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On the morning of February20, 2014, the delegation led by Mr. Tu Guangshao, member of the Standing Committee of CPC Shanghai Municipal Committee and Executive Vice Mayor of Shanghai, visited SIG for on-site survey. Mr. Tu was debriefed by Mr. Shen Jun, Chairman of SIG, on the future plan of SIG’s development and Mr. Shao Yaliang, President of SIG, on the business operation situation.

Mr. Shao firstly reported the asset structure and business performance of SIG. SIG has well achieved the goal of maintaining and increasing the value of state-owned assets in the past three years, the net profit has maintained steady growth, the ROE and asset-liability ratio has been improving. Meanwhile, SIG solidifies its base of development and strengthens the market-oriented business competency by improving the quality of development of financial institutions, optimizing the business scope of asset management, building up the competitive edge of quasi financial institutions, and promoting the strategic transformation of other investment projects. SIG also mitigates the operating risk of municipal institutions by actively exploring the synergy among different businesses and carry out the responsibility of the majority shareholder prudently. SIG has always been deepening the function of state-owned financial vehicle, and improving the comprehensive management capability. In conclusion, Mr. Shao proposed his plans and thoughts on the future development of SIG.

Mr. Shen emphasized that SIG had made significant achievements in merger and acquisition, financial innovation, corporate governance optimization, risk control, performance improvement and talent training, etc. under the guidance of CPC Shanghai Municipal Committee, the Municipal Government and with the help of the CPC Shanghai Financial Work Committee and Shanghai Financial Service office. It laid down a solid foundation for the deepening reform, restructuring and resource allocation. SIG is now at a critical strategic stage of strategic repositioning and full of opportunities, SIG has the capability and the fundamentals for sustainable development, we are confident to be the pioneer of SOE reform. Mr. Shen further proposed his thoughts on six aspects, namely, to clarify the repositioning the group’s function and business model as soon as possible, to streamline the SOA management structure, to speed up the top level design to cope with the mixed-ownership business operation, to solve the illiquidity and passive management of assets, to deal with the over-diversified investment domains, to actively participate in the preparation and construction of key elements of financial market and institutional vehicles.

Mr. Tu commended the rapid development of SIG in the past few years through strengthening the existing advantages and taking new opportunities to form new competitive edges. He said, in the market-driven environment after the 3rd Plenary Session of the 18th Central Committee of the Communist Party of China, the financial institutions transform into mixed operation and SOEs participate in the reform of distribution, SIG is now facing the challenge of finding a path for the transformation and reform. Mr. Tu then expressed his viewpoints on SIG’s new positioning from three aspects: Firstly, SIG is a functional SOE from the SOE reform perspective, however it is also in the competitive area; Secondly, as for the positioning of SIG’s own development, the group should emphasize and expand the proportion of capital market and the market-oriented organizations, and also proliferate the operating circulation of state-owned capital and assets. Thirdly, SIG should re-categorize its subsidiaries and members, to stimulate the energy of them via suitable and feasible mechanisms according to their own status. The three positioning are inter-related, if coordinated properly as a whole, they will play an important role in SIG’s next step of development. Mr. Tu requested SIG to implement the spirit of Secretary of CPC Shanghai Municipal Committee Han Zheng’s speech, and actively meet the request of SOE and financial reform, to complete the future tasks.

Mr. Jin Xingming, Vice Secretary-General of Shanghai Municipal Government, Mr. Kong Qingwei, Secretary of CPC Shanghai Financial Work Committee attended the survey. All members of the management team of SIG, supervisors of the group and department heads of the group were present at the meeting.