News

January 11, 2023

SAIF-ICBC 2022 Entrepreneur Financial Well-being Index Released

Recently, the 2022 Entrepreneur Financial Well-being Index Report (Report) was released online by SAIF and ICBC Private Banking. The Report interviewed 1,020 entrepreneurs who were private banking clients, with a geographical coverage of 28 provincial administrative regions and subordinate cities. The proportion of male and female interviewees is balanced, and nearly 60% of the interviewees are over 50 years old. This year’s research sample is more representative. 1. More balanced age distribution: the proportion of interviewees under 40 and over 60 increased; 2. More balanced industry distribution: real estate industry and manufacturing industry accounted for a reduction of more than 5%, respectively; 3. Changing stage of development: mature enterprises decreased by 16%; enterprises in start-up period, contraction period, and transition period increased by 6%, 7%, and 4% respectively. Combining advanced foreign models with China’s national conditions, the Report builds an original assessment system for the well-being of Chinese entrepreneurs. Based on last year’s model, SAIF and ICBC upgraded and optimized the model in accordance with changes in the industry in order to present the well-being of entrepreneurs more accurately. The Report shows that the overall 2022 ICBC Entrepreneur Financial Well-being Index scored 76, with a slight increase compared to last year. In terms of each sub-index, “Confidence in Family Business Development” and “Financial Assets Well-Being” perform well, while “Family Business Well-Being” and “Family Governance Well-Being” still have room for improvement. Meanwhile, the Report shows an increase in the concern of entrepreneurs for the “Financial Assets Well-Being” and “Family Governance Well-Being”. It also shows that most entrepreneurs would gradually focus on the balance between the business and the family after a successful venture, especially during the maturity of the business. In addition, they do pay attention to the segregation of family assets from business assets, and family development governance. In the future, SAIF will continue to monitor the wealth management of entrepreneurs, their family businesses, and their enterprise development. It will provide more research and education support for the wealth management industry.

December 14, 2022

2022 Shanghai Finance Talents Workshop Held at SAIF

On November 5th, entrusted by the Shanghai Finance Party Committee and the Shanghai Municipal Financial Regulatory Bureau, the 2022 Shanghai Finance Talents Workshop was held at SAIF. The Workshop was inaugurated in 2021, aiming to further strengthen the cultivation of specialized Shanghai financial talent with political equity, macro insights, and professional capability for the construction of Shanghai as an International Financial Center. This year’s workshop was divided into two stages: Centralized Study and Group Study. Centralized Study focused upon the spirit of the 20th CPC National Congress, guiding participants in service of the country. In the Group Study stage, which aims to enhance macro thinking and professional skills, the participants were divided into a Leader Group and a Youth Group, with “New Pattern of China’s Economy” and "Construction of Shanghai as an International Financial Center" as the themes, respectively. A total of 93 individuals, selected from 62 units of the Shanghai financial system, participated in the Workshop. Developing top financial talent and policy think tanks, with a concordant world-class faculty and an open research platform, has always been SAIF’s mission. SAIF and its affiliated institutes, CAFR and SAIFR, are committed to providing multi-faceted policy advice, intellectual support, and comprehensive services for the development of government departments and the financial industry. Based upon frontier international financial innovation, CAFR and SAIFR focus on academic research, policy research, and applied research, respectively. According to statistics, from 2021 to October 2022, SAIF has undertaken and completed 43 think tank projects and 27 decision-making consultancy reports entrusted by the government. In the future, SAIF will strengthen its teaching and research capabilities to promote the construction of Shanghai as an International Financial Center and the reform and opening up of China’s development.

