AFS TODAY

_______________________________________________________________
An Asian Financial Society Publication. March & April 2010

[Circulation: 3,000+]

CONTENTS

• Business & Financial News 2

• CEO of the Month 3
• Investment Group Summary 4
• Risk Group Summary 5
• Employment Trends 6
• Member News 7
• Event Calendar 8
Founded in 1984, the Asian Financial
• Announcements 9-10
Society (AFS) is a globally oriented,
501(c)(3) non-profit organization of
business people and professionals in
the financial community, sharing
common professional, educational and
philanthropic interests.
Business & Financial News AFS Today March & April 2010

Recent Business & Financial News from China

Prepared by Yanrong Li

2/23/2010: Private-equity firms Kohlberg Kravis Roberts & Co. and TPG's TPG Capital are close to signing a deal to
pay a total of more than US$1Bn for Morgan Stanley's 34.4% stake in one of China's top investment banks, China
International Capital Corp.

3/2/2010: Railroad operator-Beijing-Shanghai High-Speed Railway Co. Ltd is planning to raise RMB30Bn to
RMB50Bn through an IPO this year. Railway projects in China are largely financed through national funds and
railway construction bonds issued by the Ministry of Railways, but the ministry is now exploring alternate channels
to raise capital.

3/4/2010: The Fosun-Carlyle (Shanghai) Equity Investment Fund, the jointly-operated RMB fund sponsored by the
Carlyle Group and Fosun Group, was approved by Shanghai Administration of Industry and Commerce. This is the
first foreign-funded equity investment partnership enterprise license issued in China.

3/11/2010: The data of Zero2IPO Research Center show that in the first month of 2010, 41 Chinese enterprises
went public on foreign and domestic capital markets, raising a combined fund of US$7.11Bn. Among them, 37
enterprises were listed on domestic markets and 4 were listed in the U.S. market.

3/18/2010: China Shouguang Agricultural Product Logistic Park, one of the country's largest agricultural market
operators, will sell a roughly 30% stake of the company ahead of its planned Hong Kong listing, to the Blackstone
Group for about US$600Mn. This investment marks Blackstone’s first pre-IPO type deal in China.

4/2/2010: China launched its margin trading and short selling trial program on the Shanghai and Shenzhen stock
exchanges with combined turnover of RMB6.59Mn on Mar. 31st 2010, its first trading day. The minimum trading
margin was set at 60% and 70% for margin trading and short selling respectively and the regulator also set the
interest rate for margin trading at 7.86% and the rate of stock borrowing fee at 9.86%. Stock index futures will be
launched on Apr. 16th.

4/7/2010: The first foreign-funded real estate investment fund in China, jointly initiated by Gemdole Group
(SH.600383) and UBS Global Asset Management, has been raised in US dollars with plans to invest in domestic
housing development projects. There were five separate investors from Europe, Middle East and Asia.

4/7/2010: According to statistics released by the official China Association of Automobile Manufacturer’s, China’s
auto exports in the first two months of 2010 reached 66,100 units, up 58% from a year earlier, with the export
value totaling US$871Mn, up 23% in the period.

4/8/2010: Microsoft Corp. on Mar. 31st officially opened a research center in Shanghai’s massive Zizhu Science
Park with 1,500 employees as part of its long-term commitment in China. The research center, which involves an
investment of about RMB700Mn, is the first Microsoft technology park outside the U.S.

4/9/2010: 78 state-owned enterprises (SOEs), whose core business is not property development, have filed plans
to exit the property sector after being ordered to do so by the State-owned Assets Supervision and Administration
Commission (SASAC).

4/10/2010: China posts its first trade deficit since 2004 of US$7.24Bn in March as imports soared 66%. The first-
quarter trade surplus of 2010 fell 77% from a year earlier to US$14.49Bn.

