, the National Committee on U.S.-China Relations, the International Institute for Strategic Studies (London), the Asia Society, the U.S.-Indonesia Society, and is Co-Chairman of the New York University Asia Policy Seminar.
He is also Chairman of the Editorial Advisory Board of Great Decisions. He is the author and editor of seven books, including Real Reciprocity - Balancing U.S. Economic and Security Policy in the Pacific Basin. He has two recent books, a monograph titled The Economic and Strategic Rise of China and India (Palgrave-Macmillan) and an edited volume, China: Contemporary Political, Economic, and International Affairs (NYU Press).
|Zuzana Fungacova has been an economist with the Bank of Finland Institute for Economies in Transition in Helsinki since 2007. She completes research projects concerning the financial sector in emerging markets. |
She holds a PhD. in Economics from the Center for Economic Research and Graduate Education (CERGE-EU) in Prague. Her dissertation dealt with the impact of privatization on stock market creation in transition economies.
|Yiping Huang is professor of economics at the National School of Development, Peking University. Before returning to academia in June 2009, he was a managing director and chief Asia economist for Citigroup, based in Hong Kong. And previously he was the General Mills International Visiting Professor at the Columbia Business School, Director of the China Economy Program at the Australian National University and a policy analyst with the Research Center for Rural Development of the State Council of China. His current research focuses on macroeconomic policy and international finance issues. He has been consultant to various departments of the Chinese government and several international organizations such as the World Bank, the IMF, the ADB and the OECD. He has published numerous books and journal articles, including 'Growth without miracles' (Oxford University Press) and 'Agricultural reform in China' (Cambridge University Press). Yiping received his master of economics from the Renmin University of China and PhD in economics from the Australian National University.|
|Dennis Huang is the First Vice President and Head of Research at Bank of China New York. He is also the director of BOC Group’s New York Training Center, a member of its Asset/Liability Committee, Credit Review Committee and New Product Development Committee, and has participated in the strategic planning process for the bank’s U.S. business expansion. Prior to his career in Bank of China, Mr. Huang worked in both the Chinese and U.S. securities industries and was involved in the pioneering work of launching the Shenzhen Stock Exchange in China. Mr. Huang is an elected board member of China’s Society of International Finance. He has co-authored and published three financial books in Chinese, and Euromoney Yearbook used his article as a reference for institutional investors. Mr. Huang completed graduate work in Wuhan University focusing on the modern Chinese economy and received his Master degree of Finance in the Baruch College, CUNY. He also has obtained Portfolio Management Certificate and Bank Strategies Certificate from NYU and Wharton, U Penn, respectively.|
| ||Winston Lord currently serves as Co-Chairman of the International Rescue Committee, the largest non-sectarian organization that both helps refugees aboard and resettles them in the United States. The IRC operates in 28 countries (including Afghanistan and Pakistan) and in eighteen American government and the private sector.|
For three decades Ambassador Lord has been at the center of U.S.-China relations. As Special Assistant to the National Security Advisor he accompanied Henry Kissinger on his secret visit to China and President Nixon on his historic opening in the early 1970’s, as well as subsequent trips by President Ford and Dr. Kissinger. From 1985-1989 he served as Ambassador to Beijing under President Reagan and Bush. From 1993-1997 he was Assistant Secretary of State in charge of all East Asian policy, including China, under President Clinton.
Lord’s other key government assignments were as the State Department Director of Policy Planning 1973-1977, and in the Defense and State Departments in the 1960’s.
In between governmental posts Ambassador Lord has headed a variety of private organizations related to international affairs-as President of the Council on Foreign Relations 1977-85, as well as Chairman of the National Endowment for Democracy and Chairman of the Carnegie Endowment National Commission on America and the New World in the early 1990s.
