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[answered] BIOGRICULTURE FUND Creating sustainable income for resource


Respected sir madam i am unable to do my assignment due to some problem. It would be a great help for me if you could help me with this. Please go through the instructions document attached below and please read the instructions. We have to answer the questions which are mentioned in the instructions. ?I have attached 2 articles. we have to give the answers( for questions given in the instructions) for these articles (biogriculture fund, global agriculture insurance).


BIOGRICULTURE FUND

 

Creating sustainable income for resourcedeprived villagers by investing in a proven

 

productive insect farming business

 

15th April 2016 0 Executive Summary BIOGRICULTURE Challenges and Solution

 

? Identify insect farming as a solution to various social issues

 

Business Model and Investment Thesis

 

? Invest in existing insect farming companies to consolidate resources and provide support

 

? Align economic interests of insect farmers and fund investors through profit sharing scheme

 

Feasibility and Risk Mitigation

 

? Target to meet market demand for animal feed and pharmaceutical materials

 

Implementation Plan

 

? Gain first mover advantage in pilot province within 10 years and expand business across China

 

Finance Overview and Exit Options BIOGRICULTURE FUND aims to Invest in the channels and technologies essential to the insect farming

 

sector in China, addressing the need for sustainable income and food productivity

 

STRICTLY CONFIDENTIAL 1 Serious challenges are ahead of us ? Social ?

 

?

 

?

 

?

 

?

 

? BIOGRICULTURE Resource Exponential growth in global population in

 

emerging countries

 

Large population living under the poverty line

 

Extreme income disparities (Urban/Coastal vs.

 

Rural/Inland)

 

99% poor live in rural areas

 

Many have no arable land

 

Lack of skills and technologies ?

 

?

 

?

 

? STRICTLY CONFIDENTIAL Population growth puts huge pressure on

 

food supply

 

Insufficient supply in the long run under

 

current farming methods

 

Ultimate constraints on arable land, fresh

 

water and animal feed

 

New source of nutrients needed 2 ? but BIOGRICULTURE FUND has come up with SOLUTION! BIOGRICULTURE Invest in the channels and technologies essential to the

 

insect farming sector in China, addressing the need for

 

sustainable income and food productivity STRICTLY CONFIDENTIAL 3 The THREEFOLD impact of insect farming are attractive ?

 

?

 

?

 

? BIOGRICULTURE Improve employment rate in rural areas

 

Improve efficiency in land usage

 

Promote rural areas development

 

Social ?

 

?

 

?

 

? Save natural resources for

 

agriculture

 

Reduce greenhouse gas

 

emission

 

Mitigate overfishing

 

Transform organic waste into

 

useful biomass INSECT

 

FARMING

 

Environmental Economical ?

 

?

 

? Improve income level

 

Increase in protein and

 

food productivity

 

Reduce the costs of farmed

 

poultry and fish Insect Farming is an ideal solution to address social, environmental and economical issues derived

 

from traditional farming methods.

 

Source: Team Analysis STRICTLY CONFIDENTIAL 4 Innovative business model by us OPTIMIZES insect farming?s benefits

 

Biogriculture

 

Capital (GP) BIOGRICULTURE Impact Investors

 

(LP) BIOGRICULTURE FUND

 

BIOGRICULTURE Insect Feed

 

Suppliers Poultry & Fish Farms Operating Companies Pharmaceutical Factories Insect Farms

 

Source: Team Analysis STRICTLY CONFIDENTIAL 5 BIOGRICULTURE FUND carries important missions RESOURCES INTEGRATION BIOGRICULTURE INCOME LEVEL ENHANCEMENT Invest in existing insect farming

 

companies to consolidate resources

 

and provide technologies and support

 

for insect farmers US$ 1.4-3.4K p.a. for insect farmers

 

potentially 120% above current annual

 

income of Chinese farmers (US$ 1.5K) SCALABILITY

 

Enable the business model to be replicated

 

and scaled up across China to create

 

higher social and economic values Source: Team Analysis STRICTLY CONFIDENTIAL 6 Insect products as animal feed are indeed feasible because ? BIOGRICULTURE MARKET DEMAND

 

? Food production need to increase by 70% to feed the global population in 2050

 

? Estimated value of current total fish and poultry feed: US$ 24 billion

 

? Half of global animal feed (~30million tons) imported by China every year COST ADVANTAGE

 

? Insect products would be 15% cheaper than existing fishmeal (current market price US$1,550/ton) PROTEIN PRODUCTION

 

? Insect farm: average 150 tons per hectare vs. soybean farm: 0.9 ton per hectare per year STRICTLY CONFIDENTIAL 7 We noticed several potential risks but mitigation solutions are in place ?

