Singapore Management University and Xiamen University deepen learning and research of China's financial markets

1) China Capital Market Research Centre at SMU co-hosts China Private Equity Fund 2007 Summit in Xiamen and launches first book

2) New Applied Finance Master's Degree for Postgraduate Students from China Launched

Singapore, 20 September 2007 – Two major milestones mark the close collaboration, which started less than a year ago in January 2007, between Singapore Management University (SMU) and Xiamen University (XMU), China.

The China Capital Market Research Center (CCMRC) at SMU and its counterpart at Xiamen University , the Wangyanan Institute of Studies in Economics (WISE), jointly hosted the annual China Capital Market Forum in Xiamen, 6-11 September 2007. Themed the China Private Equity Fund Summit 2007, the forum discussed opportunities to enhance the flow of capital to Chinese enterprises through private equity funds and investors. The Summit was attended by a full range of capital markets participants, senior government officials and top corporate executives from both China and overseas. Speakers at the summit included top private equity fund managers and regulators from China and other major capital markets in the world. SMU President Professor Howard Hunter delivered an opening address at the summit, together with Xiamen deputy mayor and XMU President Professor Zhu Chongshi. CCMRC Director Practice Associate Professor of Economics Tan Kim Song and other SMU professors were also speakers and active participants at the summit. Other Singapore speakers included top executives from the Government Investment Corporation and the Singapore Exchange. SMU and XMU will alternate the hosting of the annual China Capital Market Forum – the next one will be hosted by SMU in Singapore in 2008.

CCMRC and WISE also released their "Research Report on the China Private Equity Market" at the Summit. It is the first such book covering various aspects of the nascent private equity (PE) market in China and provides a comprehensive guide to PE market players and investors in China. An English version incorporating the main issues discussed at the Summit and an update on the latest developments in the market is scheduled to be published next year. Other collaborative projects in progress include a joint research on the comparative performance of the Shanghai, Shenzhen, Hong Kong and Singapore stock exchanges, and a study on the formation of financial centers in Asia.

The second milestone of the SMU-XMU collaboration is the launch of the Master of Science in Applied Finance (China) (MAF (CHINA)). The pioneer batch of 70 students commenced studies in the programme on 15 September at the Wang Yanan Institute for Studies in Economics (WISE) at Xiamen University and Shanghai Academy of Social Science in Shanghai . The MAF (China) is SMU's first graduate finance programme dedicated to meet the needs of postgraduate students from mainland China. It is designed for postgraduate students as well as professionals who are currently working in the finance industry and wish to enhance their knowledge, skills and market value by pursuing their Chartered Financial Analyst (CFA) qualification.

Students will spend their first year in preparatory study to build a solid background in English, as well as in economics, finance, and quantitative skills. They will then come to SMU for another full year of intensive study in subjects such as accounting, equity and fixed income analysis, corporate finance, portfolio management, financial engineering and risk management. Taught by a team of internationally distinguished academics and experienced professionals and features a curriculum that is designed to balance theory and practice, the MAF (China) follows the model of SMU's existing Master of Science in Applied Finance programme, which provides students an international perspective of global financial markets and instruments. It is however, specifically customised to focus on the unique characteristics of the Chinese market.

A unique feature of the MAF China programme is that the curriculum is designed to meet not only the high academic standards of a master's degree, but also the stringent requirements of the Chartered Financial Analyst (CFA). Students under this program will be well prepared to take the CFA examinations even before they graduate. SMU has a strong track record in this area, based on the performance of the previous cohorts of students from its existing MAF programme. On average, 90% of SMU MAF students have passed the CFA Level 1 examination, and 78% passed the CFA Level 2 examination. Compared to the overall average pass rates of less than 50% for both Levels 1 and 2 elsewhere, the high pass rate demonstrates the quality of SMU's programme.

Gradutates of the MAF (China) programme will have a solid foundation in economic and financial theory as well as state-of-the-art quantitative financial skills. Moreover, the curriculum offers practical training in finance to familiarise students with current industry practice. In the spirit of the SMU-XMU partnership, the MAF (China) programme leverages the synergy of both institutions to fill a gap in the tertiary education sector in an area of critical training identified by authorities and finance leaders in China and Singapore. The design of its curriculum also underscores the commitment shared by both institutions to provide students with relevant, real-world training.

The initiation of both milestones less than a year since the signing of a Memorandum of Understanding (MOU) between Professor Zhu Chongshi, President of XMU, and Professor Howard Hunter, President of SMU, underscore the active and powerful partnership established between both institutions. The MOU seeks to develop and enhance academic exchange and cooperation between the two universities in teaching and research at the undergraduate, postgraduate and executive education levels. The first step in that broad partnership was in March, when CCMRC at SMU was jointly established to provide a centre of excellence in Singapore for the understanding and in-depth analysis of China 's rapidly evolving capital markets.

Said Professor Howard Hunter, President of SMU, “I am confident that we have developed a first-rate MAF programme that is as good or better than the best international programmes, yet distinctive for its timely focus on China's rapidly transforming financial environment. At SMU, we would like to leverage Singapore's unique position to play a meaningful role in China's capital market development process. Located right at the heart of the business and financial district in the region's financial hub, we are also fully plugged in to the activities of the regional financial market. Our professors are encouraged to engage in world-class research and stay close to the business and financial community. Many of them are also practice professors who have had a wealth of practical experience from their years working in industry and can provide unique insights into the issues and challenges faced by practitioners. Working in collaboration with our counterparts from Xiamen University, it is our aim that the China Capital Market Research Center at SMU will become a major regional hub of knowledge and research that will help create a deeper understanding of the dynamics of the capital market in China and, in so doing, will support its sustained development.”