Ambassador Lord earned a B.A. from Yale (magna Cum Laude) and an M.A. from the Fletcher School of Law and Diplomacy (first in the class). He has received several honorary degrees, the Sates Department’s Distinguished Honor Award and the Defense Department’s Outstanding Performance Award. He is married to the best-selling author Bette Bao Lord and they are the parents of Elizabeth and Winston.
|Peter G. Peterson is Founder and Chairman of the Peter G. Peterson Foundation whose mission is focused on “undeniable, unsustainable and untouchable” threats to the nation’s fiscal and economic future and to future generations of Americans. He is Chairman Emeritus and Co-founder of The Blackstone Group, a private investment banking firm. He is the Chairman Emeritus of the Council on Foreign Relations (having served as Chairman from 1985-2007). |
He is also founding Chairman of the Peterson Institute for International Economics (Washington, D.C.) and founding President of The Concord Coalition. Mr. Peterson was the Co-Chair of The Conference Board Commission on Public Trust and Private Enterprise (Co-Chaired by John Snow, formerly Secretary of the Treasury). He was also Chairman of the Federal Reserve Bank of New York from 2000 to 2004.
Prior to founding Blackstone, Mr. Peterson was Chairman and CEO of Lehman Brothers (1973-1977) and later Chairman and CEO of Lehman Brothers, Kuhn, Loeb Inc. (1977-1984). He was Chairman and CEO of Bell and Howell Corporation from 1963 to 1971. In 1971, President Richard Nixon named Mr. Peterson Assistant to the President for International Economic Affairs. He was named Secretary of Commerce by President Nixon in 1972. Mr. Peterson graduated from Northwestern University with a B.S. (summa cum laude) in 1947. He received his Masters in Business Administration with honors in 1951 from the University of Chicago.
Mr. Peterson is the author of several books, including Running On Empty: How the Democratic and Republican Parties are Bankrupting Our Future and What Americans Can Do About It; Gray Dawn: How the Coming Age Wave Will Transform America – and the World; Will America Grow Up Before It Grows Old?; Facing Up: How to Rescue the Economy from Crushing Debt and Restore the American Dream; and, his recently published memoir, The Education of an American Dreamer: How a Son of Greek Immigrants Learned His Way from a Nebraska Diner to Washington, Wall Street and Beyond.
|After a 34 year Foreign Service career, Nicholas Platt served for twelve years at the helm of the Asia Society before becoming President Emeritus on July 1, 2004. Trained in Chinese (Mandarin) at the State Department Language School 1962-63, he began his career in Asia as a China Analyst at the U.S. Consulate General in Hong Kong from 1964-68. In 1972 he accompanied President Nixon on the historic trip to Beijing that signaled the resumption of relations between the United States and China. He was one of the first members of the U.S. Liaison Office in Beijing when the United States established a mission there in 1973. He served in Canada and Japan, and as U.S. Ambassador to Zambia (1982-1984), the Philippines (1987-91) and Pakistan (1991-92). Educated at Harvard College and Johns Hopkins SAIS, he is a member of the New York Council on Foreign Relations, a board member of Scenic Hudson and of the Friends of China Heritage Fund Limited, as well as Chair of the US-China Education Trust Advisory Board. Ambassador Platt and his wife Sheila have three grown sons: Adam, a writer; Oliver, an actor and Nicholas Jr., an investment banker; and eight grandchildren. His memoir China Boys was published in March 2010.|
|John Sexton, the fifteenth President of New York University, also is the Benjamin Butler Professor of Law and NYU Law School's Dean Emeritus, having served as Dean for 14 years. He joined the Law School's faculty in 1981, was named the School's Dean in 1988, and was designated the University's President in 2001.|
Before coming to NYU, President Sexton served as Law Clerk to Chief Justice Warren Burger of the United States Supreme Court (1980-1981), and to Judges David Bazelon and Harold Leventhal of the United States Court of Appeals (1979-1980). For ten years (1983-1993), he served as Special Master Supervising Pretrial Proceedings in the Love Canal Litigation. From 1966 - 1975, he was a Professor of Religion at Saint Francis College in Brooklyn, where he was Department Chair from 1970-1975. President Sexton is passionate about teaching; indeed, he may be the only university president who teaches at least a full faculty schedule. In Academic Year 2010-2011, he is teaching four full courses.
