Wealth Management Products
We market, distribute or manage the following categories of wealth management
products based on the underlying asset classes:
Fixed income products, mainly including (i) asset management plans sponsored
by mutual fund management companies or securities companies, (ii) real estate
funds managed by us and (iii) collateralized fixed income products sponsored
by trust companies, all of which provide investors with prospective fixed rates
of return, which is not guaranteed under PRC laws;
Private equity fund products, including investments in (i) various private equity
funds sponsored by domestic and international asset/fund management firms, (ii)
real estate funds and fund of funds managed by us, and (iii) asset management
plans sponsored by mutual fund management companies or securities companies,
the underlying assets of which are portfolios of equity investments in unlisted
private enterprises;
Secondary market equity fund products, the underlying assets of which are portfolios
of equity investments in listed enterprises; and
Other products, including mutual fund products, high-end insurance products,
short-term financing products, online platform services to white-collar professionals
clients, peer-to-peer lending for high net worth individuals through the internet,
and online payment and product information systems, which facilitate online
payment services by transferring customer data to third-party online payment
platforms.
Asset Management Products
We successfully raised and managed approximately RMB26.9 billion, RMB35.0 billion
and RMB66.9 billion (US$10.7 billion) for our proprietary asset management products
in 2013, 2014 and 2015, respectively, of which the real estate funds we raised
and managed amounted to RMB20.2 billion, RMB23.4 billion and RMB24.2 billion
(US$3.8 billion) in 2013, 2014 and 2015, respectively and the private equity
funds of funds we raised and managed amounted to RMB3.3 billion , RMB6.4 billion
and RMB27.9 billion (US4.4 billion) in 2013, 2014 and 2015, respectively.
We offer the following categories of asset management products across different
types of asset classes:
Real estate funds and real estate funds of funds, including funds and funds
of funds for residential as well as commercial real estate properties such as
office buildings and retail property in China and overseas;
Private equity funds of funds, including investments in the top domestic private
equity funds in China. We rank among the largest private equity funds of funds
in China;
Secondary market equity fund products, the underlying assets of which are protfolios
of equity investments in listed enterprises; and
Other fixed income funds of funds, including public equity funds, international
funds, U.S. dollar-denominated hedge funds, multi-strategy hedge funds, investment
funds, core funds of funds and funds with certain types of credit asset classes
in China and overseas, as well as customized manager of manager services.
Performance-based income of other fixed income funds of funds is not significant,
and we do not expect material inflow of performance-based income related to
other fixed income funds of funds in the foreseeable future.
Internet Finance Services
The services offered through our online platform are similar to some of the
services offered in person at our offices, but the online services and products
target white-collar professionals, rather than high net worth individuals, and
do not involve personal relationship managers. The majority of the services
and products transacted in 2014 were fixed income products. In 2015, we started
to facilitate transactions of secondary market products and mutual fund products
on the platform. Since the online platform is relatively new, it continues to
evolve and expand its product offering, and generally aims to include more standardized
products. We receive platform service fees from individual customers for each
transaction facilitated by the online platform based on the amount transacted.