December 14, 2022

“Shanghai Green Finance Index” Shows Record High in 2021

On November 26th, the Shanghai Green Finance Index (Index) was released at the 2022 Shanghai International Financial Center (SIFC) Development Forum. The forum was organized by SAIF and co-organized with CCTV Shanghai, the Shanghai Xuhui District People’s Government, and the Shanghai Finance Society. The Index aims to reflect the overall performance of Green Finance in Shanghai. It creatively develops both the Shanghai Green Finance Current Performance Index and the Shanghai Green Finance Social Awareness Index based upon one assessment framework and two sets of methodologies. Both overall scores show that Shanghai is doing well with Green Finance. Unlike existing Green Finance indices, the Index team summarized six factors that drive Green Finance, after considering different dimensions such as: academic theory, policies and regulations, practical operations, and analyzing other Green Finance indices. The six factors are: financial market construction, financial instruments, policy support and guarantee, industrial development and corporate activities, ecological environment and urban construction, and macroeconomics and infrastructure. The team used the end of October 2022 as the cut-off date for the previous year’s data, and calculated the overall score of the Shanghai Green Finance Index in 2021. In accordance with industry best practices for a Green Finance Index, the scores are expressed as growth rates. To indicate the development trend for Shanghai’s Green Finance, the team used the previous data to calculate the growth rates for 2018, 2019, and 2020. The overall score of the Shanghai Green Finance Index in 2021 was 11.67%, compared to 3.92% in 2018, 5.61% in 2019, and 6.67% in 2020 — indicating sharp growth and promising prospects.

December 13, 2022

SAIF Sustainable Investment Research Center Established

On November 26th, the Sustainable Investment Research Center (SIRC) of SAIF was inaugurated at the 2022 Shanghai International Financial Center (SIFC) Development Forum. The forum was organized by SAIF and co-organized by CCTV Shanghai, the Shanghai Xuhui District People’s Government, and the Shanghai Finance Society. The SIRC aims to become a research hub and policy think tank in the sustainable investment area in China, as well as a high-end talent base for developing a new generation of investors and asset managers. Based on the current sustainable development strategy in China, and benchmarking with China’s world-class finance institutions, SAIF established the SIRC with global partners including Franklin Templeton Investments and the China-U.S. Green Fund. SIRC works on academic research, policy think tanks, application consulting, and talent training in the field of sustainable investment. The research of SIRC will cover systematic sustainable investment, including: the Definition and Implementation Methods of ESG, Industry Benchmarks, Development Strategy, and Evaluation and Regulation. In terms of talent training, SIRC will develop new courses and establish a disciplinary system in the field of sustainable investment related to ESG — with summarized research knowledge and practical experience. It will cultivate high-end talent for government authorities, regulators, financial institutions, asset management companies, and enterprises interested in sustainable investment. Meanwhile, the SIRC will enhance the influence of sustainable investment and promote a sustainable transformation of economic development through the annual Sustainable Investment Development Forum.

December 12, 2022

Shanghai International Financial Center Construction Series Report 2022 Released ...

On November 26th, Shanghai International Financial Center Construction Series Report 2022 (the Report) was released at the 2022 Shanghai International Financial Center (SIFC) Development Forum. The forum was organized by SAIF and co-organized with CCTV Shanghai, the Shanghai Xuhui District People’s Government, and the Shanghai Finance Society. To further promote the construction of the SIFC, SAIF Think Tank organized relevant internal and external experts to set up a special project team. Based on previous projects (Thematic Study on the Revision Project of Regulations on Promoting the Construction of SIFC and SIFC Construction Goals and Development Suggestions) and on development goals proposed in the 14th Five-Year Plan for the Construction of SIFC, the team focused on deepening the financial functions of SIFC and upon the enhancement of Shanghai’s urban capacity. The team summarized the construction experience and development status in key areas of SIFC, analyzed problems encountered in the construction process, and proposed further initiatives for the construction of the SIFC. In 2023, SAIF will release the SAIF-China Economic and Financial Database and the SAIF- International Business Case. The SAIF-China Economic and Financial Database provides complete, rigorous, professional and comparable economic data in order to provide a global authority on China’s financial research and to promote China as a global financial research hub. The SAIF-International Business Case is a collection of case studies on Business Finance, mainly used for finance teaching, practice and popularization. It aims to build an international and localized top-case resource pool, which will cover key industries of social and economic operation and related financial service areas, including, but not limited to: Platform Economy, Asset Management, Family Wealth, FinTech, Technical Finance, and Science & Innovation Parks.

