Bo Nian You

Penghua Fund Management Co., Ltd. (Penghua) is an independent Chinese investment management firm which was founded in 1998 to manage third party asset, principally through equities and fixed-income. In 2007 they set up a joint venture with Eurizon Financial Group (Intesa Sanpaolo), selling half of their capital to the Italian firm and Guosen Securities Co. Ltd. Headquartered Shenzhen, Penghua manages a range of mutual funds, including open- and closed-end funds, for institutional and retail investors.

Hwabao WP Fund Management Co., Ltd. (Hwabao FM) is an independent Chinese fund management firm which was founded as a joint venture between Baosteel Group (HWABAO Trust Co. Ltd.) and Societe Generale Group in 2003. It is now owned by Hwabao Trust Co., Ltd. (51%), Warburg Pincus Asset Management LP (29%) and Jiangsu Railway Group Co., Ltd. (20%). Headquartered in Shanghai, Hwabao FM manages funds for institutional investors.