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1．Course of Development
Pan-China Assets Appraisal Co., Ltd. is reformed from the former China Financial Consulting
Co., Ltd., Pan-China Assets Appraisal Co., Ltd. and Beijing Dewai Appraisal Co., Ltd.
Of these companies, the former Pan-China Assets Appraisal Co., Ltd. used to be a most
important role in the assets appraisal sector in China, and was one of the most influential
assets appraisal institutions in China;
The former China Financial Consulting Co., Ltd. used to be a professional institution
established by the Ministry of Finance in 1982, which was one of the earliest professional
institutions in China to provide consulting services for enterprises including assets appraisal
service and one of the largest assets appraisal companies in the assets appraisal sector in
And the former Beijing Dewai Appraisal Co., Ltd., formed in 1993, used to be the earliest
professional institution specializing in assets approval in China, which completed its
reorganization by the end of the year 1999 and became one of the large-scale assets
appraisal institutions in China.
Pan-China Assets Appraisal Co., Ltd. after the merger has maintained its leading position in
the assets appraisal sector in terms of the scope of service, the number of appraisers, the
level of expertise and the concept of service, ranking itself as one of the most competitive
and innovative institutions in the sector of certified public assets appraisal in China.
Seek Credibility with Quality Adhering to Moral Ethics
Abide by the profession tenet of “service, dedication, cooperation, excellence”
Persist in the profession principle of “independence, objectivity, fairness and justice”
People-oriented Common Development
Uphold people-oriented development concept Seek coordination of personal and
Realize common development of Tianjian Xingye and customers
Professionalism Combination of Chinese and Western Elements
Inherit excellent traditions of Chinese culture
Win market with superior professional service Gain social recognition with outstanding
Progressive Innovation Seeking Superiority
Keep abreast with the times Aim at revitalizing, pushing forward and reinforcing Chinese
certified public valuer industry
Work persistently Avail of superior expertise to offer top professional value-increasing
service to customers .
3. Staff composition
After nearly two decades of growth, our professional team has attracted and gathered
a galaxy of experts and talents who are equipped with professional knowledge, strong
business quality, pioneering spirit, commitment to work, organization skill, service
awareness,and rich experience. In the process of years of work, a team consisting of
senior and medium level engineering technology experts, covering steel iron,
petrol-chemicals, non-ferrous metals,building materials, agriculture, pharmaceuticals,
machinery and new high-tech companies, pools efforts together.
The Company boasts over its team of 200 experts, nearly 100 Chinese certified
publicvaluers and over 10 mineral right appraisers, many of whom hold multiple
professional qualifications at hand including Certified Public Accountant, Certified Real
Estate Appraiser, Land Value Estimator, and Cost Engineer, etc.
4. Distribution of Service Departments
The Head Office of the Company is located in Biejing, with branches established in Shanghai,
Shenzhen, Liaoning, Jiangsu, Sandong, Hunan and Anhui and representative offices in
Wulumuqi, Shijianzhuang, Xi’an, Taiyuan, Chongqing, Wuhan, Chengdu, Zhengzhou and
Fuzhou. In addition, the Company has closely-cooperated structures in many other cities in
China, which are able to arrange the Company’s branches to provide their convenient and
fast services based on the distrinution of the assets of the customers and on the basis of
the principle of vicinity.
5. Professional Qualifications
* Assets Appraisal Credentials (awarded by the Ministry of Finance)
Assets Appraisal Credentials is a proof of qualifications for business in the line of assets
appraisal. The assets under appraisal include state-owned assets and non-state-owned
l Securities and Futures Appraisal Credentials (awarded jointly by the Ministry of Finance
and the China Securities Supervisory and Regulatory Committee)
This proves the qualifications for assets appraisals businesses related to the listed
companies (such as listing of a company, issuance of stocks, purchase of a listed
company, transfer of stockholder’s right and assets, etc.).
l Prospecting and Mining Right Appraisal Credentials (awarded by Ministry of National Land
The bearer of the credentials is qualified for assets appraisals with regard to the right to
prospecting of mineral deposits and the right to mining.
l Land Appraisal Credentials (awarded by China Land Appraisers Association)
This is an A-class credentials that proves the qualifications for practice of appraisals, which
is held by Beijing Zhonghe Liren Land and Real Estate Appraisal Co., Ltd. under the unified
administration of Beijing Pan-China Assets Appraisal Co., Ltd. Beijing Zhonghe Liren Land
and Real Estate Appraisal Co., Ltd. is specialized in real estate and land appraisal, and has
acquired first-grade real estate appraisal qualifications, able to conduct appraisal businesses
within the range of the entire country.