Ms. Yanrong Li received her M.S. in Finance from Clark University in May 2009 and is presently working with UBS
SDIC as an assistant analyst in China.

http://www.asianfinancialsociety.org/ | 2
 CEO of the Month
Interview with
John Tsui
By Donald Wang
and David Zhang
(2/26/10)
Based in Beijing and New York, John F. Tsui is
Managing Principal of Peninsula House, a cross-
border hybrid alternative asset investment firm for
special situations involved in structured direct
investment in the three alternative asset classes:
. distressed loans and securities, real estate, and
corporate investments. Specific focus is on under-
performing real estate assets and non-performing
mortgage loans, and real estate operating
companies, as well as leveraged and management
buy-in and buyout of high growth asset based
middle market companies. Transactions include
restructuring, public to private, bankruptcy,
foreclosure, spin-offs, turnaround, PIPE, workout,
expansion capital, mezzanine financing, bridge
equity and recapitalization.
He previously held managerial positions with hotel
chains in their corporate headquarter and regional
offices including Marriott Corporation, Sheraton
Hotels in the Pacific, Landauer Associates - a
leading property counseling and valuation firm, and
Bankers Trust Company (real estate banking
division). He also held managerial positions at
Carvel Corporation and Sky Chefs (in-flight
catering). He is a member of Appraisal Institute
(MAI), American Bankruptcy Institute, Turnaround
Management Association (TMA), Urban Land
Institute (ULI), and Young President’s Organization
(YPO).
He was appointed by the Honorable John C.
Whitehead to be on the Board of Directors of The
Boy Scouts of the Greater New York Council. He is
Visiting Lecturer at the SEM program at Tsinghua
University and an Adjunct Visiting Professor of
Global Real Estate Workout and Investment
Analysis at Columbia University.
http://www.asianfinancialsociety.org/
AFS Today March & April 2010
He received a BS from Michigan State University in
Hotel Administration and a Masters from Columbia
University in Real Estate and Finance. He is a
graduate of the Owner President Management
Program (OPM) at Harvard Business School. He is
fluent in Portuguese, Spanish and Chinese
(Mandarin).
As the CEO of a company that does both principal
investing and advisory, Mr. Tsui started his real
estate career knowing that he didn’t want to work
for the sell-side. Realizing that he will have to work
for himself eventually, Mr. Tsui decided do it right
after graduate school, thus building the reputation
of his own instead of a firm like Goldman Sachs.
With operating experience and an affinity for
building long-lasting relationships, Mr. Tsui started
out helping Japanese firms with debt financing, and
then refocused to the Greater China region once
the Japanese market imploded in 1989. Unlike the
pre-Lehman era, relationships matter and therefore,
a one man company can be more nimble and
effective than Goldman Sachs, especially in
connection with raising institutional and sovereign
capital from Asian markets.
Mr. Tsui’s core investment approach is to focus on
the fundamentals while seeking stable and high
income properties. He not only invests in hard
assets, but also analyzes the diverse business
operating entities. Therefore, he takes a holistic
approach in teaching his Columbia students in real
estate, and addresses topics that may include
valuations, distressed investing, merchant banking,
and restructuring. His advice to real estate
beginners include getting an appraisal certification
such as the MAI, a well-rounded business school
education, and a focus in emerging markets. While
it would be hard for Asians to break into alternative
asset investing, innovative firms such as Fortress
and Och-Ziff would provide ample learning
experience in real estate transactions, as well as
distressed loan and principal investments.
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 CEO of the Month/Investment Group Summary
In US real estate, the hospitality industry was the
first to be affected by the economic downtown,
