Xiao Sheng Chen

SWS Research Co., Ltd. is the investment research subsidiary of Shenwan Hongyuan Securities Co., Ltd., which is owned by Shenwan Hongyuan Group Co., Ltd. (SHE: 000166) in China. Headquartered in Shanghai, the firm was founded in 1992 to offer a wide range of products and services to global investors who want to invest in Chinese equity market. SWS Research provides clients with securities research service that covers over 500 key stocks in Asian market, as well as economics, strategy, bond, fund and derivatives research. Their clients include almost all major domestic institutional investors such as mutual funds, insurance companies, banks and trusts. They also serve QFII and other overseas institutional investors.

Shenwan Hongyuan (International) Holdings Ltd. operates as an investment holding firm. The company was founded on October 29, 1992 and is headquartered in Hong Kong.

The Securities Association of China is a non-profit organization that provides services for the securities industry. The non-profit company is based in Beijing, China.