6. Scope of Service
l The appraisal covers the overall appraisal and individual asset appraisal.
l The individual asset appraisal includes
l Real estate valuation, including the houses and buildings, land use right value
l Appraisal of machine equipment, transportation equipment and electronic equipment
l Equity Valuation
l Evaluation of intangible assets, including proprietary technology and patents,
trademarks,copyrights, franchises, goodwill, etc, franchises, goodwill, etc.
l Prospecting and mining rights assessment
l Appraisal of bad assets
Project evaluation and investment appraisal and management consulting, including:
·Loan Project Evaluation
·Project Feasibility Study
·Financial Advise on Merger Project
·Financial Management Consulting
Other Related Services
·Research on Project Feasibility
·Financial Consulting Service in the Process of Business Reorganization and Merger
and Enterprise Listing
7. Core Managerial Team
● Mr. Sun Jianmin, Legal Representative and Chairman of Board of Directors
Master, EMBA of Beijing University, Certified Public Assets Appraiser, and Certified
Public Real Estates Appraiser
Mr. Sun has been in charge of and accomplished assets appraisals in the process of
the listing of over one hundred A-stock, B-stock, H-stock and N-stock enterprises and
the formation of several tens of Sino-foreign joint ventures. He has received professional
trainings in countries and regions including the United States, Canada and Hong Kong,
having acquired a sophisticated knowledge of the reorganization, financing and assets
appraisal of enterprises. The large and especially large appraisal projects completed
under his direction have all proved to be very successful, including Daqin Railway, China
UNICOM, China HuaRun Corporation, China construction Bank, China Life Insurance (Group)
Company, and China Grain, Oil and Food Import and Export (Group) Co., Ltd. He acts
concurrently as a director of Beijing Certified Public Accountants Association, member of
Professional Technological Support Committee of China Assets Appraisal Association,
assets appraisal expert of National State-Owned Assets Commission, and member of the
Examination Committee of China Oriental Assets Management Company.
● Mr. Wu Jianmin, Executive Director and General Manager
Certified Public Assets Appraiser, Certified Public Accountant of Securities and Futures,
and Senior Accountant
Mr. Wu is of a qualified status of a certified public assets appraiser, certified public
accountant of securities and futures, and certified public tax practitioner, with a
professional title of senior accountant. He is a Master of Accounting of Hong Kong ****
University. He has taken charge of the auditing and assets appraisal projects with regard
to the system reformation of several tens of domestic enterprises, and the formation of
Sino-foreign joint ventures. Years’ practical work has helped him accumulate rich
experiences in pragmatism and management. He acts concurrently as a member of the
Fourth Reorganization Committee of China Securities Regulatory Commission, advisory
expert of Accounting Principle Committee of the Ministry of Finance, member of China
Assets Appraisal Association and member of Accounting and Appraisal Committee, member
of Accounting Principle Technical Committee of the Ministry of Finance, standing member
of Beijing Certified Public Accountants Association, and member of Assets Appraisal
● Mr. Zhou Jun, Executive Director and Chief Appraiser
Master, EMBA of Tsinghua University, Certified Public Assets Appraiser, and Senior
Mr. Zhou is of a qualified status as a certified public assets appraiser, with a professional
title of senior economic engineer. Zhou Jun is a Master from Tianjin University and an
EMBA from Tsinghua University. He has rich experience in reorganization of assets, and
merger & purchase, skilled in plan scheming and plan formulation in the process of
enterprise reorganization and merger. As the chief project manager, Zhou Jun has by far
completed the assets appraisal and financial advisory work in the process of the
reorganization and listing as well as stock right transfer of over one hundred enterprises.
He has received professional trainings in countries and regions including the United
States, and Hong Kong, familiarized with domestic and overseas accounting systems.