 

REGULATION ? Stringent regulation

 

from European

 

Parliament approves

 

insect as animal feed SELLING PRICE OF

 

INSECT PRODUCTS PRODUCT QUALITY ?

 

? Technology driven

 

rearing process

 

Regular on-site

 

inspection by

 

specialists ? Long term forward

 

contract with insect

 

product buyer (e.g.

 

poultry and fish

 

farms) BIOGRICULTURE MARKET RECOGNITION ? Strategic partnership

 

with local authorities

 

or NGOs to promote

 

insect products as

 

animal feed While using insect as animal feed or direct consumption inherit several risk factors, mitigation

 

strategies are in place to minimize such risk factors

 

Source: Team Analysis STRICTLY CONFIDENTIAL 8 We intend to implement the master plan as follows ?

 

Task Day 180 Day 360 Year 2 BIOGRICULTURE Year 3 Year 4-6 Year 7-10 Short-term

 

Enhance R&D team and acquire technical

 

know-how and patents

 

Consolidate regional insect farming

 

resources

 

Strengthen regional manufacturing and

 

distribution network and achieve vertical

 

integration

 

Long-term

 

Expand businesses to neighbor provinces

 

Extend product portfolio to other

 

segment (e.g. pharmaceutical ) Source: Team Analysis STRICTLY CONFIDENTIAL 9 Our investment achievements will be reliable and fascinating

 

Investment Highlights Key Assumptions Summary

 

Selling Price of Insect Meal Investment

 

Requirement: ? Substantially below comparable products globally by 30% US$ 20 million ? Increasing at the pace of China?s inflation rate Production Scale Income of Farmers:

 

US$ 1.4-3.4K p.a.

 

(potentially 120%

 

above China rural

 

average 1.5K) BIOGRICULTURE Selected Pilot

 

Areas of

 

Investment: 4 ? Initially rapid growing at 20% for 2 years

 

? Moderate growing at 10% for next 3 years

 

? Sustainable growing at 5% or less afterwards Number of Farmers Hired

 

? 200 farmers per area initially (i.e. 800 farmers in total) IRR: around 15%

 

for next 10 years Projected Exit

 

Time: (Base Case) In 10 years ? Increase at the rate of China?s inflation Exit (Terminal) Value Multiple

 

? Comparable Multiple at 7x EV/EBITDA Around 15% IRR over the 10-year investment horizon, and farmers? individual income level will be way

 

above rural residents? average in Anhui, China

 

Source: Team Analysis STRICTLY CONFIDENTIAL 10 Financial Forecast for Consolidated Operating Companies per Area (2017-2026) BIOGRICULTURE Financial Forecast (in USD'K)

 

6,000.0 25,000.0 5,000.0 20,000.0

 

15,000.0 4,000.0 10,000.0 3,000.0 5,000.0 2,000.0 - 1,000.0

 

- (5,000.0)

 

2016 Sales

 

Net Income After Tax

 

Free Cash Flow

 

(5,000.0) 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1,925.0

 

419.1

 

726.6 2,367.8

 

601.7

 

1,057.4 2,912.3

 

826.3

 

1,271.9 3,283.7

 

979.5

 

1,442.4 3,702.3

 

1,152.2

 

1,610.3 4,174.4

 

1,346.9

 

1,799.7 4,492.7

 

1,478.2

 

1,946.4 4,835.2

 

1,619.5

 

2,085.3 5,203.9

 

1,771.6

 

2,234.7 5,600.7

 

1,935.3

 

19,817.7 Sales Net Income After Tax (10,000.0) Free Cash Flow Steady increase in operating scale and profitability makes the operating companies attractive for other

 

potential investors, which creates various exit options for Biogriculture Fund

 

Source: Team Analysis STRICTLY CONFIDENTIAL 11 A few exit options for our investment and we have a preference

 

1 BIOGRICULTURE Trade Sale (*Preferred exit option)

 

Trade sale is likely to one of the larger listed agribusiness corporation

 

? ? ? 2 COFCO Group (China?s largest food processing, manufacturer and trader) ? likely to acquire Biogriculture business should the Group expect to

 

expand feed source to insect farming

 

Monsanto, ADM ? likely to acquire Biogriculture business to realize China market entrance, the acquisition will be subjected to fewer

 

restrictions than traditional agriculture sectors

 

Domestic mid-scale competitors ? likely to acquire Biogriculture business to achieve business line integration and expansion, increase market

 

share and presence Financial Sale

 

PE/VC funds always interested where there is value

 

? ? 3 Since 1 January 2013, total Private Equity investment in global Agriculture / Fishery industry ~US$1,164 million, total Venture Capital

 

investment ~US$264 million.

