Facing of the competitive brokerage business, Great Wall Securities actively pushed forward the business transition to follow up the market trends while maintained prudent and disciplined operations. We were devoted in building up a systematic sales network to explore potential institutional clients. We also made efforts to improve the organizational structure and cut down the unnecessary costs.

In 2003, our mutual fund clients and other institutional clients had increase their business tremendously. The turnover of A-shares and securities investment funds was RMB 66.4 billion, 1.04% up from the previous year, constituting 1.04% of market share. The volume averaged by number of service branches was ranked the 15th nationwide. Online trading volume was RMB 10.9 billion, 66.8% more than previous year. So far, 19 asset management companies are trading through 27 seats of ours and the total trading volume was RMB 12.4 billion, 91% up from 2002, and ranked the 8th nationwide. Meanwhile, the operating expenses had reduced by as much as 13.87% and internal control and risk prevention had been improved.