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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.

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CEO of the Month AFS Today March & April 2010

Interview with He received a BS from Michigan State University in


Hotel Administration and a Masters from Columbia
John Tsui University in Real Estate and Finance. He is a
graduate of the Owner President Management
By Donald Wang Program (OPM) at Harvard Business School. He is
and David Zhang fluent in Portuguese, Spanish and Chinese
(Mandarin).
(2/26/10)
As the CEO of a company that does both principal
Based in Beijing and New York, John F. Tsui is investing and advisory, Mr. Tsui started his real
Managing Principal of Peninsula House, a cross- estate career knowing that he didn’t want to work
border hybrid alternative asset investment firm for for the sell-side. Realizing that he will have to work
special situations involved in structured direct for himself eventually, Mr. Tsui decided do it right
investment in the three alternative asset classes: after graduate school, thus building the reputation
. distressed loans and securities, real estate, and of his own instead of a firm like Goldman Sachs.
corporate investments. Specific focus is on under- With operating experience and an affinity for
performing real estate assets and non-performing building long-lasting relationships, Mr. Tsui started
mortgage loans, and real estate operating out helping Japanese firms with debt financing, and
companies, as well as leveraged and management then refocused to the Greater China region once
buy-in and buyout of high growth asset based the Japanese market imploded in 1989. Unlike the
middle market companies. Transactions include pre-Lehman era, relationships matter and therefore,
restructuring, public to private, bankruptcy, a one man company can be more nimble and
foreclosure, spin-offs, turnaround, PIPE, workout, effective than Goldman Sachs, especially in
expansion capital, mezzanine financing, bridge connection with raising institutional and sovereign
equity and recapitalization. capital from Asian markets.

He previously held managerial positions with hotel Mr. Tsui’s core investment approach is to focus on
chains in their corporate headquarter and regional the fundamentals while seeking stable and high
offices including Marriott Corporation, Sheraton income properties. He not only invests in hard
Hotels in the Pacific, Landauer Associates - a assets, but also analyzes the diverse business
leading property counseling and valuation firm, and operating entities. Therefore, he takes a holistic
Bankers Trust Company (real estate banking approach in teaching his Columbia students in real
division). He also held managerial positions at estate, and addresses topics that may include
Carvel Corporation and Sky Chefs (in-flight valuations, distressed investing, merchant banking,
catering). He is a member of Appraisal Institute and restructuring. His advice to real estate
(MAI), American Bankruptcy Institute, Turnaround beginners include getting an appraisal certification
Management Association (TMA), Urban Land such as the MAI, a well-rounded business school
Institute (ULI), and Young President’s Organization education, and a focus in emerging markets. While
(YPO). it would be hard for Asians to break into alternative
asset investing, innovative firms such as Fortress
He was appointed by the Honorable John C. and Och-Ziff would provide ample learning
Whitehead to be on the Board of Directors of The experience in real estate transactions, as well as
Boy Scouts of the Greater New York Council. He is distressed loan and principal investments.
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.

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CEO of the Month/Investment Group Summary AFS Today March & April 2010

