Long Zhao

Baoying Fund Management Co., Ltd. (BFM) is the asset management subsidiary of State-owned China Railway Trust Co., Ltd. in China. The firm is headquartered in Shenzhen with representative offices in Beijing and Shanghai. Founded in 2001, BFM focuses on local economic development and manages mutual funds.

China Merchants Fund Management Co., Ltd. (CMFM) is a Chinese fund management firm which was founded in 2002 as a joint venture between China Merchants Securities Co., Ltd. (45 percent) and China Merchants Bank Co., Ltd. (55 percent). Headquartered in Shenzhen with branch offices in Beijing, Shanghai and Chengdu, the firm was the first joint venture established between a domestic asset manager and a foreign firm in China. CMFM manages a diverse range of funds including the AnTai umbrella fund for institutions and private individuals. They also manage part of the national social security fund as well as pension funds for the government.