followed by the residential market. Mr. Tsui
believes that the CMBS market will recover, albeit
very slowly. Since banks are loaded with non-
performing loans and distressed assets, yet are not
marking these assets to market, the CMBS market
may have further room to drop.
Mr. Tsui sees a real estate bubble in China. China is
highly inflated, where the cap rate (Property Net
Operating Income over Market Value) is very low.
This is not a rational valuation relative to the rest of
the world. He would avoid the Chinese market in
. general. For those who have to invest in China, he
suggests investing in second/third tier cities in the
more favorable part of their price cycles. One
should also diversify his market exposure,
especially from policy changes, with instruments
that provide steadier cash-flow such as high-yield
corporate bonds.
Of China's 11% GDP growth, perhaps 60% is fueled
by construction and less by consumption and trade.
This credit driven boom will not end in a crash, but
is beginning to slow down drastically as banks curb
lending, SOE’s spin off their non-core real estate
division, and speculative buyers are heavily taxed
with more equity requirements. Unlike a typical US
real estate depression cycle that takes about 5 – 6
years, China's cycle is much shorter, hovering
around 2 - 3 years. China is not decoupled from the
US financial crisis. In fact, once China's construction
and real estate sector growth falls off, there will be
major ramifications for China's economy and the
Western nations – if not the world.
Donald Wang is Executive Director at Dragon Capital
Corporation. He specializes in business and real
estate acquisitions, and private placement. He could
be reached at dong_wang@hotmail.com.
David Zhang is an analyst at OptoGlobalMacro LLC.
Previously, he worked for global macro funds at
Mellon Capital in SF and Drake Management in NYC.
He could be reached at davidqianzhang@gmail.com.
http://www.asianfinancialsociety.org/
AFS Today March & April 2010
Investment Group Summary
By Ying Yen (March 2010)
At our March meeting, we had a lively discussion
on the relative attractiveness of the U.S. equity
market compared to those of the emerging
markets. As of March 17th, the Chinese equity
indices all had negative year-to-date returns
compared to the positive returns of U.S. equity
indices. During that time, the U.S. equity indices
also outperformed Brazil’s Bovespa index. Last
year, emerging markets, such as Brazil and China,
experienced significant capital inflows while the
U.S. had large capital outflows, contributing to the
out-performance of these countries’ stock
markets relative to that of the U.S. However, as
the U.S. economy and market improve, money
will begin to flow back to the U.S., most likely
from the emerging markets and bond funds.
Hence, emerging markets seem vulnerable to
potentially sizable corrections. The billion dollar
question is “When?”
Given the group’s expertise on China, we delved
deeper into the possible catalysts that could prick
the proverbial bubble in the Chinese stock market.
One major concern was the amount of total debt
local Chinese governments have borrowed from
banks through financing vehicles called
investment companies, and the mixing of these
loans with other loans on the banks’ balance
sheets. Northwestern University professor, Victor
Shih, researched these investment companies and
estimates that they have an outstanding debt of
11.4 trillion yuan ($1.7 trillion) and further
commitments of 12.7 trillion yuan, mostly tied to
infrastructure projects. These loans were
guaranteed by the local governments, and were
taken out during a time when the Chinese
government encouraged lending to promote
economic growth. Therefore, in all likelihood, the
banks’ due diligence of these investment
companies and their projects would have been
minimal.
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 Investment Group Summary/Risk Group Summary
Consequently, banks will be left with many bad loans
should these entities fail to make payments or the
collateral for these loans depreciate in value. In an
effort to address this growing concern, China’s
