Xiao Xuan Wang

CEBM Group Ltd. (CEBM) is the investment research subsidiary of Caixin Insight Group in China. Headquartered in Shanghai, the firm was founded in 2013 by Daniel Zhou and they serve global institutional investors and corporate clients. CEBM provides professional, forward-looking guidance to institutional investors with services including: 1) macroeconomic and policy analysis; 2) research on select high-growth sectors; 3) China market strategy and global asset allocation advisory; and 4) on-the-ground research support through the extensive resources of CEBM and their partners.

Ping An Securities Co. Ltd. is the securities brokerage subsidiary of Ping An Trust Co., Ltd., which is owned by Ping An Insurance (Group) Co. of China Ltd. (SHA: 601318; HKG: 2318). Headquartered in Shenzhen, the firm was founded in 1991 and provides institutional brokerage services based on the needs of professional investors such as private equity, public equity, trust, asset management, general corporate institutions, and high-net-worth clients.

Soochow Securities Co., Ltd. (Broker) (Soochow Securities-Broker) is the securities brokerage division of Soochow Securities Co., Ltd. (SHA: 601555), a China-based company headquartered in Suzhou. Founded in 1993, Soochow Securities-Broker offers diversified securities brokerage services.

Tianfeng Securities Co., Ltd. (Broker) (Tianfeng-Broker) is the brokerage division of Tianfeng Securities Co., Ltd. (SHA: 601162), a publicly-held securities company headquartered in Wuhan, China. Founded in 2000, Tianfeng offers brokerage services primarily for institutional and individual clients.

China Merchants Securities Co., Ltd. (Broker) (CMS) is the securities brokerage division of China Merchants Securities Co., Ltd. (SHA: 600999) in China. Headquartered in Shenzhen, CMS was founded in 1991 and provides comprehensive securities service platform for private, corporate, and institutional clients in domestic and international capital markets.

GF Securities Co., Ltd. (Broker) also known as Gungfa Securities Co. Ltd., is the brokerage division of GF Securities Co. Ltd. (SZ: 000776; HK: 1776) in China. Established in 1991, the firm is based in Guangzhou and provides a range of brokerage services.

Part of Polaris Bay Group Co., Ltd., Huachuang Securities Co., Ltd. is a Chinese company that provides securities brokerage services. The company is based in Guiyang, China. The company was founded in 2002. Qiang Chen has been the CEO of the company since 2013. Huachuang Securities Co. was acquired by Polaris Bay Group Co., Ltd. on September 01, 2016 for $1,924.84 million.

Zhongtai Securities Co., Ltd. (Broker) is the brokerage division of Zhongtai Securities Co., Ltd. (SHA: 600918), which is a subsidiary of Shandong State-Owned Assets Supervision and Administration Commission in China. The firm was founded in 2001 as Qilu Securities Co., Ltd. Headquartered in Jinan, Zhongtai Securities provides securities brokerage services to institutional clients.

BOC International (China) Ltd. (Broker) (BOC Broker) is the brokerage division of BOC International (China) Ltd. The firm is headquartered in Shanghai and was founded in 2002. BOC Broker provides brokerage services to their clients.

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.

China International Capital Corp. Ltd. (Broker) (CICC) is the brokerage division of China International Capital Corp. Ltd. which was established in 1995 as a strategic partnership between Chinese and international financial institutions and corporations. Headquartered in Beijing, CICC was the first joint venture investment bank in China. The firm's core business departments were investment banking, capital markets, sales & trading, research, fixed-income and asset management. CICC offers a range of brokerage services to international and domestic institutional and individual investors. In 2007 the firm set up a wholly-owned subsidiary specializing in private equity investments and focusing on buyout opportunities within China.

CEFC Shanghai Securities Ltd. provides brokerage services. CEFC Shanghai Securities Ltd. is based in Shanghai, China. CEFC Shanghai Securities was acquired by Fortune Securities Co. Ltd. from Hunan Iron & Steel Group Co., Ltd. on April 24, 2007. The Chinese company was founded in 2002. The CEO is Can Hui Chen.

Minsheng Securities Co., Ltd. is a subsidiary of Minsheng Securities Co. that was established in 2012 and is a Chinese private equity investment fund management company approved by the China Securities Regulatory Commission. The company is based in Beijing, China. and has subsidiaries in China. It has a full range of business qualifications approved by the China Securities Regulatory Commission, including securities brokerage, underwriting, and sponsorship. The company was founded in 1986 and has a registered capital of 4,580,607,669 yuan. The CEO is Xiao Quan Zhou. Minsheng Securities Co. was acquired by Minsheng Securities Co. Ltd. /Private Group/ from Oceanwide Holdings Co., Ltd. (Beijing) on October 21, 2020 for $616.93 million.