December 12, 2022

2022 Shanghai International Financial Center Development Forum Held and Reported ...

On November 26 2022, the Shanghai International Financial Center Development Forum was held in Shanghai. The forum was organized by SAIF, and co-organized with CCTV Shanghai, the Shanghai Xuhui District People’s Government and the Shanghai Finance Society. Experts, scholars, and representatives of financial institutions were invited to express their insights on “New Journey of Shanghai International Financial Center Construction: Institutional Opening Up and High-Quality Development”. The forum was also reported on by CCTV News. During the forum, the International Financial Center (IFC) Development Report 2022 and the Shanghai International Financial Center (SIFC) Construction Series Report 2022 were released. These reports macroscopically interpreted initiatives and achievements during IFC and SIFC construction, respectively. The forum also witnessed the signing ceremony for the strategic cooperation between CCTV Shanghai and SAIF, the inauguration of the Sustainable Investment Research Center (SIRC) of SAIF, and the establishment of the West Bund Green Finance Alliance. SIRC aims to become a research hub and policy think tank in sustainable investment in China, as well as a high-end talent base for developing a new generation of investors and asset managers. Many other themes were discussed during the forum, including “How to promote the transformation and development of the real economy with Green Finance”, “How to improve the resource allocation system of Green Finance”, and “How to support the structural adjustment of Green Industry”. The Shanghai Green Finance Index was also released which reflects the overall performance of Green Finance in Shanghai. It creatively develops both the Shanghai Green Finance Current Performance Index and the Shanghai Green Finance Social Awareness Index based upon one assessment framework and two sets of methodologies. Both overall scores show that Shanghai is doing well in Green Finance.

November 30, 2022

Salary of SAIF FMBA 2022 Graduates Hits High

On October 21, SAIF released its Employment Report of the Full-time Financial MBA (FMBA) Graduates. The report showed that the employment level of FMBA graduates improved significantly higher than before enrollment, including: salary, position, and the quality of employment agencies. It demonstrates that the “Finance +” multidisciplinary FMBA graduates have been recognized by the market. According to statistics, 54.7% and 45.3% of this year’s full-time FMBA graduates came from the financial industry and non-financial industry before enrollment, respectively. After two years of systematic education and training through the SAIF FMBA Program — and with guidance from the Career Development Center (CDC) — their professionalism, skills, and global comprehension have been strengthened. This year, many graduates of the FMBA program are still employed in key units — such as the Shanghai Stock Exchange and the State-owned Assets Supervision and Administration Organization. In addition, 75.6% of the FMBA graduates entered the financial industry employers included: CICC, CITIC Securities, Huatai United Securities, Guotai Junan Securities, Everbright Securities Capital Management, and Essence Securities. Meanwhile, the comprehensive skills and cross-border thinking of SAIF FMBA graduates are favored by industry as well. This year, 24.4% of graduates are employed in non-financial industries, working as corporate executives, in consulting/strategic investment, in operations, in project management, and as management trainees. Most of the employed organizations are high-tech enterprises, some of which include Tencent Technology, Contemporary Amperex Technology, and Shanghai Henlius Biotech. In terms of salary, 54 FMBA graduates had an average starting salary of RMB 455,000 (up 26% and 86% over figures from 2021, and before enrollment, respectively), with the median being RMB 400,000 (an increase of 33% and 50% over figures from 2021, and before enrollment, respectively). Shan Wei, an FMBA graduate who joined the Tencent Global MBA Management Trainee Program (Industrial Internet Direction) as a senior business analyst, worked as a senior strategic consultant at IBM Consulting before enrollment. Talking about his learning experience at SAIF, he said: “The professional courses offered by SAIF FMBA helped us to consolidate the theoretical foundation of finance while showing us cutting-edge trends. The practical skills training courses and practical activities conducted by CDC, and the school-enterprise cooperation and industry mentors’ guidance, enabled me to think more about my own positioning and accomplish my own goal of exploring a new career.” As the first MBA program in Finance in China, the SAIF FMBA program has always been committed to cultivating a group of entrepreneurs and professional managers with local influence, international competitiveness, and an innovative spirit. Professor Jie Chang (Academic Director of the MBA Program) said, “Our program, in terms of curriculum, training system and career guidance, focuses on finance as its core, with comprehensive skills. It helps to build up students’ financial knowledge and global vision in all aspects, to better adapt to complex and changing business environments. We will contribute more to China’s economy through their success.”

