Hangzhou Trust

Hangzhou Industrial & Commercial Trust (Hangzhou Trust) is a state-owned joint venture with Morgan Stanley (NYSE: MS). Headquartered in Hangzhou, with additional offices in Shanghai and Beijing, Hangzhou Trust is a leading alternative asset management firm in China, specializing in private equity investments through various vehicles, including separate accounts, private equity funds, and joint ventures. Since its establishment in 1998, Hangzhou Trust has consistently demonstrated a successful track record, offering partners a diverse range of funding options while delivering high-risk-adjusted returns to investors. The firm originates and services each investment, ensuring that high-net-worth individuals (HNWI) and institutional investors benefit from added value and outstanding returns. As of 2014, Hangzhou Trust managed over $4.8 billion in assets (AUM) on behalf of its clients. About the joint venture: On November 26, 2008, Hangzhou Trust and Morgan Stanley announced the formation of a strategic business alliance in Mainland China. Approved by the China Banking Regulatory Commission, the alliance includes Morgan Stanley acquiring a 19.9% equity stake in Hangzhou Trust (foreign banks cannot legally own more than 20% of any Chinese financial institution). On May 18, 2011, Morgan Stanley and Hangzhou Trust announced the establishment of an RMB private equity fund management joint venture. The new entity, Morgan Stanley (China) Private Equity Investment Management Company Limited, is registered and headquartered in Hangzhou, Zhejiang Province, China. Morgan Stanley holds an 80% stake in the new venture, with Hangzhou Trust owning the remaining interest. This joint venture serves as the management company for Morgan Stanley's RMB-denominated private equity investments in China.