Guotai Junan Securities Company, Ltd. (GTJA)

    Guotai Junan Securities Company, Ltd. (GTJA) has been in the course of perfecting the corporate governance structure, standardizing businesses, becoming practical and innovative, making important assets replacement and finishing a division since the year 2001 based on the all-round success of merger and reform. The assets quality of GTJA has been greatly improved, and all the businesses have realized rapid development. Especially, the performance of corporate finance and fixed-income securities related business has regained the first place in the securities industry; while brokerage and other businesses have also secured the foremost places. In a yearly review sponsored by Shanghai Securities Newspaper, GTJA ranked number one in the comprehensive strength among all the securities firms nationwide in 2001.
     Looking forward, the securities market will speed up the implementation of the reform and open policy in the year 2002, and the depth and extent of competition will be much fiercer than ever before. Clinging to the principle of "providing the client-oriented service, linking all businesses by marketing, pushing the management mode restructure, perfecting the internal control system, strengthening the core competence and leading the management level to a new stage", GTJA shall deepen the reform, improve corporate governance structure, implement business process reengineering (BPR), execute the management mode restructure profoundly, keep on optimizing the asset structure, adjust the business composition, improve management ability, encourage business innovation, push the corporate culture establishment, strengthen the cohesion, and accelerate the development of all businesses. We shall strive to build GTJA into a preeminent securities firm, with high-quality assets, satisfying return, complete business system, flexible incentive rewarding system, efficient management process, and a reservoir of talented members, based on which, we are marching to a financial holding company.
     Instruction of Guotai Junan Securities Co., Ltd. Established on August 18, 1999 through the merger of Guotai Securities and J&A Securities and addition of new investors, Guotai Junan Securities Company, Ltd. (hereinafter abbreviated as GTJA or the Company), with a registered capital of RMB3.7 billion and near 4000 employees, has a nationwide network, consisting of 1 subsidiary, 5 district headquarters and 112 brokerage branches, covering 28 provinces, autonomous regions, municipalities directly under the Central Government and Hong Kong Special Administrative Region. By the end of 2001, net assets of the Company reached RMB4.165 billion, total assets RMB49.805 billion, and the total taxes contributed amounted to RMB1.3 billion, ranking the first place nationwide. In 2001, GTJA ranked the top in comprehensive strengths among securities firms in China, and also gained number one in total capital raised, total companies issued, B share trading amount and debt underwriting amount, etc.
     GTJA is one of the largest securities firms in China with the most extensive business scope and geographic locations. The company is client-oriented, providing comprehensive securities businesses service to satisfy the needs of the clients. Its business scope includes trading and brokering of securities, acting on behalf of clients to pay the principal, interest and dividends, custodian and identification services, acting on behalf of clients to open accounts, securities businesses on its own account, securities underwriting and sponsoring, consulting in securities investment, asset management, establishing securities investment funds and funds management companies, and other businesses verified by the China Securities Regulatory Commission.

Brief Introduction to Allianz Group

   The Allianz Group is a leading insurance and financial services provider, and is present in more than 70 markets around the world. With nearly 174,000 employees, Allianz offers an extensive range of products and services to more than 60 million clients, including life and health insurance, property and casualty insurance, reinsurance and risk consulting services, as well as asset management for institutional and private investors globally.
     Allianz is one of the largest insurance companies worldwide in terms of gross premium income. In 2003, gross premium income in insurance business went up by 2.8 percent to 85.0 billion euros compared to the previous year. Total net income for the Group was 1.6 billion euros. The total value of assets under management was 996 billion euros as of end-2003.
     In the first-half of 2004, Allianz Group reinforced its positive earnings trend in all segments. Net income was 1.3 billion euros. This represents an increase of more than 1.1 billion euros compared to the figure for the corresponding prior-year period. The combined ratio improved by 2.7 percentage points to 94.3 percent. "We are on track", said Michael Diekmann, chairman of the Board of Management of Allianz AG, "The positive results show that our '3+one' program is taking effect."
     Owing to its strong global business position in insurance and financial services and its solid capitalization, Allianz is rated as financially strong by the global rating agencies Standard & Poor's and the US insurance rating body, A.M. Best. It ranked 11th in the 2003 Fortune Global Top 500.

Allianz - Developments and Facts

     Allianz AG was founded in 1890 in Berlin, Germany. Today, its headquarters are located in Munich, the capital of Bavaria in southern Germany.
     Since the early years of the 20th century, Allianz has been active in the international insurance market. It covered and compensated for the strong earthquake in San Francisco in 1906 and the sinking of the "Titanic" ocean liner. After the Second World War, Allianz recovered rapidly during the "German economic recovery" period of the 1950s, and soon became the largest insurer in Germany. It restarted its international activities at the end of the '60s.
     Since the early '80s Allianz has conducted numerous strategic acquisitions in Europe of well-known insurance companies such as RAS of Italy, Cornhill of Great Britain, Via/Rhine of France, ELVIA of Switzerland and AGF of France. With the reunification of Germany in 1990, Allianz took over former East Germany's National Insurance Company and also expanded into several countries of Eastern Europe. In the '90s, the Group strengthened its position in the US market by acquiring Fireman's Fund and Life USA Insurance.
     Today, nearly 70 percent of Allianz's gross written premiums are generated from businesses outside Germany, a clear indication of the Allianz Group's successful efforts to be a leading international insurer.
     Allianz took the strategic decision in 1998 to combine its asset management activities into a separate core business. With the subsequent acquisition of US-based asset managers PIMCO Advisors and Nicholas Applegate, Allianz cemented its position as a leading institutional investor. This reputation was further reinforced by the acquisition of Dresdner Bank in 2001, which placed the Group among the global top 5 asset managers.
     As a major investor, the Allianz Group holds stakes in numerous domestically and internationally renowned companies including Siemens, Bayer, BASF, Volkswagen, Nokia, Alcatel and DaimlerChrysler.


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