 

Among total investment, China-targeted investments accounts for more than 65%. Initial Public Offering

 

List in China / Hong Kong

 

? Profitability expected to be stabilized after 5-8 years of operation, it would be ready for public listing where the company has strong presence ? Success examples: SINOFERT (HK:00297), CHINA BLUECHEM (HK:03983) etc. Source: Team Analysis STRICTLY CONFIDENTIAL 12 Executive Summary BIOGRICULTURE Challenges and Solution

 

? Identify insect farming as a solution to various social issues

 

Business Model and Investment Thesis

 

? Invest in existing insect farming companies to consolidate resources and provide support

 

? Align economic interests of insect farmers and fund investors through profit sharing scheme

 

Feasibility and Risk Mitigation

 

? Target to meet market demand for animal feed and pharmaceutical materials

 

Implementation Plan

 

? Gain first mover advantage in pilot province within 10 years and expand business across China

 

Finance Overview and Exit Options Biogriculture Fund aims to Invest in the channels and technologies essential to the insect farming

 

sector in China, addressing the need for sustainable income and food productivity

 

STRICTLY CONFIDENTIAL 13 ?If you care about the poorest,

 

you care about agriculture.?

 

-- Bill Gates Thank you!

 

STRICTLY CONFIDENTIAL Appendices

 

15th April 2016 Content of Appendices BIOGRICULTURE 1. Fund Profile 2. Process Cycle of Insect Farming as Animal Feed 3. Case Study by Our Team in Anhui Province 4. Scalability 5. Impact Analysis in Detail 6. Risk and Mitigation Analysis in Detail 7. Regulation Roadmap in EU (Using insect as food and feed) ? A Reference 8. Financial Assumptions in Detail 9. Financial Forecast (2017-2026) ? Spreadsheet Illustration 10. Fund Management Team Profile

 

STRICTLY CONFIDENTIAL 16 1. Fund Profile BIOGRICULTURE BIOGRICULTURE FUND PROFILE

 

Total Fund Size US$20 million Minimum Investment US$1 million Target Beneficial Population 800 insect farmers Term of Investment 10 years Regional Focus Rural areas in Anhui Province, People?s Republic of China Target Investors Impact investors looking for innovative and sustainable farming

 

solutions in emerging markets Target Gross Return 15% IRR p.a. over 10-year investment horizon Management Fees 2% management fee on funds under management + 20% incentive fee Potential Exit Strategy Trade sale / Financial sale / IPO STRICTLY CONFIDENTIAL 17 2. Process Cycle of Insect Farming as Animal Feed

 

Collection of Organic

 

Food Waste Or Biomass Deliver To Farms For

 

Processing BIOGRICULTURE Insects Fed On Waste Insect farming

 

operations &

 

management

 

Chicken (And Fish) Fed

 

on Insect Products Dried Insects Packed As

 

Feed

 

Larval Growth From

 

Recycled Nutrients Source: Team Analysis STRICTLY CONFIDENTIAL 18 3. Case Study by Our Team in Anhui Province BIOGRICULTURE Tianyu Pharmaceutical Insect Farm

 

Location: Mengcheng, Bozhou City, Anhui Province, the PRC

 

Business:

 

5 species of insect

 

- Partnership with 200 families in Bozhou, 1,000+ families across China

 

- Cost structure:

 

Capex: RMB160,000

 

- Equipment: 200~300 asbestos tiles = 500m2

 

- Labor: 3 workers

 

- Feed: RMB1 per kilogram

 

- American cockroach annual production capacity:

 

Live Insect: 12 tons

 

- Dried Insect Powder: 3 tons

 

- Total business dried insect: 20 tons

 

- Annual profit as an operating company: RMB300,000

 

STRICTLY CONFIDENTIAL 19 4. Scalability Analysis in Detail ?