|Ambassador J. Stapleton Roy is Director of the Kissinger Institute on China and the United States at the Woodrow Wilson International Center for Scholars in Washington, DC. He retired from the Foreign Service in January 2001 after four and a half decades with the U.S. Department of State. Mr. Roy served as the U.S. ambassador to Singapore (1984-86), the People’s Republic of China (1991-95), and Indonesia (1996-99). In 1996, he was promoted to the rank of Career Ambassador, the highest rank in the Foreign Service. Ambassador Roy’s final post with the State|
Department was as Assistant Secretary for Intelligence and Research. He joined the Woodrow Wilson International Center for Scholars in September 2008 to head the newly created Kissinger Institute. He is also a Senior Adviser to the consulting firm Kissinger Associates, Inc. In 2001 he received Princeton University’s Woodrow Wilson Award for Distinguished Public Service.
|Mr. Yingmao Tang is associate professor at Peking University Law School. Prior to joining the faculty of Peking University Law School, Prof. Tang was a practicing lawyer with Sullivan & Cromwell LLP and an in-house counsel for China International Capital Corporation. Prof. Tang’s research areas include cross-boarder finance transactions and regulations, cross-boarder mergers & acquisitions and the Chinese judicial system. Prof. Tang has recently been involved in the research of nuclear law and policy in China. Prof. Tang received his LL.B. and his LL.M from Peking University Law School in 1997 and 1999, and his LL.M and J.S.D. from Yale Law School in 1999 and 2004.|
|Paul Wachtel is a professor of economics and the Jules Backman Faculty Research Fellow at New York University Stern School of Business. He teaches courses in monetary policy, banking and central banking and global macroeconomics. |
Prorfessor Wachtel has been with NYU Stern for more than 30 years. He has served as the chairperson of the Economics Department and as Vice Dean for Program Development at Stern and was also the chairperson of the University Faculty Council.
His primary areas of research include monetary policy, central banking, and financial sector reform in economies in transition. He is the author of several books, including Banking In Transition Economies: Developing Market Oriented Banking Sectors in Europe (Edward Elgar, 1998). His writing has been published in numerous journals, including, most recently, International Finance, Journal of Banking and Finance, and Journal of Money Credit and Banking. He is also an associate editor of Japan and the World Economy and the proceedings editor for the Dubrovnik Economic Conferences. He has been a research associate at the National Bureau of Economic Research, a senior economic advisor to the East West Institute, and a consultant to the Bank of Israel, the IMF and the World Bank.
Professor Wachtel received his bachelor of arts from Queens College, his Master of Arts in economics from the University of Rochester, and his Doctor of Philosophy from the University of Rochester.
|Carl E. Walter has worked in China′s financial sector for the past 20 years, participating in many of the country's financial reforms. He played a major role in China′s groundbreaking first overseas IPO in 1992 as well as the first listing of a state–owned enterprise on the New York Stock Exchange in 1994. He held a senior position in China′s first joint venture investment bank where he supported a number of significant domestic stock and debt underwritings for major Chinese corporations and financial institutions. More recently, he helped build one of the most successful and profitable domestic security, risk and currency trading operations for a major international investment bank. He holds a PhD from Stanford University and a graduate certificate from Beijing University. He lives in Beijing.|
|Xuan Wang is the Chief Representative of the New York Liaison Office of CCIC (China Continent Insurance Company) which is the fifth biggest C&P insurance company in China, and a member of China Reinsurance Group. In 2007, Mr. Wang founded the New York office, which is one of the only two Chinese insurance institutions in U.S.. Wang leads the office to develop the business relationship with the American insurance industry, to look for the cooperation opportunities with the American business partners and to do research about the American insurance market. |
Wang joined CCIC as the Deputy General Manager of Business Management Department in 2004 and supervised underwriting and marketing of non-automobile insurance products. In 2005, he became the General Manager of Suzhou Branch. In 2006, he became the Deputy General Manager of the Major Project Department. The responsibility was to develop the market of the major projects.
Prior to joining CCIC, Wang had worked for PICC ( The People’s Insurance Company of China) for over 12 years. He was the General Manager of the Marketing Department of the Shaanxi Branch and was in charge of developing the non-auto insurance market in Shaaxi Province. Wang also worked in many other departments including Planning & Statistic Department, R&D Department, Property Insurance Management Department, International Business Department. He once designed the uniform Employer Liability Insurance Product for PICC.
