1、pwc Transac tion Services Potential Joint Venture Partner Nippon Life Insurance Company April 2002 Final 2002 PricewaterhouseCoopers. PricewaterhouseCoopers refers to the individual member firms of the world-wide PricewaterhouseCoopers organisation. All rights reserved. PricewaterhouseCoopersNippon
2、Life Statements on the final report Reliance and limitation We relied on publicly available data. We have taken reasonable steps to verify the consistency, completeness and accuracy of the data but these steps would not be sufficient to completely confirm the accuracy of the data. Accordingly we tak
3、e no responsibility for the accuracy or completeness of the information on which our assessment were based 2 We take no responsibility for any decisions which Nippon Life or third parties may take based on its use of our Services and deliverables for this draft report This report should be read in i
4、ts entirety , as parts taken in isolation could be misleading PricewaterhouseCoopersNippon Life Table of Content Introduction Part One: Executive summary Part Two: Criteria from Nippon Life Part Three: Project phases and findings Phase 1: Search and screen company database Phase 2: Analyze and ident
5、ify the shortlist of 20 companies Phase 3: Investigate the companies interests in the life JV Appendix 3 PricewaterhouseCoopersNippon Life Introduction 4 4 Dear sir: In accordance with your instructions as confirmed in our letter of engagement dated March 22 2002 (Appendix 1), we attach a report of
6、our findings in connection with searching for a potential partner for your future life insurance business operations in China. In order to operate a life insurance joint venture you require a domestic business partner. This report sets out our findings with respect to the selection of the candidates
7、 and assessment. This report is supplied on the understanding that it is solely for the use of the persons to whom it is addressed and for the purpose described above. We will accept no liability or responsibility to any person other than those to whom it is addressed. The report must not be made av
8、ailable or copied in whole or in part to any other person without our express written permission. If you require any clarification or further information, please do not hesitate to contact David Campbell of this firm on +86 21 63863388. Yours faithfully, PricewaterhouseCoopers Gen Suzuki General Man
9、ager of China Dept. Nippon Life Insurance Company PricewaterhouseCoopersNippon Life Glossary: Term and Abbreviation CSRCChina Securities Regulatory Commission NBSCNational Bureau of Statistics of China SETCState Economic & Trade Commission of PRC MOFTECMinistry of Foreign Trade & Economic cooperatio
10、n of PRC SAICState Administration for Industry and Commerce CCChina Customs DTRDesk top review NICCNational Information Centre of China Nippon LifeNippon Life Insurance Company PwCPricewaterhouseCoopers SOEState-owned Enterprise CEIChina Economic Information Network NAICCNational Association of Indu
11、stry & Commerce of China CHINABBCC CHINAV C JVJint venture in life insurance 5 5 pwc *Confidential Part One: Executive summary PricewaterhouseCoopersNippon Life Over the last three weeks, we searched and obtained a number of company databases / lists from several sources (some of those are set out b
12、elow) Top 500 of Non-SOE from NAICC Top 500 of SOE from SETC Top 300 of imports & exports from MOFTEC Etc. We conducted a comprehensive analysis of the company databases by industries and company types according to the criteria as set out in our engagement letter to produce preliminary long lists of
