The relationship between GF Securities and GF Fund Management Company is that GF Fund Management Company was established by institutions such as GF Securities Co., Ltd., so the former is the shareholder of the latter. One is a securities company, and the other is a fund company, which has business relations and no affiliation.

Guangfa Securities Co., Ltd. was established in September of 199 1. It is one of the first comprehensive securities firms in China and a new investment bank growing together with China's capital market. At present, the registered capital of the company is 5.9 billion yuan (as of September 20 12, 17), with nearly 10,000 employees and nearly 20,000 business departments and securities service departments all over the country.