central authorities recently announced that they will
nullify all guarantees issued by local governments for
loans given to these investment companies. In
addition, the China Banking Regulatory Commission
has ordered banks to curb their lending to such
financing vehicles of local governments. As this story
develops in the coming months, the Chinese equity
market will likely react poorly to potentially negative
news. Some investors will be preemptive and reduce
their exposures to China, especially given the nice
run up in the Chinese stock market.
Other reasons for a pause, if not a decline, in the
Chinese stock market and those of other emerging
markets include portfolio rebalancing and rich
valuations on the part of the emerging markets. A
debate ensued over whether the U.S. would be a
better investment this year than the emerging
markets. Recent data suggest that the U.S. consumer
is spending again and the housing market is
recovering. Retail sales are up 4 of the last 5 months
month-on-month through February. The S&P/Case-
Schiller Home Price Indices show continued
improvement in housing year-to-date. As investors
gain confidence in the sustainability of the U.S.
economic recovery and with the Federal Reserve
holding rates low, greater capital inflows into the
U.S. equity market should push market indices
higher. Emerging markets may see fund outflows as
some investors fear those markets are priced for
correction. At the very least, portfolio rebalancing
will likely reduce the weights in emerging markets
and bonds, and increase exposure to U.S. equities.
As Q1 earnings season begins, it will help determine
the health of the U.S. economy. Other topics of
discussion included dry freight derivatives, bank
holdings of U.S. commercial real estate loans, and
the growing economic problems in the Eurozone.
Ms. Ying Yen is an AFS Board member and co-leads
the AFS Investment Group with Mr. Hong Zhou. She
was a portfolio manager of U.S. equities for
Cedarpoint Capital Management, Inc. for over 10
years. Currently, She manages her own portfolio.
http://www.asianfinancialsociety.org/
AFS Today March & April 2010
Risk Group Summary
By Blake Zhang (March 2010)
During the past nine months, the US Dollar, along
with the global/US economic recovery, from peak
to trough, appreciated 14% vs. Euro, 13% vs.
British pound, and 12% vs. Japanese yen.
Meanwhile, the US Dollar depreciated 12% vs.
Canadian Dollar and 16% vs. Australian Dollar.
The currency of the latter two resource-abundant
countries seem to show a good potential in terms
of risk aversion, if not strength from profit making
amid the recovery. It also reminded us of the
inelastic demand for natural resources. While the
much smaller size of Canadian and Australian
government bond issuance would have limited its
impact, it counts as another issue.
The meeting also addressed the recent rise in the
mid and long-term yield of US Treasuries. Ever
since March 22nd, the weak demand (especially
those from foreign investors) has caused this
week’s US treasury auctions of 2y, 5y and 7y all
being sold cheaply. Treasury yields rising 17-20
bps in the back ends, together with increasing
investor risk appetite for higher-return corporate
bonds, have pushed the 10-y Swap-Treasury
spread into negative territory during the week.
In 2009, China switched from investing in
securities (primarily US treasuries) to real-project
businesses. Nevertheless, out of other constraints,
many businesses observed and learned that
investing into real-business entities could entail
additional procedural details or uncertainty risks.
The luncheon further discussed Chinese
enterprises’ attempt to land on US Capital
Markets through IPO or Reverse Mergers in the
past year. Jason Yuan shared and contributed
some insightful hands-on experiences during the
meeting.
Blake Zhang (MBA, NYU), Vice President at Daiwa
Capital Markets, works in proprietary trading
market risk management. Before that, he serviced
JP Morgan Chase for five years and practiced six
years of Private Equity in Singapore.
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 Employment Trends AFS Today March & April 2010