13、 companies, which are separated into SOE and Non-SOE categories Executive Summary 7 PricewaterhouseCoopersNippon Life Combining the companies introduced by Nippon, we assessed and identified a shortlist of SOE and NON-SOE companies (see next 2 pages), which were ranked by the total scores from the t
14、hree criteria (briefed below) suggested by Nippon Life Financial solvency International Outlook Brand across China By communicating with the candidates in the shortlist, we investigated their interest in JVs in life insurance, the results are shown on the next 2 pages Executive Summary 8 Pricewaterh
15、ouseCoopersNippon Life Executive Summary 9 Company Rank by criteria from Nippon Life Interests in JVs of life insurance Shanghai Baosteel Group Corporation (Baosteel)11.30 China Ocean Shipping (Group) Company21.82 China National Offshore Oil Corporation34.75 China United Telecommunications Corp.41.0
16、7 Shanghai Electric (Group) Corporation51.25 Shanghai Motor Industry (Group) Corp.62.05 FAW Group Corp. of China71.40 Sichuan Changhong Electric Group Corp.83.85 Chunlan Group Corp. of China91.45 Power Corporation of Guangdong Province (PCGP)101.37 The following is our findings of shortlist of SOE *
17、the interests are scored by the scale of 1-5, where 1-1.5 means non interests, 1.5-2.5 slight interests, 2.5-3.5 neutral interest, and 3.5-5 strong interests. Please see appendix 8-9 for detailed information of interest PricewaterhouseCoopersNippon Life Executive Summary 10 The following is our find
18、ings of shortlist of Non-SOE Company Rank by criteria from Nippon Life Interests in JVs of life insurance Legend Group Limited11.11 Wanxiang Group22.20 Stone Group31.20 Chint Group Corp.41.30 Holley Group51.40 Top Group64.75 DeLiXi Group73.80 Beijing Huiyuan Beverage and Food (Group) Co.,Ltd82.17 Ch
19、ina Zongshen Group94.75 Chongqing Lifan Industry (Group) Co., Ltd.101.80 *the interests are scored by the scale of 1-5, where 1-1.5 means non interests, 1.5-2.5 slight interests, 2.5-3.5 neutral interest, and 3.5-5 strong interests. Please see appendix 8-9 for detailed information of interest pwc *C
20、onfidential Part two: Criteria from Nippon Life PricewaterhouseCoopersNippon Life Nippon Lifes criteria * See appendix 1 for the main body of the engagement letter 12 Industries of JV candidates I. Exclude the following industries: Insurance (both Life and Non-Life) Bank, Security Brokerage Military
21、 related industry Tobacco Any Companies, which has agreed on JV with any foreign companies II. The Company has to be in an industry, which enables Nippon Life to develop customer database PricewaterhouseCoopersNippon Life Nippon Lifes criteria 13 Selecting and Ranking Criteria are followings: Financ
22、ially solvent International out look: (e.g. has existing business relationships or joint ventures with foreign companies) Strong brand across China Interested in life insurance business estimate their interest, from the conversation with them, as “strong”, “neutral”, “slightly” or “not interested”.
23、pwc *Confidential Part Three: Company Search and Shortlist Phase 1: Search for company database Phase 2: Identify the shortlist of 20 companies Phase 3: Investigate the companies interests in the life JV PricewaterhouseCoopersNippon Life Preliminary target industry lists From our extensive desktop r