 

?

 

?

 

?

 

? BIOGRICULTURE More batches per year to increase annual protein production

 

Expanded product usage (e.g. biogas or fertilizers) to increase demand

 

Higher feed demand to increase sales revenue

 

Higher protein market price to increase sales revenue

 

Cheaper insect feed to make insect products more profitable Source: http://www.entomoanthro.org/blog

 

https://www.pinterest.com/bigcricketfarms/everything-crickets/ STRICTLY CONFIDENTIAL 20 5. Impact Analysis in Detail

 

Type of impact SOCIAL ENVIRONMENTAL ECONOMICAL Source: Team Analysis BIOGRICULTURE Positive Impact Direct Beneficiary Measurement Time Frame Increase in protein and food

 

productivity People who suffer

 

from famine Protein production yield (ton per

 

hectare of land) Mid-term Improve efficiency in land usage Villagers and rural

 

area residents Area of farmland saved,

 

residential living space per capita Long-term Promote rural areas development;

 

promote local community bonding Villagers and rural

 

area residents Living standard benchmark;

 

disease/death rate Long-term Reduce natural resources for

 

agriculture; reduce greenhouse gas

 

emission People who suffer

 

from climate change CO2 emission/water usage per

 

ton of protein produced Long-term Mitigate the overfishing problem Endangered fish

 

species Population of endangered fish

 

species Long-term Transform organic waste to useful

 

biomass Farmers Percent of landfill used for

 

organic waste Long-term Improve income level Insect farmers Local GDP per capita Short-term Improve employment rate in rural

 

areas Insect farmers Number of jobs created Short-term Reduce price of farmed fish/poultry Consumers Market price benchmark Mid-term STRICTLY CONFIDENTIAL 21 6. Risk and Mitigation Analysis in Detail BIOGRICULTURE Risks Mitigation Strategies ? Insect used as feed for livestock might not be legalized in

 

some countries ? Regulatory bodies including European Food Safety Authority and

 

European Commission has indicated that insect served as food and

 

animal feed will be legalized soon ? Stringent regional and local regulations on certain type of

 

insect and insect flee ? Implement technological solution to ensure rearing room is

 

properly control ? Insect farmer fail to meet production standard ? Allocate more specialties to train insect farmers; Implement a

 

quality control system ? Insect made animal feed demand drop / fluctuation in insect

 

feed price ? Implement long-term fixed price contract with insect made animal

 

feed buyers ? People refuse to consume product that is fed by insect ? Enhance marketing campaign; Form strategic partnership with

 

authorities to clear people?s ethical concerns Source: Team Analysis STRICTLY CONFIDENTIAL 22 7. Regulation Roadmap in EU (Using insect as food and feed) ? A Reference BIOGRICULTURE Oct-2015 Nov-2015 Risk profile related to production and consumption of insects as food and feed published

 

by EFSA (European Food Safety Authority):

 

? When currently allowed feed materials are used as substrate to feed insects, the

 

possible occurrence of microbiological hazards is expected to be comparable to their

 

occurrence in other non-processed sources of protein of animal origin

 

? The occurrence of prions ? abnormal proteins that can cause diseases such as Bovine

 

Spongiform Encephalopathy (BSE) in cattle and Creutzfeldt-Jakob Disease in

 

humans ? is expected to be equal or lower if the substrate does not include protein

 

derived from humans (manure) or ruminants

 

? Hazards related to the environment are expected to be comparable to other animal

 

production systems

 

(Source: http://www.efsa.europa.eu/en/efsajournal/pub/4257) The co-legislators the European Parliament and the Council have reached an

 

agreement on the new Regulation (Regulation (EU) 2015/2283) regarding Novel Food

 

which was adopted on 25 November 2015

 

? The scope of this Regulation should, in principle, remain the same as the scope of

 

Regulation (EC) No 258/97. However, on the basis of scientific and technological

 

developments that have occurred since 1997, it is appropriate to review, clarify and

 

update the categories of food which constitute novel foods. Those categories should

 

cover whole insects and their parts

 

? Novel Food is defined as food that has not been consumed to a significant degree by

 

humans in the EU prior to 1997, when the first Regulation on novel food came into

 

force. 'Novel Food' can be newly developed, innovative food or food produced using

 

new technologies and production processes as well as food traditionally eaten

 

outside of the EU

 

? Examples of Novel Food: agriculture products from third countries (chia seeds) or

 

extracts from existing food (rapeseed protein)

 

(Source: http://eur-lex.europa.eu/legalcontent/EN/TXT/?qid=1449760581954&uri=OJ:JOL_2015_327_R_0001) Jan-2016 Today European Commission published a long waited article on Circular Economy Package

 

It stated that ?use of former foodstuffs for animal feed? will no longer be considered as

 

?waste?