Employment Trends Not All Areas Are in Full Bloom. Long/short equity
hedge funds and prime brokerage are two areas that
From Options Group go hand-in-hand. They have remained quiet in the
Submitted by Thomas Gan past quarter. Hiring in these areas is expected to pick
up in 2011, after hedge funds have been able to
Diversify and Expand. In a recent survey with U.S replenish capital. In the meantime, headcount has
Options Group managers, the pace of hiring this remained relatively flat and guarantees have been on
quarter is consistent with the momentum witnessed an individual-by-individual basis.
in the second half of 2009. This trend is a result of _____________________________
international firms opportunistically continuing to
build out U.S. desks and established firms building out On balance, Tier 1 and Tier 2 firms have increased
new product areas. In this past quarter, over 80% of base salaries in 2010 for Associate to Managing
the Options Group placements were currently Director levels by $60 - $150K.
employed. Candidates have received offers, on ______________________________
.average, 30-40% above expected 2010 compensation.
For the most desirable candidates, firms have Emerging Products. Pensions, annuities, life
increased total pay packages as much as 70-100% to settlements and commodities were traditionally
retain employees who have received formal offers considered low growth, lackluster areas. Following
from competitors. 2008, financial institutions were forced to find new
products to sell to their reduced customer base and
Compensation Update. Most bulge bracket firms they were seeking to diversify away from the volatility
have shifted more of total pay packages to be of financial markets. Given the massive size and
weighted towards base salary. On balance, Tier 1 and stability of pension and annuity funds, sales people
Tier 2 firms have increased base salaries in 2010 for and marketers with access to these funds are now the
Associate to Managing Director levels by $60 - $150K. most desirable candidates. In addition, pension and
This action serves two main purposes, to help retain life settlements, as an asset class, are valued
talent and to mitigate negative press on “banker” independently from financial markets. Over the past
bonuses. In addition, as bonuses have been year, Options Group has seen a number of firms build
restructured to be less cash and more deferred stock, out synthetic pension and annuity sales and trading
cash-strapped bankers have welcomed the increased desks. Commodity desks enabled the few established
money upfront in exchange for a lower percentage firms to remain profitable in 2008 and 2009. In the
increase in bonus. same spirit of pensions and annuities, firms now view
the commodity space as a profit center to
Survival of the Fittest. Financial firms have evolved complement traditional investment banking firm
quickly over the past 18 months to fill in the sub- activities. Particular commodities that have
prime revenue gap. Firms have been actively experienced robust demand include oil, metals, index,
rebuilding their capital base and building internal and physicals.
profit centers. Individuals who have an established
pathway with “sticky money” such as pension and 2010- Financial Renaissance? The continued activity
endowment funds in wealth management and buy in hiring, firms’ appetites to recruit proven talent, and
side fund raising are the most prized candidates. the generous compensation packages this quarter
Restructuring analysts and bankers, healthcare, clearly demonstrate the resilience in the industry.
technology and finance investment bankers, sales and Recent discussions with Option Group mangers
trading for equity derivatives, commodities, currency confirm that the downsizing has ceased, and firms
and rates are the areas experiencing the highest have swung back into growth. Look for old firms in
demand. Despite the amount of negative press that new product areas, such as State Street in fixed
proprietary trading has received, several non-US income, RBC and Scotia with Rates platforms, Barclays
firms, such as RBC and SocGen, have been taking the with ETNs.
opportunity to build their own desks in the US.
http://www.asianfinancialsociety.org/ | 6
 Member News
They cut us off at the knees and
we still prevailed!
By Irene Eng
The 2010 Mixed Doubles Local playoffs, the first of
three needed to reach the National Championship,
were held last Sunday at National Tennis Center. As a
rookie captain with a new but supportive team, we
had an unbelievable regular season: 11 wins, no
losses. But our Cinderella story was in jeopardy a few
days before the playoffs when the League
unexpectedly and belatedly served us with two
complaints that rendered many of our stronger
.players unable to compete.
USTA League is the largest recreational tennis league
in the country. Headquartered in White Plains, it
divides 52 states into 17 sections. New York, New
Jersey and part of Connecticut are under the Eastern
Section that is also located in White Plains, run by a
paid staff of 22 and over 49 volunteer coordinators.
Each year, more than 325,000 players register to
compete in various levels for a place in the Nationals.
Last year, Queens Men 3.5 went to the Nationals and
Long Island Men 4.0 took the trophy home.
To ensure fairness and competitiveness, the league
uses the National Tennis Rating Program (NTRP).
Every player needs a NTRP ranking. Both the league
and its players guard these rankings zealously. Last
year, ChaoYang Tennis Club in Beijing, who also
adopted the NTRP ranking system, sent a delegation
of club champions to New York during the US Open,
accompanied by a sports journalist.
http://www.asianfinancialsociety.org/
AFS Today March & April 2010
All 14 players on my 7.0 Mixed Doubles team are
friends and were recruited specifically for their
particular NTRP rating. 7.0 represents the level of
competition (there are 6.0, 8.0, etc.), mixed doubles
indicating the type of team (there are men and
women, senior, etc.). The format is three mixed
doubles matches, in which each pair’s combined
ranking is equal to or less than 7.0.
_____________________________
Last year, ChaoYang Tennis Club in Beijing, who also
adopted the NTRP ranking system, sent a delegation
of club champions to New York during the US Open,
accompanied by a sports journalist.
______________________________
Tennis is a game of finesse, etiquette and brute power.
I found it to be enormously thrilling and learned many
life lessons along the way. My first racquet sport was
badminton. I played in the vacant spaces between
residential buildings in Beijing, and took a few lessons
in Hong Kong. Only after I landed in New York did I
realize that tennis was the only game in town. I
almost dislocated my shoulder when I first swung a
Prince: so heavy! I told myself that there was no way I
should, would, and could stick to this sport. This
thought still visits me often, especially after I sprained
my ankle, knee, or pull some strange muscle that I
didn't even know I had. Interesting to note that, over
the years, I have gone through a dozen tennis rackets,
while the same old badminton ones I purchased in
Hong Kong still works. Two similar sports, one is a
celebrated darling while the other is a neglected step-
child. Each major tennis tournament is a global event,
while poor badminton can barely stir up a ripple.
Hello marketing?!
At the moment, we are appealing the league ruling
and preparing for our next round, a battle with
Manhattan and Brooklyn on May 15 and 16 at NTC.
Come to cheer us up and onward.
Irene, the author of IreneEng.com, harbors a secret
ambition to turn pro one day. One of these days.
| 7
Event Calendar AFS Today March & April 2010

