Formally founded in January 2003, Fixed Income Division (the Division) is in charge of such businesses as issuance, underwriting and transaction of bonds (treasury bonds, financial bonds, corporate bonds).

At present, in the Division there are near 20 employees, 20% of whom with a doctor's degree, 60% with a master's degree or higher and 85% with a bachelor's degree or higher. Most of them possess rich working experience. Meanwhile, sound management system of bonds underwriting and investment flow, as well as relevant anti-risk system have been established in the Division, which ensures a steady and firm development of the bonds business.

Our company has maintained high increase rate and market share in the field of treasury bonds and corporate bonds underwriting in recent years.

In 2002, the total amount of bonds underwritten by our company ranked the third among the 50 members of the exchange's underwriting syndicate; the Ministry of Finance released a comprehensive ranking list of underwriting syndicate members for exchange account treasury bonds of 2002 and our company got the second place. In 2003, our company won the qualification for memberships of underwriter syndicate for exchange treasury bonds, inter-bank treasury bonds and China Development Bank financial bonds at one time, becoming one of the few securities companies who own the aforesaid three qualifications at the same time. As of June 18, 2003, the treasury bonds underwritten by our company amounted to RMB5.37 billion in 2003, ranking the second among the securities companies and that of financial bonds amounted to RMB780 million, ranking the fifth.

Our company has a vast group of long-term investor clients. Besides the clients of Research Institute and Business Department, the Division also has many stable long-term institutional clients. Thus, we have strong capability in underwriting treasury bonds, financial bonds and corporate bonds.