Time	Content	Language	Location
9:00AM - 9:30AM	Registration
9:30AM - 9:40AM	Opening Remark		Yangtze Hall
9:40AM - 10:20AM	Morning Keynote Speech	Chinese
10:30AM - 11:45AM	Panel 1-A: Equity Market	English	Yangtze Hall
	Panel 1-B: Real-estate Market	Chinese	Conf Room 5B
12:00PM - 1:30PM	Lunch Keynote Speech	Chinese	Riverside Restaurant
1:45PM - 3:00PM	Panel 2-A: Clean Energy	English	Yangtze Hall
	Panel 2-B: Derivatives	English	Conf Room 5B
3:15PM - 4:30PM	Panel 3-A: Financial Innovation	Chinese	Conf Room 5B
	Panel 3-B: Commodities	English	Yangtze Hall
4:30PM - 5:30PM	Networking Tea Break		Gallery on 5th Floor
6:00PM - 8:00PM	Dinner	English	Dining Room

Keynote Speakers

• Mr. James Hong, CFA, Managing Director, Head of Private Banking, Hong Kong
• Mr. Zhidong Kan 阚治东, Founding Partner, Zan Capital
• Mr. Qinye Zhou 周勤业, Vice General Manager, Shanghai Stock Exchange

Morning Keynote Speech: Ahead of the Future - China’s Economy

In 2010, or just around two years after the GDP of China surpassed that of Germany, China overtook Japan as the world’s second largest economy. While we understand that the GDP figure cannot represent everything, it was, nevertheless, still a monumental step in ’s economic development. Then the question turns to – in our zeal of acquiring more and more output, are we also losing something?

Panel 1-A: Equity Market

The year 2010 is undoubtedly an important milestone during the history of Chinese equity market. We saw the launch of stock index future and short selling, GEM board, and the potential international board. To our surprise, even with these encouraging changes, the stock market of China has underperformed most other equity markets in 2010. It’s hard to find out the true reasons for the under-performance as equity market is not always rational, sometimes even emotion-driven. Here we gather to find out some of the basic and fundamental concerns.

•  Is Chinese stock market pricing on an intrinsic value basis?
• Who can pick up the juiciest cherries in China’s stock market: a long-term value investor or short-term speculator?
• Will the internationalization of RMB fuel the China’s equity market again?

Moderator

• Ms. Ruifen Xu 徐瑞芬, Managing Director, RIC Capital Management

Panelists

• Mr. Andy Mantel, Founder&CEO, Pacific Sun Advisors Ltd
• Mr. Jiang Pan 潘江, CFA, Portfolio Manager , Franklin Templeton Sealand Fund Management Co., Ltd
• Mr. Xuesong Shi 时雪松, Head of Research & Portfolio Manager, Shanghai Broadvision Investment Management Co., Ltd
• Ms. Yibo Zhao, Portfolio Manager, BNY Mellon Western Fund Management

Panel 1-B: Real-Estate Market

Real estate industry has been the key driver to economic growth in China for years. Last year, the spending in real estate amounted to over RMB 4 trillion and the fast recovery of real estate market dragged China out of the 2008 economic downturn. However, with such quick recovery, the housing price has risen to a new height, which stretches the purchasing power of many ordinary families and becomes a social problem. As the global economic environment shows sign of stagnation and interest rates are hard to predict, how the government, investors, and residents should respond remains a myth.

• What is the possible long term trend of real estate market?
• How this round of government tightening affects real estate market?
• Which region/sector in China still represents good investment opportunities?

Moderator

• Mr. Xiaoping Zheng 郑小平, Director, BAZO Group

Panelists

• Mr. Zhongcai Chen 陈忠才, President, Zhejiang Bafang Real Estate Development Company
• Mr. Kevin Gin, CFA, Equity Research Analyst-Head of Greater China Real Estate, Yuanta Research
• Mr. Jie Li, Asia Region Director / Head of Strategic Consulting, Jones Lang LaSalle
• Mr. Phillip Wu, CFA, Founder & Chairman, Applied Strategy Group

Lunch Keynote Speech: The Role of the Government

It used to be widely believed that the government should intervene in the economy to the smallest extent. Although the view has been challenged several times by the crises in the history, humans tend to forget the lessons experienced by former generations. We know that corporate governance restrains the management’s myopic emphasis on short-term profits, and correspondingly, state regulations have the same effect over the whole economy if we see it as a large corporation. Unfortunately regulation is always lagged as financial innovation is always one step forward, but we should not learn only from pains. The past financial crisis reveals the challenges of proper and timely regulation.