24、esearch and analysis, we derived a list of target industries based on the classifications frequently used by the SRSC, NBSC and China Yearbooks.* By analysing and assessing the industries from the criteria from Nippon, the target industries most suitable were sorted out Industry classification from
25、SRSCIndustry classification from NBSC Industry classification from Yearbooks Phase 1: Search and screen company database * See appendix 2 for details about the industries and classifications. 15 PricewaterhouseCoopersNippon Life We identified and obtained eight company lists from different industry
26、and government sources The total size of our preliminary company databases comprised more than 1,000 companies of all important industries The companies on the lists cover almost all the types of companies meeting with Nippon Lifes criteria* Top 500 of SOE on sales and assets from SETC Top 500 of No
27、n-SOE on sales, profits and assets from NAICC Top 500 companies on Imports & exports from MOFTEC Top 500 companies on Imports & exports from CC Top 100 private companies from CHINAV Top 200 famous brands from SAIC Top 500 SOE & Non-SOE from C Top 10 companies of some industries from NICC Preliminary
28、 company lists Phase 1: Search for company database * See appendix3 to find names of these companies 16 PricewaterhouseCoopersNippon Life The Shortlist identification process were carried out in three steps Step 1 Sorting out first long lists Step 2 Shorten the first long lists We developed first lo
29、ng lists* from different industries Step 3 Refining the second long lists Sort the first long lists to second long lists* Refine the second long list to find shortlist of 20 companies* Notes: *the results of every step are attached in appendix5-6 Phase 2: Identify the shortlist of 20 companies 17 Pr
30、icewaterhouseCoopersNippon Life In order to have a better understanding of what companies are more fit than others to be Nippon Lifes JV partner, before we stared sorting out the shortlist, we conducted a quick research of seven available websites* of the main existing life insurance JVs in China, t
31、he objective was to see what type of local companies are partners with foreign insurance companies in China.* Quick appraisal of the existing life insurance JVs http:/www.citic- http:/www.axa- Phase 2: Identify the shortlist of 20 companies * We cant reach the websites of other JVs in life insurance
32、 * *See appendix 4 for more details 18 PricewaterhouseCoopersNippon Life We found three common characteristics concerning the local JV partners from the existing JVs websites: Strong government ties Rich international experience Finance solvency Among the above criteria, two have been identified by
33、Nippon Life. We decided to introduce “strong government ties” as another criterion to be considered, especially for the SOE companies. Refine criteria / indicators for our analysis Notes: The first 7 JVs have existing websites (see former page) * The companies embracing strong government ties Foreig
34、n partnersForeign partnersLocal Local partnerspartners Prudential Plc. China Internation al Trust and Investment Corporatio n,CITIC* Aetna U.S. Healthcare China Pacific Insurance (group) Co.,Ltd* AXA GroupMinmetals Group* John HancockTianan Insurance Company Limited of China ManmulifeFOTIC， Subsidia
35、ry of SINOCHE M* Allianz AGDazhong Insurance Co., Ltd Winterthur Life Insurance Ltd. China National Travel Service Co.,Ltd.,Si nopec Corp(beijin g)，etc. Commonweal th Group China Life Insurance Company Assicurazioni Generali S.P.A. CNPC of SINOPER O* New York Life Haier Group Commercial General Norw