Upcoming Events

Panel Discussion on Investment Opportunities in Emerging Markets

Co-hosting with Deloitte, AFS is proudly presenting a panel discussion on Investment Opportunities in
Emerging Markets on May 19. As the world economy emerges from the recent economic downturn,
investors are turning to BRIC (Brazil, Russia, India and China) and other emerging markets for investment
opportunities and future growth. Investors, partners or other stakeholders interested in gaining a better
understanding of the changing emerging market landscape are invited to join us at this timely event as we
discuss the current economic position and future growth potential of BRIC and other leading emerging
markets.

This event is free to AFS premium members ONLY. BE sure to renew your premium membership ASAP.
Please go to our website: http://www.asianfinancialsociety.org/prod/membership_prem_app.html. Then
send your RSVP to afswww@yahoo.com.

Moderated by Mark Garay, Executive Director of the Deloitte Center for Cross-Border Investment, Deloitte
Tax LLP, this discussion will feature:
• Serkan Bahçeci, PhD, Head of Infrastructure Research, J.P. Morgan Asset Management Global Real Assets
Group
• Kun Deng, Managing Director and Senior Fund Manager, Lazard Asset Management
• Mark Gross, former CEO and Head of Origination and Client Coverage for Brazil, former Head of Strategy
and Corporate Development, Americas of Standard Chartered Bank
• Anastasia Xenias, PhD, Senior International Trade Specialist, U.S. Department of Commerce

Topics on the agenda will include:

• What characteristics make BRIC unique for investment?
• Post-downturn, how do other emerging markets compare with BRIC?
• Which markets are likely to lead investment ROI over the next 5 years? How do investors with a longer–
term horizon look beyond BRIC?
• What are key issues facing investors in achieving profitability in emerging markets? How should risk be
considered?
• How will BRIC or other emerging markets engage with investors after the downturn? What are the key
changes from before?

Wednesday, May 19, 2010

Registration: 4:30 – 5:00pm
Panel Discussion: 5:00 – 7:00pm
Cocktail Reception and Networking to Follow
Deloitte Offices, 3rd Floor Conference Rooms A & B
Two World Financial Center, New York, NY
(225 Liberty Street, southwest entrance)

http://www.asianfinancialsociety.org/ | 8
Announcements AFS Today March & April 2010

Announcements

In Feb, 2010, AFS Board finalized its 2010 leadership team structure (see below).
You are highly welcome to join us to grow along with AFS.