Panel 2-A: Clean Energy

As China is the world's largest developing country, the largest greenhouse gas emission country, and the second largest energy consuming country, its attitude towards the issue of emission reduction is the focus of global attention. The State Council proposed that carbon emissions by 2020 would reduce energy intensity by 16% and carbon intensity by 17%. It is believed that the government will continue to address policies and incentives on renewable energy and energy savings. Ultimately, the key point is that, how should we balance today’s profitability and tomorrow’s fresh air.

• What is the trend of China's clean energy industry development? Among wind, solar, nuclear, bio-fuel, which one is more promising?
• What are the potential new policies that the government may publish and their consequent influence on investment opportunities?
• In what Cleantech Solutions and markets does China have the opportunity to be a global leader?
• What are the key factors to consider when investing in this sector?

Moderator

• Mr. Jim Mahoney, Senior Advisor - Cleantech Solutions, Lund Advisors Chengdu

Panelists

• Dr. Jeffrey Chi 季淳钧, Managing Director, Vickers Venture Partners
• Mr. Tom Hutchison, Director, Diverso Management
• Mr. Andrew Qian, Founder, New Access Capital

Panel 2-B: Derivatives

Over the last 10 years, driven by the strong growth in emerging markets and increasing demand for commodities, the derivatives market in China (primarily based on commodities futures) has been growing rapidly. Among the world’s ten most heavily traded agricultural product futures, six are listed in China, while the two most heavily traded nonferrous metal futures are listed in Shanghai. In 2010, the China derivatives market welcomed its new era with the introduction of financial derivatives.

• How derivatives should be properly regulated in order to prevent hedgers from speculating?
• What is the future development of financial derivatives?
• What is the risk associated with the globalization of the commodity derivatives market?
• Is China ready to open the door to foreign investors?

Moderator

• Mr. Rahul Bhattacharya, CEO, Risk Latte Company Limited

Panelists

• Mr. Jian Dang 党剑, General Manager, Orient Futures Co., Ltd
• Mr. Kai Jiang 蒋楷,Managing Director / Head, Alternative Trading of Orient Securities Company Limited
• Mr. Nick Ronalds 郎若思, CFA, Executive Director, FIA Asia
• Mr. Wei Sun, CFA, Business Development Manager, The Baltic Exchange

Panel 3-A: Financial Innovation

The phrase above, popularized in Silicon Valley in the nineteen-nineties, has always been 2011 CFA China Annual Investment Conference in Shanghai a mantra throughout the business world, and nowhere has it been more popular than in the financial industry. However, the financial tsunami has given a black eye to the tools of financial innovation. CDOs, synthetic derivatives, and other complex investment vehicles are now the poster boys of what went wrong. But these highly opaque and complex instruments are not representative of real financial innovation, which stresses transparency and effective management of risk. Financial innovation, properly used, has been the engine of growth through the centuries, and is especially needed now to get the world economy on track again.

• Is China, with the largest amount of foreign reserves and irresistible growing momentum, moving to a floating exchange rate regime?
• Shanghai is the largest port and shipping center of China and, what breakthrough will happen in trade finance?
• What is the perspective of structured finance in China?

Moderator

• Mr. Nick Ronalds 郎若思, CFA, Executive Director, FIA Asia

Panelists

• Mr. Felix Lu 卢凡, Senior Investment Manager, Client Asset Management Dept, Haitong Securities
• Mr. Wei Sun, CFA, Business Development Manager, The Baltic Exchange
• Mr. Zachary Yang 杨志诚,Portfolio Manager, Changxin Fund Management

Panel 3-B: Commodities

While commodities were a neglected asset class only a decade ago, today they dominate the financial headlines. Lack of investment alternatives, fears of resource depletion, inflation, and even starvation amidst the food crisis fueled the rise in commodity prices, and put commodity traders and investors back on the map. Gold and copper prices have run up to giddy levels, and crude oil is creeping back to pre-crisis levels. One record price keeps breaking another, and we all wonder:

• Are we in a secular commodity super cycle, or is it just another bubble fueled by speculators?
• What are the opportunities and risks when investing in commodity derivatives?
• How will 's rapid growth in commodity trading impact global commodity markets?
• What developments of financial innovations can be expected in the future?

Moderator

• Ms. Lynn Raebsamem 李潔玲, Commodity Market Specialist, Bloomberg L.P.

Panelists

• Mr. Jeremy Friesen, Asia Commodity Strategist, Societe Generale
• Mr. James Luke 鲁杰，Vice Precident, Research Department, China International Capital Corporation Limited