● Ms. Deng Xiaofeng, Senior Partner
Certified Public Assets Appraiser, Certified Public Real Estates Appraiser, and Certified
Deng Xiaofeng is one of the earliest appraisers in China to enter the appraisal area,
engaged in theoretical researches, textbook compilation, and training and work
arrangement. She has so far had an experience in appraisal for 20 years, during the
period of which she used to work with the Appraisal Center of Beijing State-Owned Assets
Administration Bureau, and general secretary of the first association of Beijing Assets
Appraisal Association when it was formed, and is currently acting as director of China
Assets Appraisal Association, member of the expert group of the Principle Committee of
China Assets Appraisal Association, executive director of Beijing Certified Public Accountants
Association, and member of Assets Appraisal Professional Committee of Beijing Certified
Public Accountants Association.
8. Backbone Team
● Ms. Yang Lihong, Deputy General Manager
Master, Certified Public Assets Appraiser, Certified Public Real Estates Appraiser, and
She is currently an examination expert of assets appraisal reports, specially invited by
the State-Owned Assets Appraisal Department of the State Council.
● Mr. Wang Renhua, Deputy General Manager
Mr. Wang is a Master of Business Administration (Financial) from Hong KongUniversity,
and Master of Law from Beijing University, Certified Public Assets Appraiser, Certified
Public Accountant, Mining Right Appraiser， Lawyer. He has accumulated rich practical
experiences in value appraisal, project appraisal, financial consulting, and management
● Mr. Liu Xingwang, Deputy General Manager
EMBA, Certified Public Assets Appraiser, Certified Public Land Appraiser, and Certified
Public Real Estates Appraiser
Liu Xingwang has accumulated abundant work experience in. the organization and
management of large appraisal projects, enterprise value appraisals, intangible assets
appraisal, and real estates appraisals. He is members of the Disciplinary Committee of
Beijing Institute of Certified Public Accountants
● Mr. Ren Limin, Deputy General Manager
Certified Public Assets Appraiser, and Certified Public Accountant
Mr. Ren Limin has for many times participated in the examination of appraisal reports as
organized by the Ministry of Finance and the National State-Owned Assets Committee.
● Ms. Yuan Yiwei, Deputy General Manager
Certified Public Assets Appraiser, Certified Public Accountant, and Mining Right Appraiser
Ms. Yuan has been accumulated rich practical experiences in the appraisal of exploring
right and prospecting right. She is currently acting as a director of China Mining Industrial
Right Appraisal Association.
● Mr. Wang Zhanfeng, Deputy General Manager
He has a Certified Public Assets Appraiser，Certified Land Valuer, , Mining Right Appraiser.,
Master. Of public assets in Tsinghua University, China Research Center and the Chinese
Academy of Sciences Research Center of the virtual economy and the data to do research
work. Engaged in asset valuation professional has a unique insight.
● Mr. Liu Yankun, Deputy General Manager
With a registered public valuer, a Certified Public Accountant,. State-owned Assets
Administration in Beijing’s Assessment Center is responsible for the auditing and
management, he was employed in the China Appraisal Society, Ministry of Finance
Department, Enterprise Division to assess peer-reviewed, quality inspection team
● Mr. Zhu Xichu, Deputy General Manager
CPV has registered, registered accountants, real estate appraisers, land valuers ,
master’s degrees. State-owned Assets Administration in Beijing’s Assessment Center is
responsible for the auditing and management, was employed by RSM McGladrey UK Ltd.,
went to England for investment projects in China, to do service consulting and training of
personnel. Current Beijing Institute of Certified Public Accountants.
9. Professional Supeirority
The Company takes pride in its over 200 professional workers, more than 100 certified
public valuers,more than 30 real estate appraisers, and more than 10 land valuers, a
large part of whom hold certified public accountant qualification, adept at finance,
accounting and financial analysis, capable of appraisal from financial analysis perspective,
while cooperating impeccably with accounting firms.
Hundreds of technological experts specialized in various sciences such as steel iron,
petrol-chemicals, non-ferrous metals, building materials, agriculture, pharmaceuticals,
machinery and new high-tech, are cooperating with the Company to ensure professional
standard of the appraisal services.