36、ich Union Plc, and AON Corp. China national Cereals, Oils&Food stuffs Imp & Exp Corp* Phase 2: Identify the shortlist of 20 companies 19 PricewaterhouseCoopersNippon Life Step 1. Sorting out the first long lists From the targeted industries of over 1,000 companies, we screened out the relatively big
37、 and strong SOE and Non-SOE long lists by evaluating the companies in their respective financial performance in terms of sales volume, profit and assets. Phase 2: Identify the shortlist of 20 companies Notes: *the results of this step is attached in appendix 5 Sales volume Profits Assets SOE Long Li
38、st 500 companies 23 Industries Non-SOE Long List 500 companies First SOE long List of 140 companies First non-SOE long List of 135 companies 15 Industries 20 PricewaterhouseCoopersNippon Life Step 2. Shorten the first long lists Having derived our preliminary long lists of 140 SOE and 135 Non-SOE co
39、mpanies, we began comparatively assessing all these companies in four dimensions: financial, international outlook, brand recognition as well as their government ties*. Phase 2: Identify the shortlist of 20 companies Due to their government ties, some companies added onto the second long lists of 11
40、 industries, Brand recognition Finance Government ties International First SOE long List of 140 companies First non-SOE long List of 135 companies 15 Industries Second SOE long List of 30 c（一番榨）1515151515西湖1616161616莱克1717171717金陵1818181818榕城1919191919惠泉2020202020雪津2121212121银城王2222222222珠江232323232
41、3金威2424242424活力2525252525喜力2626262626（ ）（ ）（ ）（ ）（ ）（ ）（ ）（ ）（ ）（ ）（ ）（ ）（ ）（ ）（ ）（ ）（ ）（ ）B. 啤酒的饮用习惯：B1.出示卡片请问您在过去三个月内曾经饮用过以下哪些酒类？（复选）B2.出示卡片请问您目前最常饮用哪种酒？（单选）B1（复选）B2（单选）啤酒11白酒22黄酒33葡萄酒44洋酒55其它（请注明：）_B3.出示卡片请问啤酒在您所饮用的所有酒类中所占的大约比例如何？（单选）100%190%280%370%460%550%640%730%820%910%10不足10%11访问员注意：将B4B9题的答
42、案分别填写在下面表格中的相应处。B4.出示卡片就您个人而言，您喝啤酒的主要原因是什么？（单选）B5.出示卡片请问您通常和谁一起喝啤酒？（单选）B6.出示卡片请问您通常在什么时间喝啤酒？（复选）B7.出示卡片请问您通常在哪些地方喝啤酒？（复选）B8.出示卡片请问您最常在什么地方喝啤酒？（单选）B9.出示卡片请问您在什么地方喝啤酒时饮用的啤酒量最多？（单选）B4题(单选)B5题(单选)B6题(复选)B7B9题B7题(复选)B8题(单选)B9题(单选)1. 个人喜好，习惯喝1. 独自一个人1. 早饭时间家里1112. 有助于睡眠2. 家人2. 午饭时间路边小饭店/大排档2223. 开胃3. 朋友/同
43、学/同事3. 晚饭时间中式餐厅/餐馆/酒店3334. 寻求酒后朦胧的感觉4. 其它：_4. 夜宵时间西式餐厅/餐馆/酒店4445. 提神5. 睡觉前大酒店/宾馆5556. 有营养6. 其它：_酒吧6667. 其它：_卡拉OK/舞厅777夜总会888B10.出示卡片请问您在春夏季(4月份到10月份)时饮用啤酒的频率如何？（单选）B11.出示卡片请问您在春夏季(4月份到10月份)时每次大概喝多少啤酒？ B12.出示卡片请问您在秋冬季(11月份至3月份)时饮用啤酒的频率如何？（单选）B13.出示卡片请问您在秋冬季(11月份至3月份)时每次大概喝多少啤酒？ B10(单选)B11B12(单选)B131.
44、 每天喝2次及以上数量：单位： 1. 大瓶（640ml）2. 小瓶(330ml) 3. 罐1. 每天喝2次及以上数量：单位： 1. 大瓶（640ml） 2. 小瓶(330ml) 3. 罐2. 每天1次左右2. 每天1次左右3. 每周4-5次3. 每周4-5次4. 每周2-3次4. 每周2-3次5. 每周1次左右5. 每周1次左右6. 每个月2-3次6. 每个月2-3次7. 每个月1次左右7. 每个月1次左右B14.出示卡片请问最近一年内您饮用啤酒的频率发生了以下何种变化？（单选）频率逐渐增加了1频率基本保持不变2频率逐渐减少了3B15.出示卡片请问以下哪种情况比较符合您目前饮用啤酒的习惯？（单
45、选）只喝瓶装啤酒1主要喝瓶装啤酒，很少喝罐装啤酒2主要喝罐装啤酒，很少喝瓶装啤酒3只喝罐装啤酒4瓶装和罐装两者都喜欢喝5B16.请您仔细回忆一下，您个人在过去一周内总共饮用过哪些品牌的啤酒，分别共喝了多少瓶或多少罐？ 品牌名称_瓶_罐C. 啤酒的购买习惯：C1.出示卡片请问您平时购买啤酒的最主要原因是什么？（单选）个人饮用1家人共同饮用2招待客人3其它（请注明：_）C2.出示卡片请根据您去购买啤酒的频率将以下这些销售场所进行排序？“1”表示最经常去购买，“2”表示其次经常去购买，以此类推啤酒销售场所排序结果超市大卖场便利店路边（小区）小店其它场所（请注明：_）C3.出示卡片请问您在春夏季(5月
46、份到10月份)时购买啤酒的频率如何？（单选）C4.出示卡片请问您在(11月份至4月份)时购买啤酒的频率如何？（单选）C3（单选）C4（单选）基本上每天都去买112-3天去买一次224-5天去买一次33一个星期左右去买一次44半个月左右去买一次55一个月左右去买一次66一个月以上去买一次77C5.在购买啤酒时，请问您通常一次购买多少？ 答：春夏季（5月份至10月份）时：_1.大瓶(640ml) 2.小瓶(330ml) 3.罐秋冬季（11月份至4月份）时：_1.大瓶(640ml) 2.小瓶(330ml) 3.罐C6.出示卡片请问您通常购买什么价位的_（依次读出包装规格）啤酒？（单选）价位包装规格大瓶装（640ml）小瓶装（330ml）罐装2.5元以下/瓶（罐）1112.5-5元/瓶（罐）2225元以上/瓶（罐）333从来不购买该包装形式的啤酒444C7.出示卡片请问您通常选择在什么时间到_（从打勾处逐一读出销售场所名称
