Liu Changhong

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.

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.

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.

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.