Wang graduated from Northwest University in China and has a Master degree of Economics. Now he is attending the EMBA program in U.S. His publication includes “The Problems in the Development of the Chinese Trust Industry”, “How the Chinese Trust Industry Develops healthily”, “The Innovation and Reform of the Insurance Industry in China ”. Mr. Wang is the director member of The Finance Committee of China General Chamber of Commerce—U.S.A. and the Member of the Chinese Insurance Brokers Association.
|Xun Wang is a PhD candidate of economics at the National School of Development, Peking University. He will serve as a post doc from this September at the China Economic Research Center (CERC) of the Stockholm School of Economics. Before that, he was a management trainee of Consumer Market Knowledge (CMK), Procter & Gamble, based in Guangzhou. His research interests focus on Chinese economy and international finance issues. He has published several journal articles, including “What determines China’s inflation” (China Economic Journal) and “Nominal and real return on China’s foreign reserves” (Journal of Economic Research). He has been the research assistant of Development and Research Center of the State Council and the Research Section of China Finance 40 Forum. Xun Wang received his master of economics from the Sun Yat-set University.|
|Wei Xiong is a professor of economics in the Department of Economics and the Bendheim Center for Finance, Princeton University. His research interests center on capital market imperfections. His earlier papers cover economic mechanisms of speculative bubbles, effects of stock price bubbles on managerial incentives and firm investment, asset market contagion, limited investor attention, non-standard investor preferences, and China's financial markets. He is currently researching financial crises driven by dynamic coordination problems between creditors, bubbles and short-term credit booms, delegated asset management, and financialization of commodities markets. He received his Ph.D. from Duke University in 2001. He is a research associate of the National Bureau of Economic Research and the finance editor of Management Science. |
|Francis Zou is a partner in the Bank Finance Practice Group and Bank Regulatory Practice Group of White & Case's New York office. He advises major international commercial banks and corporate borrowers in investment grade, leveraged or structured financing transactions, receivables financings and other trade financings, and debt restructurings. In addition, he advises foreign banks in connection with their applications to the Federal Reserve and the applicable federal or state bank chartering authorities to establish presence in the US and in connection with their strategic expansion in the US. Mr. Zou also has substantial experience in corporate and financial institution mergers and acquisitions, asset finance, private placements and SEC-registered offerings of debt, equity and convertible securities, and derivatives transactions.|
Representative clients of Mr. Zou include leading Chinese banks and corporations and Taiwanese banks operating in the US, N.V. Bank Nederlandse Gemeenten, Landesbank Baden-Württemberg, Norddeutsche Landesbank, and Rabo Bank.
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|D. Alpert||Westwood Capital|
|J. Bai||NY Fed|
|D. Beim||Columbia University|
|C. Booth||Korea Society|
|P. Bracken||Yale University|
|M. Cheah||Sun America|
|A. Chen||Columbia University|
|K. Chen||Societe Generale|
|P. Chen||Morgan Stanley|
|R. Chen||BNP Paribas |
|J. Connorton||Hawkins, Delafield|
|N. Consonery||Eurasia Group|
|B. Cutter||Roosevelt Institute|
|R. De La Gueronniere||New Providence Asset Management|
|J. Feng||Goldman Sachs|
|R. Foroohar||Time Magazine|
|P. Friend||New Providence Asset Management|
|I. Hasan||Rensselaer Polytechnic Institute|
|B. Jin||Rutter Associates|
|D. King||Poten & Partners|
|E. La Roche||CICC|
|J. Li||Maxim Group|
|M. Liu||Columbia University|
|S. Liu||Columbia University|
|Z. Liu||China Merchant's Bank|
|B. Lloyd||Harding Loevner|
|S. Moon||Harding Loevner|
|J. Mukherji||Standard & Poors|
|H. Pan||Rhodium Group|
|S. Shin||Morgan Stanley|
|L. Song||Rensselaer Polytechnic Institute |
|J. Sun||Morgan Stanley|
|Y. Tang||Fordham University|
|S. Wei||Columbia University|
|R. Woo||Sino-Century China Private Equity|
|T. Wu||Columbia University|
|Q. Zheng||China Merchant's Bank|
|T. Zhu||Goldman Sachs|
|X. Zhu||SKIM Analytical|