 

(Source

 

http://www.europarl.europa.eu/RegData/etudes/BRIE/2016/573899/EPRS_BRI(2016)5

 

73899_EN.PDF) 3 EU Member States ? Belgium, France and the Netherlands ? have performed risk

 

assessments related to insects as food or feed

 

? The European Commission is currently co-financing a research project to explore the

 

feasibility of using insect protein for feed

 

? The Commission is developing policy in the areas of novel foods and animal feed to

 

reflect the potential use of insects as food and feed

 

(Source: http://www.efsa.europa.eu/en/press/news/151008a) STRICTLY CONFIDENTIAL 23 8. Financial Assumptions in Detail BIOGRICULTURE Assumptions

 

Total Investment per Pilot Area (x4)

 

Production area

 

Annual production capacity (Note 1)

 

Selling price of insect meal per ton (year 1)

 

Number of farmers collaborate with (year 1 per Pilot Area)

 

Revenue sharing with farmers collaborate with (% of revenue)

 

Direct expense (COGS, insect feed etc.) (% of revenue)

 

Indirect expense (admin./selling exp.) (% of revenue)

 

WACC estimation (Note 2)

 

Exit value estimation (xEBITDA)

 

Tax Rate (%)

 

Work capital (% of sales)

 

YoY Assumptions (%)

 

Annual inflation rate (Note 3)

 

Growth rate of number of farmers hired 5,000,000

 

10,000

 

5,000

 

550

 

200

 

15.0%

 

17.5%

 

12.5%

 

14.0%

 

7.00

 

25.0%

 

10.0% USD

 

sqm

 

tons

 

USD/ton

 

Person 2.5%

 

2.5% Financial forecast based on estimation of implementation of insect farming business model in FOUR (4)

 

selected areas in Anhui Province, China.

 

Note: 1. Research Report ?Insects A new sustainable protein source for feed

 

and food Lars Lau Heckmann?; 2. NYU Research Estimation; 3 Team Analysis STRICTLY CONFIDENTIAL 24 9. Financial Forecast (2017-2026) ? Spreadsheet Illustration

 

# of year 2016 2017 2018 2019 2020 2021 2022 BIOGRICULTURE

 

2023 2024 2025 2026 Income Statement Forecast (in USD'K)

 

4,200.0 5,040.0 5,544.0 6,098.4 6,708.2 7,043.7 7,395.8 7,765.6 20.00% 20.00% 10.00% 10.00% 10.00% 5.00% 5.00% 5.00% 5.00% 550.0 563.8 577.8 592.3 607.1 622.3 637.8 653.8 670.1 686.9 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% 2.50% Sales 1,925.0 2,367.8 2,912.3 3,283.7 3,702.3 4,174.4 4,492.7 4,835.2 5,203.9 5,600.7 Direct expense (COGS, insect feed etc.)

 

Gross Profit (336.9)

 

1,588.1 (414.4)

 

1,953.4 (509.7)

 

2,402.7 (574.6)

 

2,709.0 (647.9)

 

3,054.4 (730.5)

 

3,443.9 (786.2)

 

3,706.4 (846.2)

 

3,989.1 (910.7)

 

4,293.2 (980.1)

 

4,620.6 Indirect Expense (admin./selling exp.)