President Yuan Cheng

Treasurer Arnold Chu
Secretary Vivian Tang
Vice President US Jonathan Taylor / Zhang, Hongfei
Vice President China Catherine Fan
Director, Membership (premium / basic Xiang, Ming
member management and recruitment, etc)
Director, Program (monthly events, forum, etc) Tracy Wan

Director, Business & Community Partnership Jonathan Taylor / Maggie Chen

Director, Finance Arnold Chu

Director, Corporate Sponsorship Zhang, Hongfei
Director, Public Relations (Newsletter, yahoo Liu, Jin (David Zhang: Editor-in-Chief)
group, linked-in group, etc)
Director, Executive Forum (e.g. CFO club, etc) Ye, Liuxin

Director, Student Program (students, fresh Kang, Jian / David Zhang

graduates, etc)
SIGs
Risk Management Qin, Ji
Investment Opportunities Ying Yen
China Business Li, Tong
Corporate Finance Ivy Zhang
PE / VC Tracy Wan
Asian Business (non-Chinese, e.g. Indian) Jonathan Taylor

Greater China Chapter Catherine Fan

http://www.asianfinancialsociety.org/ | 9
Announcements AFS Today March & April 2010

Announcements

Updated AFS Premium Membership Fee and Membership Term

In March, 2010, AFS Board updated the fee structure for new and existing premium members as follows,
$80 for new premium membership, $50 for renewed premium membership. AFS premium membership
term is on an annual basis and will expire on the next quarter end after a year, namely 3/31, 6/30, 9/30,
12/31. E.g. if Joe paid his membership fee on 2/10/2010, his premium membership would be valid until
3/31/2011. AFS is a 501(c)(3) nonprofit organization. As an AFS premium member, you should be able to
claim up to $75 of membership fee as contribution and $5 (if $80 is paid) as business expense for
individual tax filing purpose if no reimbursement has been received. You should always consult with your
tax advisor regarding your own tax situation.

AFS Venture Capital/Private Equity Special Interest Group (SIG) to be launched in May

AFS is planning to launch a new SIG - Venture Capital/Private Equity SIG in May 2010. This SIG aims to
provide a platform for both VC/PE professionals
and those who are interested in these fields to
network, exchange ideas, and share experiences.
This is the fifth SIG after Investments, Business,
Risk Management, and Real Estate. Investwide
LLC has kindly offered sponsorship to this SIG.
Like the other SIGs, this SIG is free for premium
members to join. If you’re interested, please
contact Tracy Wan at wyingling@yahoo.com.

Business SIG Event on 4/15 (Picture on Right)

-Lunch with Harry Edelson, Golden Green Enterprises

Editor’s Note

In addition to the contributing authors above who made this issue possible, we would like to thank David Lu, the
Editor of the Month, for his extremely helpful work. David has been a risk manager at Amex for one and half years,
and is interested in gaining broader exposure to the financial services industry. He has a BS from Yale and a MS from
Stanford graduate school of engineering.

AFS Today could not be where it is today without Zhaohui Zhang, who introduced a more professional layout, and
provided meticulous editing since Summer of 2009. Ready for a new challenge, Zhaohui decided to pass the torch
down to David Zhang, who will work with Jin Liu, the previous Editor-in Chief. We welcome your contribution to the
existing columns as well as potential new columns that would appeal to a larger audience. Our goal is to increase the
readership and help enhance AFS standing by publishing thoughtful ideas, views, opinions and important information
pertinent to members and the AFS community in general.

The next issue is to be released around Jun. 15th. Submissions start now until Jun. 1st. Should you have comments
and suggestions with regard to AFS Today, please email us at: afs.today@gmail.com. You may also find previous
issues at: http://asianfinancialsociety.org/prod/newsletter.html.

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