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P O S T E R D E S I G N 16
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P H O T O G R A P H Y 20
P A C K A G I N G D E S I G N 22
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3. 3
G a r l e n Z h o u
周 佳 音
1 3 6 0 1 6 0 3 0 1 4
zhoujiayin315@hotmail.com
Room 25B, 518 Xujiahui Road,
Luwan District, Shanghai, P.R.China
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In particular, this represents the following:
We may incur significant losses from our
trading and investment activities due to market
fluctuations. We enter into and maintain large
An investment in our shares involves a number of
trading and investment positions in the fixed
risks. You should carefully consider the following
income, equity and currency markets, primarily
information about the risks we face, together with
through our Corporate Banking & Securities
the other information in this document when you
Corporate Division, many of which include
make investment decisions involving our shares.
derivative financial instruments. We also have
put the herbal medicine in
the reliable & correct way
Table of Contents made significant investments in individual
companies through our Corporate Investments
Group Division. In each of the product and
Market Declines and Volatility can business lines in which we enter into these kinds
Letter from the Chairman 3
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Materially Adversely Affect our of positions, part of our business entails making
Revenues and Profits. assessments about the financial markets and
JENA SOLUTIONS Group 5
trends in them. The revenues and profits we derive
Executive Committee
from many of our positions and our transactions
Corporate Profile In recent years we have increased our in connection with them are dependent on market
Corporate Governance exposure to the financial markets as
Risk Factor
prices.
we have emphasized growth in our
Stakeholders 11 investment banking activities, including Protracted market declines can reduce liquidity
Shareholders trading activities, and de-emphasized
Market Volatility
in the markets, making it harder to sell assets
Customers growth in our traditional lending and possibly leading to material losses. In some
business. Accordingly, we believe of our businesses, protracted market movements,
Management Report 13 that we are more at risk from adverse particularly asset price declines, can reduce the
Management Report developments in the financial markets level of activity in the market or reduce market
Net Interest Revenues than we were when we derived a larger percentage liquidity. These developments can lead to material
Significant Accounting Policies
I
of our revenues from traditional lending activities. losses if we cannot close out deteriorating
Risk Factor Market Market declines can cause our revenues to decline, positions in a timely way.
Outlook and, if we are unable to reduce our expenses
Other Investments at the same pace, can cause our profitability to Even where losses are for our clients’ accounts,
erode. Volatility can sometimes also adversely they may fail to repay us, leading to material
Consolidated Financial Information 15 affect us. losses for us, and our reputation can be harmed.
Income Statement
Our investment banking revenues in the form
Balance Seet An overall market downturn can adversely affect of financial advisory and underwriting fees may
Cash Flow Statement our business and financial performance. Market decline in adverse market or economic conditions.
Five-Year Group Record downturns can occur not only as a result of purely
economic factors, but also as a result of war, acts We may generate lower revenues from brokerage
Notes 16 of terrorism, natural disasters or other similar and other commission- and fee-based businesses
Significan Accounting Policies events. if market downturns lead to declines in the
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Other Equity Interests
volume of transactions. The fees that we charge
Goodwill and Other Intangibles
for managing our clients’ portfolios are in many
Earnings per Common Share
cases based on the value or performance of those
Supplementary Information 21 portfolios. A market downturn that reduces the
Independent Auditor’s Report value of our clients’ portfolios or increases the
Advisory Board amount of withdrawals would reduce the revenues
Corporate Information we receive.
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