In US real estate, the hospitality industry was the


first to be affected by the economic downtown,
Investment Group Summary
followed by the residential market. Mr. Tsui
believes that the CMBS market will recover, albeit By Ying Yen (March 2010)
very slowly. Since banks are loaded with non-
performing loans and distressed assets, yet are not At our March meeting, we had a lively discussion
marking these assets to market, the CMBS market on the relative attractiveness of the U.S. equity
may have further room to drop. market compared to those of the emerging
markets. As of March 17th, the Chinese equity
Mr. Tsui sees a real estate bubble in China. China is indices all had negative year-to-date returns
highly inflated, where the cap rate (Property Net compared to the positive returns of U.S. equity
Operating Income over Market Value) is very low. indices. During that time, the U.S. equity indices
This is not a rational valuation relative to the rest of also outperformed Brazil’s Bovespa index. Last
the world. He would avoid the Chinese market in year, emerging markets, such as Brazil and China,
. general. For those who have to invest in China, he experienced significant capital inflows while the
suggests investing in second/third tier cities in the U.S. had large capital outflows, contributing to the
more favorable part of their price cycles. One out-performance of these countries’ stock
should also diversify his market exposure, markets relative to that of the U.S. However, as
especially from policy changes, with instruments the U.S. economy and market improve, money
that provide steadier cash-flow such as high-yield will begin to flow back to the U.S., most likely
corporate bonds. from the emerging markets and bond funds.
Hence, emerging markets seem vulnerable to
Of China's 11% GDP growth, perhaps 60% is fueled potentially sizable corrections. The billion dollar
by construction and less by consumption and trade. question is “When?”
This credit driven boom will not end in a crash, but
is beginning to slow down drastically as banks curb Given the group’s expertise on China, we delved
lending, SOE’s spin off their non-core real estate deeper into the possible catalysts that could prick
division, and speculative buyers are heavily taxed the proverbial bubble in the Chinese stock market.
with more equity requirements. Unlike a typical US One major concern was the amount of total debt
real estate depression cycle that takes about 5 – 6 local Chinese governments have borrowed from
years, China's cycle is much shorter, hovering banks through financing vehicles called
around 2 - 3 years. China is not decoupled from the investment companies, and the mixing of these
US financial crisis. In fact, once China's construction loans with other loans on the banks’ balance
and real estate sector growth falls off, there will be sheets. Northwestern University professor, Victor
major ramifications for China's economy and the Shih, researched these investment companies and
Western nations – if not the world. 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
Donald Wang is Executive Director at Dragon Capital guaranteed by the local governments, and were
Corporation. He specializes in business and real taken out during a time when the Chinese
estate acquisitions, and private placement. He could government encouraged lending to promote
be reached at dong_wang@hotmail.com. economic growth. Therefore, in all likelihood, the
banks’ due diligence of these investment
David Zhang is an analyst at OptoGlobalMacro LLC.
companies and their projects would have been
Previously, he worked for global macro funds at
Mellon Capital in SF and Drake Management in NYC.
minimal.
He could be reached at davidqianzhang@gmail.com.

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Investment Group Summary/Risk Group Summary AFS Today March & April 2010

