Securities Association of China (SAC) is a self-regulatory organization for securities industry established under relevant provisions of the “Securities Law of the People’s Republic of China” and the “Administrative Regulations on the Registration of Public Organizations”. SAC is a non-profit social institution which acts as a legal person under the guidance and supervision of the China Securities Regulatory Commission and the Ministry of Civil Affairs of China.

SAC was established on August 28, 1991. On June 23 and 24, 2011the fifth Member General Meeting was held which elected Mr. Chen Gongyan as the Chairman. During these 20 years, SAC has earnestly enforced its “Articles of Association” and acted strictly within the scope defined in the principles of “Legitimate, Supervision, Self-regulation and Normalization”. Under the supervision and direction of CSRC, SAC relies on its members to discharge its 3 major functions: “Self-regulation, Service，and Conduction”. For the purpose of promoting self-regulation, enhancing integrity construction, reflecting comments and suggestions of the industry and improving the industrial development environment, SAC has made adequate contributions to fulfill its responsibility as the self-regulatory organization for the industry.

The highest authority of SAC is the Member General Meeting which is composed by all members. The Board of Directors is the executive body. SAC operates under the Chairman Responsibility System. By June 2011, SAC has 239 members in total, including 107 securities companies, 86 securities investment consulting companies, 2 financial assets management companies, 5 credit evaluation institutions and 39 special members (36 local securities associations, 2 stock exchanges, 1 securities depository and clear company).