The Company offers asset evaluation and the relevant consulting services of over ten
thousand items of appraisal businesses for various purposes to hundreds of enterprises
engaged in all industries in the national economy. These services extend to all the
provinces and cities in China.
Areas of service cover finance, insurance， electricity, petroleum, chemicals,
telecommunications, broadcasting, metallurgy, machinery, electronics, building material,
business, agriculture, etc. Thd aculmulated appraised asset has surpassed RMB 15, 000
billion, which makes the Company leader in the domestic asset appraisal industry. The
income of asset appraisal business has also stayed in the leading position of the industry
for years running.
The Company has formulated its strict working procedure and confidential working quality
control principle, proud of its advanced software and hardware support system and
complete knowledge base, as well as scientific work flow, a perfect internal control system
and a professional continuing education and training system. The Company has an expert
back-up team composed of experienced experts in the related science working in research
institutes. With the strong support by the related government authorities and the science
and research institutes, a high-level professional guidance over various complicated
projects can be ensured.
The success of the Group asset appraisal business based on superior expertise lies in the
concerted cooperation among the local business divisions of Beijing, Shanghai, Shenzhen,
Liaoning, Jiangshu, Shandong, Hunan and Anhui, etc. and the local offices covering
Wulumuqi, Wuhan, Chengdu, Xi’an, Chongqing, Jinani, ShiJiazhuang, Taiyuan, Zhengzhou
and Fuzhou, etc, under the leadership of project control center; thanks to state-of-the-art
software and hardware support system, complete knowledge base, scientific work flow
and perfect internal control system, which provide convenient, simple, low cost network
services for the customers of the Group.
The Company is known for its honesty, rigorousness, cooperation and innovation, and its
quality of work has been highly acclaimed by the relevant government supervision
department, industry supervision department and customers. Zero penalty from supervisiory
organs at all levels and departments, zero complaints from customers, and perfect
occupational reputation have, as a result, established a good communication channel with
the government supervisory authorities, the industry supervisory authorities and the other
10. Research and Innovation
Research and Innovation’is not just a slogan, but, rather, an action taken. This
strategy has long been sustaining the technological superiority in the industry.
From: Huaneng Power International ,Inc.( N-share and H-share as well as A-share listed)
is the first Chinese mainland company listed in the New York Stock Exchange, and
its appraisal report is the exclusive one recognized by the New York Stock
Exchange, which was prepared by a China appraisal company.
To: The international merger of Huaneng Power with Shandong Huaneng (H-share and
N-share listed company) is approved by the state gaverment, achieving the
enterprise value maximization. It is the first case of major acquisition in international
capital markets in the Chinese mainland where international capital market evaluation
practice is adopted.
To: CATIC Shenzhen Company Limited is an H-share listed enterprise, the first A-stock
company in China to be listed overseas as a capital-injected company.
To: The restructuring and listing of China Bank of Communications, which is the first
large-scale state-owned bank in China to undergo restructuring and listing.
We have solved one tough professional problem after another for our customers and,
in the meantime, provide one classical example after another for China’s appraisal
In the appraisal of the bank bad assets, we employ generalized non-linear regression
theory in the evaluation of batch assets, and work in cooperation with four major assets
management companies in the in-depth researches of the fair value of the bank bad
In the appraisal of insurance industry, we undertake appraisal of life insurances of many
companies like China Life Insurance Company, China Xinhua Insurance Company, and
China Re-insurance Company as well as property insurances, pioneeringly suggesting that
the value of a life insurance company is composed of the book value and the business
value as reflected in the financial statements and reports.
In the appiasal of derivative fiancial instruments, we apply Monte Carlo Simulation
approach to achieve the probability of future interest rate, having initiated the beginning
of derivative fiancial instruments appraisal in China.
In the appiasal of power enterprises, we conduct evaluations of coal-fired power,
hydropower, wind-mill power, and nuclear power by adopting cost method, income
approach and market method respectively, having thus accumulated rich experiences.
In the appiasal of intellectual property rights, we, as entrusted by the National Property
Right Bureau, undertake financial analyses and researches on the intellectual property
right assessment, and decode the mystery of the assessment of the intellectual property
right from the financial prospective.