Consequently, banks will be left with many bad loans Risk Group Summary
should these entities fail to make payments or the
collateral for these loans depreciate in value. In an By Blake Zhang (March 2010)
effort to address this growing concern, China’s
central authorities recently announced that they will During the past nine months, the US Dollar, along
nullify all guarantees issued by local governments for with the global/US economic recovery, from peak
loans given to these investment companies. In to trough, appreciated 14% vs. Euro, 13% vs.
addition, the China Banking Regulatory Commission British pound, and 12% vs. Japanese yen.
has ordered banks to curb their lending to such Meanwhile, the US Dollar depreciated 12% vs.
financing vehicles of local governments. As this story Canadian Dollar and 16% vs. Australian Dollar.
develops in the coming months, the Chinese equity The currency of the latter two resource-abundant
market will likely react poorly to potentially negative countries seem to show a good potential in terms
news. Some investors will be preemptive and reduce of risk aversion, if not strength from profit making
their exposures to China, especially given the nice amid the recovery. It also reminded us of the
run up in the Chinese stock market. inelastic demand for natural resources. While the
much smaller size of Canadian and Australian
Other reasons for a pause, if not a decline, in the government bond issuance would have limited its
Chinese stock market and those of other emerging impact, it counts as another issue.
markets include portfolio rebalancing and rich
valuations on the part of the emerging markets. A The meeting also addressed the recent rise in the
debate ensued over whether the U.S. would be a mid and long-term yield of US Treasuries. Ever
better investment this year than the emerging since March 22nd, the weak demand (especially
markets. Recent data suggest that the U.S. consumer those from foreign investors) has caused this
is spending again and the housing market is week’s US treasury auctions of 2y, 5y and 7y all
recovering. Retail sales are up 4 of the last 5 months being sold cheaply. Treasury yields rising 17-20
month-on-month through February. The S&P/Case- bps in the back ends, together with increasing
Schiller Home Price Indices show continued investor risk appetite for higher-return corporate
improvement in housing year-to-date. As investors bonds, have pushed the 10-y Swap-Treasury
gain confidence in the sustainability of the U.S. spread into negative territory during the week.
economic recovery and with the Federal Reserve
holding rates low, greater capital inflows into the In 2009, China switched from investing in
U.S. equity market should push market indices securities (primarily US treasuries) to real-project
higher. Emerging markets may see fund outflows as businesses. Nevertheless, out of other constraints,
some investors fear those markets are priced for many businesses observed and learned that
correction. At the very least, portfolio rebalancing investing into real-business entities could entail
will likely reduce the weights in emerging markets additional procedural details or uncertainty risks.
and bonds, and increase exposure to U.S. equities. The luncheon further discussed Chinese
enterprises’ attempt to land on US Capital
As Q1 earnings season begins, it will help determine Markets through IPO or Reverse Mergers in the
the health of the U.S. economy. Other topics of past year. Jason Yuan shared and contributed
discussion included dry freight derivatives, bank some insightful hands-on experiences during the
holdings of U.S. commercial real estate loans, and meeting.
the growing economic problems in the Eurozone.
Ms. Ying Yen is an AFS Board member and co-leads Blake Zhang (MBA, NYU), Vice President at Daiwa
the AFS Investment Group with Mr. Hong Zhou. She Capital Markets, works in proprietary trading
was a portfolio manager of U.S. equities for market risk management. Before that, he serviced
Cedarpoint Capital Management, Inc. for over 10 JP Morgan Chase for five years and practiced six
years. Currently, She manages her own portfolio. 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.
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Member News AFS Today March & April 2010

They cut us off at the knees and All 14 players on my 7.0 Mixed Doubles team are
we still prevailed! friends and were recruited specifically for their
By Irene Eng 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
The 2010 Mixed Doubles Local playoffs, the first of
women, senior, etc.). The format is three mixed
three needed to reach the National Championship,
doubles matches, in which each pair’s combined
were held last Sunday at National Tennis Center. As a
ranking is equal to or less than 7.0.
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
Last year, ChaoYang Tennis Club in Beijing, who also
days before the playoffs when the League
adopted the NTRP ranking system, sent a delegation
unexpectedly and belatedly served us with two
of club champions to New York during the US Open,
complaints that rendered many of our stronger
accompanied by a sports journalist.
.players unable to compete. ______________________________

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
USTA League is the largest recreational tennis league
the years, I have gone through a dozen tennis rackets,
in the country. Headquartered in White Plains, it
while the same old badminton ones I purchased in
divides 52 states into 17 sections. New York, New
Hong Kong still works. Two similar sports, one is a
Jersey and part of Connecticut are under the Eastern
celebrated darling while the other is a neglected step-
Section that is also located in White Plains, run by a
child. Each major tennis tournament is a global event,
paid staff of 22 and over 49 volunteer coordinators.
while poor badminton can barely stir up a ripple.
Each year, more than 325,000 players register to
Hello marketing?!
compete in various levels for a place in the Nationals.
Last year, Queens Men 3.5 went to the Nationals and
At the moment, we are appealing the league ruling
Long Island Men 4.0 took the trophy home.
and preparing for our next round, a battle with
Manhattan and Brooklyn on May 15 and 16 at NTC.
To ensure fairness and competitiveness, the league
Come to cheer us up and onward.
uses the National Tennis Rating Program (NTRP).
Every player needs a NTRP ranking. Both the league Irene, the author of IreneEng.com, harbors a secret
and its players guard these rankings zealously. Last ambition to turn pro one day. One of these days.
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.
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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)

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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

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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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