November 30, 2022

Case Authored by Professor Fei Wu Selected for Harvard Business School

A case study on wealth management of family businesses in mainland China, One Tiger Per Mountain: The He Family Office, has recently been selected as a Harvard Business School Case (Harvard Business School Case 223-001). The case was co-authored by Professor Wu Fei (Academic Director of the EED Program at SAIF), Lauren Cohen, (L.E. Simmons Professor at Harvard Business School), and Grace Headinger (Researcher at Harvard Business School). This is the first case study on inheritance solutions for entrepreneurs in mainland China that has ever been selected by Harvard Business School. After over 40 years of reform and opening up, mainland China has bred a large number of private enterprises with assets in the hundreds of millions. According to the “2022 China’s Top 500 Private Enterprises Research and Analysis Report” released by the All-China Federation of Industry and Commerce (ACFIC) in September this year, there are 8,602 private enterprises with annual revenue of 500 million yuan or more, and the threshold for entry into the top 500 enterprises has reached 26.367 billion yuan. “Most of China’s private enterprises are family businesses, which have been established for only a few decades. However, as the first generation of entrepreneurs have begun to enter the twilight of life, the question of ‘How to smoothly hand over to the second generation, or even further develop and expand the enterprise?’ is becoming a new issue. This is also the reason why we started to carry out this research.” Professor Wu Fei said that Harvard Business School is intrigued with this micro-sample of Chinese economy, and that they also hope to analyze business cases of Chinese family enterprise inheritance in order to understand their development tendencies. The case takes the He family in Guangdong as a representative. By focusing on the multiple concerns and typical demands of the founders of entrepreneurs in thinking about the business inheritance, the case analyzed how the founders developed an orderly transition plan of ownership and management by bringing in an external professional family office. The case also discussed “How to balance the relationship between different family branches and different family members with family well-being?”, “How to support the family’s long-term goals through structural and institutional arrangements?”, and “How to promote family unity and family spirit internally and assume social responsibility and public obligations externally?”. In the concrete implementation of this case, an independent professional consultant — HeFeng Family Office (China’s local family office) — successively planned and designed the family’s domestic and foreign ownership structure for the He family. It assisted the He family in setting up governance structures including: the family committee, family trust protector committee, family charitable foundation and family office. It also drafted and revised the governance mechanism, including the family charter and family policies, and assisted the family investment committee in managing its global investment portfolio. As their first case at Harvard Business School, Professor Fei Wu, his two co-authors and the HeFeng Family Office went through several rounds of conferment and refinement. With respect to the case parties, the case embodied to the greatest extent the core issues facing the inheritance of Chinese family businesses, including: entrepreneurship, Chinese family member relationships, ownership and management, leadership inheritance, family business strategic planning, family and family business governance, family offices, family trusts, family investments, charitable foundations and social responsibility, family charters, family policies, family agreements, and family memorials. Fei Wu said, “China’s private economy contributes more than 50% of the country’s tax revenue, more than 60% of GDP, and more than 80% of urban jobs. The smooth pass down and the enterprise’s continuous development are of great significance to consolidate the achievements of China’s reform and development, stabilize social employment and increase tax revenue. We hope that by launching this typical case, we can study more on the topic of reform, development and inheritance of Chinese family enterprises, and provide useful reference and inspiration for other family enterprises.”

