Programme Course Description Elective Modules
Investment advisory service is part of financial planning for individuals. The module will start with a review of the financial planning process and tools of financial planning, which includes liquidity and credit planning. Tax planning, insurance planning, retirement planning and estate planning are key areas for servicing high net worth and high income clients. The module will include the construction of a written financial plan with a focus on the recommendation of products offered by private banks and other financial institutions to meet the investment objectives of upmarket clients. This elective is recommended for students who are contemplating client relationship and business development roles in the fast-changing financial services industry.
Private Equity and Venture Capital Investing 私人证券与风险资本投资
This elective explores topics and issues in private equity and venture capital investing from both the point of view of the investors as well as the entrepreneurs. This elective is suitable for those who are interested in pursuing a career in the private equity and venture capital industry. It will give an overview of the private equity and venture capital industry in Asia and United States as well as a foundation on general investment terms and structure, equity and debt classes, valuation approaches, due diligence processes and exit/divestment strategies. It will be taught with a combination of case studies and lecture-discussions including visiting entrepreneurs.
Structured Products 结构化产品
This elective will cover the use of structured products by fund managers for investment. These products include convertible bonds, mortgaged-backed securities, option-embedded bonds, equity-linked notes, dual currency options, reverse floaters and similar forms of innovative financial instruments. Students will obtain a good understanding of the risk and return of these products, and their use in portfolio management.
China Economy and its Financial Markets
China economy that represents high growth and profitability is one of hottest issue in the world. However, Fitch just reported that China many occur local financial crisis in 2013. Due to inflation, RMB currency issue, unsettled financial crisis in USA and Europe, substantial local governmental debts in China, and others, China really needs to face and deal with issue of asset bubble. Expectedly, GDP growth rate in China would start to slow down. Similarly, certain areas of China stock markets are extremely hot, for example Shenzhen Chinex Stock Market (‘Chinex’). Average offered price of Chinex (創業板) has been greater than 50 times of P/E ratio (Price/Earnings ratio) since its first IPO; its highest one was ever 122 times. Also, 100 times P/E ratio or of above in secondary trading market can be easily found both in A share and Chinex markets. Presumably, these phenomena partly relate to their high growth potentials. In contrast, back door listing China companies in USA has become a big scandal. The US Securities and Exchange Commission (SEC) has been suspending and investigating Chinese companies at unprecedented rate and both Fitch Ratings and Moody's Investors Service have become vociferous in warning of fraud and accounting irregularities. Muddy Water leads the markets to go short China listing companies in the world. We need to understand China macroeconomic environment, China stock markets and China companies. This course attempts to introduce and analyze macroeconomic environment and of China and its stock markets from perspectives of risk and opportunities. After this course, you should be able to comprehend China economy, nature of China companies and China stock markets.
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