We take an active part in the stipulation of appraisal criteria, solely undertaking the
compilation of guides to appraisal of state-owned financial assets and contributing to the
development of the evaluation industry.
11. International Professional Platform
Hanhua Appraisal Value Co., Ltd. is a professional platform for international appraisal
businesses of our Company, which has, ever since its formation, provided customers
with appraisal services in areas including industry, business land property, machine
equipment, intangable assets and infra-structure facilities, overall enterprise value and
various derivative financial projects.
Hanhua Appraisal Value Co., Ltd. is a professional appraisal value service company
registered in Hong Kong. Since its formation in 1997, the company has provided, with its
comprehensive, rich international experiences, independent, objective and impartial
professional appraisal value services for domestic and overseas companies and entities
that invest in China. Its headquarters is located in Hong Kong, with its operation general
office in Beijing. To satisfy the ever-growing domestic demands, the company has set up
its business representative offices in Shanghai, Chongqing and Fuzhou respectively and
its liason offices in Chongqing, Fuzhou, Guangzhou and Harbin. In addition, the company
has expanded its allies in Asian-Pacific regions (including Australia and Japan), Europe
(Britain), and America (the United States), as well as mainland of China, Hong Kong,
Macao and Taiwan.
The principal members of the company are all qualified for professional practice in
countries and regions including Britain, the United States, Australia and Hong Kong, rich
in experiences in appraisal theory and practice, and having acted in important positions
in world-famous appraisal value companies and accomplished a great number of major
12. Classical Customers
* Reformation of China Construction Bank into an H-share listed company is the greatest
IPO project the world over for the year 2005; China Construction Bank was approved
by the Ministry of Finance in accordance with the relevant appraisal result to establish
itself as the first large-scale commercial bank in China.
* Bank of Communications Co., Ltd. Has introduced foreign strategic investors and has
been listed in the Hong Kong Stock Exchange and Shanghai Stock Exchange respectively .
* China Life Insurance Company has undergone a reform procedure and has its H-share
listed, which is the world’s biggest financing project for the year 2003;
* Datong-Qinhuangdao Railway is a joint-stock reform pilot project, and Beijing Railway
Bureau initiated the establishment of itself as a share company and has its A-share listed.
* China Hua Neng Group has undergone an industry Integration process, having its
accounting entities surpassing 200, distributed in more than 20 provinces and cities and
specialized in industries and sectors such as power production, real estate development,
finance, hotel, petrochemicals, etc.
* China Cereals, Oils & Foodstuffs Import & Export (Group) Co., Ltd. has been asset-
restructured and transferred into a foreign-oriented enterprise, with over 250 companies,
distributed in more than 20 provinces and cities in China.
* China Resources Corporation has been restructured, planning to have its red chips listed.
The assets involved in the major businesses within the scope of restructure are
distributed in many provinces and cities in China, including Hong Kong Special
Administrative Region, with its accounting entities surpassing 100. China Resources
Corporation is the first to be listed in Hong Kong and to have, as a newly-established
stock-equity company, its stocks re-released in the territory of China.
* China Oilfield Services Limited is an H-share listed company, which is the largest
integrated oilfield services provider.
* Huaneng Power International ,Inc.( N-share and H-share as well as A-share listed) is the
first Chinese mainland company listed in the New York Stock Exchange, and its appraisal
report is the exclusive one recognized by the New York Stock Exchange, which was
prepared by a China appraisal company.
* The international merger of Huaneng Power with Shandong Huaneng (H-share and
N-share listed company) is approved by the state gaverment, achieving the enterprise
value maximization. It is the first case of major acquisition in international capital markets
in the Chinese mainland where international capital market evaluation practice is adopted.
* CATIC Shenzhen Company Limited is an H-share listed enterprise, the first A-stock
company in China to be listed overseas as a capital-injected company.
* Newbridge acquired stock right of Shenzhen Development Bank, and is the first case in
China of transfer of stock equity by a listed bank.
* Beijing Enterprises Holdings Limited covers industries of Beijing dairy, beer, beverages,
tourism, highways, and electronic information, listed successfully in Hong Kong Stock
Exchange in 1997, and has ever since become a pioneering enterprise to introduce
capital, technology and advanced management into the economic construction of the
Capital of China.