November 30, 2022

2022 SAIF Faculty and Staff Autumn Semester Meeting Held

On October 11th, the 2022 Faculty and Staff Autumn Semester Meeting (the Meeting) was held at SAIF. In the previous meeting of the Faculty Council, Guangshao Tu (Executive Director of the SAIF Board) advised on the arrangement of the Meeting and upcoming work for the new semester. The Meeting was hosted by Qigui Zhu (Secretary of the CPC SAIF Committee). Shijun Cheng (Executive Dean), Jiang Wang (Executive Director, Chair of Academic Council at SAIF), and Tan Wang (MF Program Academic Director) delivered speeches. Over 170 SAIF professors and staff attended the conference. Qigui Zhu first conveyed the spirit of the 8th Plenary Session of the 11th CPC SJTU Committee. He said, “In the Spring and Summer semesters, SAIF guarded the health of the faculty and students with epidemic prevention and control while promoting stable developments. In the Fall semester, we should promote the high-quality development of SAIF based on prevention and control of the epidemic, and welcome the 20th Party Congress with practical actions. We will comprehensively enhance the political function and organizational strength of SAIF and accelerate its construction as a world-class financial institute. When reviewing the work of SAIF in the first half of 2022, Shijun Cheng said that although SAIF faced challenges due to the epidemic, with the joint efforts of all faculty and staff, a number of tasks have progressed smoothly, including: teaching tasks, inter-departmental collaboration, talent training, think tank construction and applied research, and external cooperation. In the Fall semester, Cheng pointed out that 1) SAIF should take talent work as the top priority and continuously innovate with initiatives to attract, employ and retain talent; 2) SAIF should continuously improve at the management level, and strive to form a mechanism for efficient collaboration, resource sharing and pairing complementary advantages; and, 3) SAIF should ensure the orderly advancement of key work —such as talent training, think tank construction and international cooperation — and complete annual work goals with high quality. Jiang Wang, on behalf of the Faculty Council, fully affirmed the progress SAIF has made this year. He thanked all the faculty and staff as well for overcoming difficulties in a pandemic environment and for achieving remarkable results in teaching and research, discipline construction, and resource expansion. He pointed out that, facing a constantly changing environment and further intensifying market competition, we should turn challenges into opportunities. For the next phase of work, Wang emphasized, “We should further strengthen the construction and function of the faculty and talent team, continuously improve the quality of each program, accelerate the expansion of the market of non-academic programs, and the integration of industry-academy-research business. We should also deepen communication and cooperation with the government, schools, alumni and external organizations, and promote all the work to successfully complete the tasks assigned by the Council at the beginning of 2022.”

