Yu Cheng Yang

Hong Yuan Securities Co., Ltd. engages in the securities industry. The company operates through the following business divisions: Securities Brokerage, Proprietary Trading, Underwriting, Asset Management, Margin Trading, and Securities Investment Consulting. The Securities Brokerage division trades stocks and bonds by buying and selling securities based on the orders of its clients. The Proprietary Trading division conducts trading of securities on the company's own account, rather than on behalf of its clients. The Underwriting division administers public issuance and distribution of securities from an issuing body. The Asset Management division is involved in the management of its clients' investments. The Margin Trading division purchases and trades securities using money borrowed from another securities broker. The Securities Investment Consulting Services division helps its investing clients with their long-term investment planning. The company was founded on May 25, 1993 and is headquartered in Urumqi, China.

Part of China United Network Communications Ltd., China Netcom (Group) Co. Ltd. is an investment holding Chinese company. The company is based in Beijing, China.

Shenwan Hongyuan Securities Co., Ltd. (Invt Mgmt) (SWS IM), is the investment management division of Shenwan Hongyuan Securities Co., Ltd., ultimately held by State-owned China Investment Corp. in China. Created in 1996 when the former Shanghai Shenyin Securities Company and Shanghai International Securities Company merged, the firm performs investment management activities for Shenwan Hongyuan Securities Co., Ltd., which itself provides securities brokerage, securities investment consultation, financial advisory related to securities trading and investment activities, proprietary trading, securities underwriting and sponsoring, securities assets management, distribution of securities investment fund products and introducing broker services for futures companies.