 

Labor cost

 

EBITDA (240.6)

 

(288.8)

 

1,058.8 (296.0)

 

(355.2)

 

1,302.3 (364.0)

 

(436.8)

 

1,601.8 (410.5)

 

(492.5)

 

1,806.0 (462.8)

 

(555.3)

 

2,036.3 (521.8)

 

(626.2)

 

2,295.9 (561.6)

 

(673.9)

 

2,471.0 (604.4)

 

(725.3)

 

2,659.4 (650.5)

 

(780.6)

 

2,862.2 (700.1)

 

(840.1)

 

3,080.4 (500.0) (500.0) (500.0) (500.0) (500.0) (500.0) (500.0) (500.0) (500.0) (500.0) Annual production (insect meal) 3,500.0 % YoY growth Selling price of insect meal per ton

 

% YoY growth

 

% YoY growth % margin 82.50% % margin 55.00% Depreciation and Amortization

 

% sales EBIT 82.50% 55.00% 82.50% 55.00% 12.75% 82.50% 55.00% 55.00% 82.50% 55.00% 7.62% 82.50% 55.00% 7.62% 82.50% 55.00% 7.62% 82.50% 55.00% 82.50% 55.00% -21.12% -17.17% -15.23% -13.51% -11.98% -11.13% -10.34% 802.3 1,101.8 1,306.0 1,536.3 1,795.9 1,971.0 2,159.4 2,362.2 2,580.4 (384.1)

 

1,152.2 (449.0)

 

1,346.9 (492.7)

 

1,478.2 (539.8)

 

1,619.5 (590.5)

 

1,771.6 (645.1)

 

1,935.3 29.03% 33.88% (139.7)

 

419.1 (200.6)

 

601.7 (275.4)

 

826.3 (326.5)

 

979.5 192.5 44.3 54.5 37.1 419.1

 

500.0

 

(192.5)

 

- 601.7

 

500.0

 

(44.3)

 

- 826.3

 

500.0

 

(54.5)

 

- 979.5

 

500.0

 

(37.1)

 

- 21.77% 25.41% 37.83% 28.37% 39.77% 29.83% 41.49% 31.12% 43.02% 32.27% 43.87% 32.90% 44.66% 33.49% -9.61% 7.62% 558.8 Income tax

 

Net Income After Tax

 

Capex

 

Working Capital incremental 82.50% 12.75% -25.97% EBIT margin Net Income Margin 12.75% 8,153.9 45.39% 34.04% -8.93% 46.07% 34.55% (5,000.0)

 

41.9 47.2 31.8 34.3 36.9 39.7 Free Cash Flow Forecast (in USD'K)

 

Net Income After Tax

 

+ Depreciation and Amortization

 

- (Increase) / Decrease in Working Capital

 

+ Capex

 

+ Terminal Value

 

Free Cash Flow

 

Discount factor

 

Discounted Cash Flow

 

NPV

 

IRR

 

Number of farmers we collaborate with

 

Average income per farmer (5,000.0)

 

(5,000.0)

 

1.0000

 

(5,000.0)

 

7,361.5

 

15.16% 1,152.2

 

500.0

 

(41.9)

 

- 1,346.9

 

500.0

 

(47.2)

 

- 1,478.2

 

500.0

 

(31.8)

 

- 1,619.5

 

500.0

 

(34.3)

 

- 1,771.6

 

500.0

 

(36.9)

 

- 726.6

 

0.8772

 

637.3 1,057.4

 

0.7695

 

813.7 1,271.9

 

0.6750

 

858.5 1,442.4

 

0.5921

 

854.0 1,610.3

 

0.5194

 

836.4 1,799.7

 

0.4556

 

819.9 1,946.4

 

0.3996

 

777.9 2,085.3

 

0.3506

 

731.0 2,234.7

 

0.3075

 

687.2 200

 

1.4 205

 

1.7 210

 

2.1 215

 

2.3 221

 

2.5 226

 

2.8 232

 

2.9 238

 

3.1 244

 

3.2 STRICTLY CONFIDENTIAL 1,935.3

 

500.0

 

(39.7)

 

17,422.1

 

19,817.7

 

0.2697

 

5,345.7 250

 

3.4 25 10. Fund Management Team Profile BIOGRICULTURE Oliver

 

BU Private banker with over nine years of wealth

 

management experiences. Key focus area includes asset

 

allocation, portfolio construction and risk management Louis

 

CHAN Enrique

 

FANG Quantitative trader with over five years experience in high

 

frequency algorithmic trading. Key focus areas include

 

quantitative analysis and risk management Former tax senior consultant and China business advisor at

 

PricewaterhouseCoopers Hong Kong, specialized in group

 

structuring and investment consulting Former sustainable finance campaigner at Greenpeace

 

East Asia focusing on energy and climate change with six

 

year experience in prime brokerage, fixed income and

 

investment advisory at Morgan Stanley China Duncan

 

WONG STRICTLY CONFIDENTIAL 26

 


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