November 30, 2022

2023 SAIF MF International Youth Leadership Finance Summit

The 2023 International Youth Leadership Finance Summit (IYLFS) will be held online January 13th-15th, 2023. IYLFS is a student competition event hosted by the Master of Finance (MF) Program of the Shanghai Advanced Institute of Finance (SAIF) at Shanghai Jiao Tong University. IYLFS provides an interactive learning platform for undergraduate students to cultivate their leadership, communication, and organizational skills. We connect the best students from around the world, and offer them a unique learning experience through hands-on study of business cases and face-to-face communication with business leaders and scholars. Background: As the world is facing long-term challenges including climate crisis, environmental pollution and economic downturn, Environmental, Social, and Governance (ESG) Investing has drawn growing attention from the global investment community. This increased awareness has been spurred on by shifts in demand from across the finance ecosystem, driven both by the search for better long-term financial value and the pursuit of better alignment with values. With a theme of "ESG Investing", the summit invites aspiring young people worldwide to share their ideas, and exhibit their team spirit and leadership. • How shall we expand the product supply and the investment scale of ESG investment? • How shall we improve the infrastructure of ESG investment, and promote the formation of universal standards for information disclosure？ • ESG investment is a systematic endeavor. How shall we form a joint force of governments, real economy enterprises, investment institutions, and other entities for ESG investment? Let us find the answers together. Date: January 13th–15th, 2023 Register Here: https://apply.saif.sjtu.edu.cn/user/login/saif/43 *Please complete the application on a PC IYLFS, for You: ● Dive deep into impactful financial topics ● Interact with SAIF faculty and industry leaders ● Meet and compete with the most talented global elite ● Showcase your insights and develop new skills ● Gain international competition experience ● Opportunities to: - Win cash prizes - Get a SAIF MF Admissions Interview Fast Pass - Receive an MF scholarship worth more than 25% of tuition fee* * International participants who win First, Second, or Third Prize in IYLFS and who later enroll in the MF program, can quality for an MF scholarship worth more than 25% of tuition fee. Summit Date: January 13th–15th, 2023 Venue: Online Application and Finalists Selection Procedure: 1. Participants should register and submit applications individually in the IYLFS application system. Eligibility for application: All full-time undergraduate students are welcome; we encourage students from all backgrounds to apply. 2. Participants are to form, on a voluntary basis, teams of 4 to 6 and are encouraged to have team members from different disciplines with diverse academic backgrounds. 3. Each participating team is to choose one of the three topics (listed below) and submit a group research report. The report must be submitted before the deadline. The organizing committee will select the finalists based upon the quality of the reports. Selected teams will present their final reports online. 4. At the final presentation, teams will have a chance to showcase their academic strength and creative thinking in front of a group of experts consisting of professors and industry leaders. A following Q&A session will further provoke thoughts on the topic. * Participating teams are expected to demonstrate unique insights and strong analytical skills. Reports should be written clearly with good quantitative analysis. Topics Topic 1: Financial instruments play an important role in promoting green and sustainable development. Among many green and sustainable financial instruments, Green Bonds and Sustainability-Linked Bonds are favored by investors because of their simple structure. Please conduct a case analysis of either Green Bonds or Sustainability-Linked Bonds. The case analysis may include, but is not limited to, the definition of the bond, its characteristics, its difference from ordinary debt, its importance to ESG, etc. Topic 2: Information disclosure is fundamental to ESG practice. Presently, there have been a number of international standards proposed for ESG information disclosure, and each standard has a different emphasis and characteristics. Please select two disclosure standards which you think are mainstream or important, and elaborate upon and compare the differences and characteristics between the two standards. Topic 3: There is by now a consensus that the carbon emission market plays an important role in helping to reduce carbon emissions and to achieve the temperature control goal of the Paris Agreement. However, the efficient operation of the carbon emission market requires not only a solid theoretical foundation, but also a set of practical protocols for operation. Please take the EU carbon emission market as an example to discuss in detail the protocol of the operation and theoretical foundation of a carbon market. In your discussion, please give particular attention to the accuracy of data and a systematic description of the structure of the market. Language of Report: The research report must be submitted in English. The presentation during the summit will be conducted in English. Application Time: Application period: 21 October – 18 December,2022 Report submission deadline: by 18 December, 2022 at 23:59 Where to apply: https://apply.saif.sjtu.edu.cn/user/login/saif/43 Click the above link or scan the QR code to apply. Please login to the system and apply by using your desktop or laptop web page. Contact Us: No. 211 West Huaihai Road, Shanghai, 200030, China Email: mf.summit@saif.sjtu.edu.cn Tel: 86-21-62934968 WeChat: SAIF-MF Sina Weibo: SAIF_MF Facebook: Saifermaster LinkedIn: SAIF MF Web: http://mf.saif.sjtu.edu.cn