From July 5th to 9th, 2017, a group of team members in ZJU-CMRC led by Prof. Huang Ying consisting of a total of nine teachers and students, went to Shenzhen, Guangzhou for study and exchange. The visit aims to know more about the current status and investment experience of the capital market industry, especially in the field of quantitative investment about the actual experience, strategy, investment framework and market dynamics, as well as finance lab construction and student quantitative trading contest and so on.
As one of the national financial centers, Shenzhen, a city of innovation, boasts of the largest number of A-share listed private technology enterprises, with new technology and new industries gathered. With fast-developed capital market, the financial industry has been an important strategic pillar industries in Shenzhen. Guangzhou, as the economic and political center in southern China, has become a rising star of the financial industry relying on the Pearl River Delta's strong manufacturing support, and deeply rooted in Guangdong, Hong Kong and Macao Bay background. We chose Shenzhen and Guangzhou, as the destination not only because there are many Zhejiang University alumni business, but also because their profound background in the capital market, the financial industry'.
On the first day of the visit, the team arrived at Shenzhen Private Equity Association, and got warm reception by the Association of the Secretary-General and chairman of Shenzhen Paipaiwang Investment and management Li Chunyu. Associate Secretary Chang Huili made introductions about the association services, activities, members and so on. On the discussion the team further understood the innovative models and specific practices the association made for service members. Former director of Quantitative Investment Liu Zhiping, executive director of Dayan capital Jiang Zhiping and vice director of Shenzhen Paipaiwang Investment and management research department Yang Jianbo respectively shared with the team the quantitative investment practices and experience about the development of quantitative investment at home and abroad, fund products, strategy and other aspects of quantitative investment practices and experience, as well as domestic quantitative hedge funds investment income declining trend year by year from 2015 to 2017.
On the next day, the team visited the Shenzhen CMAF Investment Management Co., Ltd, Infore Capital Management Co., Ltd. and Shenzhen Goldport Capital Management Co., Ltd. Mr. Cheng Houbo, president of CMAF Investment Management introduced the investment strategy of CMAF Investment Management i.e., "invest leader industries and nurturing industry leaders" under the background of Chinese macroeconomic environment, and shared the risk control system of corporate mergers and acquisitions from point view of corporate governance control system. He told us several fresh investment cases for teachers and students on a vivid lesson, emphasizing the importance of the team work. Mr.Cheng always think that only by means of capital, through mergers and acquisitions and other means, can enterprises gradually grow and have the opportunity to develop into a large influential international enterprises. For the construction of Zhejiang University capital market research center, Mr,Cheng also put forward for the personnel training, curriculum construction and many other valuable suggestions.
In the afternoon, the research team, led by Mr. Deng Ming, Deputy General Manager of Goldport Capital, visited Infore Capital Management Co., Ltd. and exchanged views with General Manager Mr. Zhang Zhifeng. As a first-line private equity management with high visibility and brand influence, Infore Capital is based on the investment team of the US and Hong Kong stocks. They have perfected the Hong Kong asset management platform and actively expanded our overseas asset management business. Mr. Zhang made a detailed description and analysis on its quantitative model construction and portfolio structure, based on their investment framework. Subsequently, director of research of Goldport Capital Management Mr. Huang Yijian shared with the team Goldport capital securities investment system (entrepreneurial spirit, deep moat, business sustainable and financial stability, Davis double-click) and answered questions for the teachers and students.
On the third day, Professor Liu Min, Executive Vice Dean, Shenzhen Finance Institute, CUHK(SZ), and director of Master of Finance in the Chinese University of Hong Kong (Shenzhen) with his team members warmly received the ZJU-CMRC team. As a newly established high-level research institutions with independent legal personality, the institute has a unique talent, tax and other preferential policies and world-class teaching and research models. Dr. Liu Min team members introduced the endeavor they have made since its foundation for the construction of the top-notch talent training base of international influence, high-level international academic exchange platform and high-end decision-making think tank in the field of finance and economics, and shared its operational ideas on the the global financial technology laboratory construction co-sponsored by Hande Finance management Co., Ltd.
Subsequently, the team visited the Kai Feng Investment and Guotai An Education Technology Co., Ltd. Mr. Wu Xing, Chairman of Kai feng Investment, expressed warm welcome to the visits of ZJU-CMRC teachers and students, and spoke highly of the work done by ZJU-CMRC by borrowing the idea of " finding the kernel value through research " of its corporate investment philosophy. Senior Quantitative Financial Engineer Mr. He Xuanju shared the company's experience in quantitative investment and provided a number of suggestions on quantitative investment in student competitions.
After that, the team visited the exhibition hall of Guotai An Education Technology Co., Ltd. The relevant engineers from Guotai Financial Big Data Division briefed on their case in the construction of quantitative investment laboratories, and on the software and application, as well as a detailed illustration and demonstration of CSMAR database operation.
On the fourth day, the research team arrived in Guangzhou. They first talked with the equity and derivatives investment manager from GF Securities Mr.Xu Huangwei, asset management department investment manager Miss. Chen Xuan, and Mr. Shi Xu about their investment practice. Then, they went to the last stop --- School of Economics and Trade of South China University of Technology. Dean of the Academy, Director of the China Financial Market Research Center Professor Wang Renzeng, Associate Director of the Finance Department Professor Zhong Yonghong, Prof. Yu Xiaojian, Dr. Miao Miao participated in the talk and exchange. The two sides discussed the construction of disciplines, teachers, laboratories and database centers, and expressed their willingness to further strengthen the opportunities for learning and exchange.
The four-day study ended successfully, considered by teachers and students a worthwhile study tour, to clarify some academic confusion through the exchange. ZJU-CMRC will futher strengthen the exchange of research and cooperation, and continue to carry out the follow-up work.
