July, 2007

I. Membership Application Qualifications, Enrolment and Withdrawal Procedures
a. Application Qualifications
1) agree to the guidelines and constitution of CMAA;
2) be engaged in business related to M&A in investment banks and agent corporations or groups;
3) play an active role in the activities of CMAA with significant influence in the industry;
4) Executive Director: recommended by two executive directors and verified by the board of executive directors;
5) Director: recommended by two directors and verified by the board of executive directors.

b. Enrolment Procedures
1) read and fully understand CMAA Constitution;
2) fill in the CMAA Membership Application Form, and submit it with other documents to the secretariat of CMAA;
3) The Membership Committee of CMAA verifies the qualification of membership applicants;
4) The board of executive directors verifies the qualification of membership applicants;
5) The secretariat issues a membership certificate or director's plate upon the confirmation of enrolment.

c. Withdrawal Procedures
1) The member should inform CMAA in writing and return its membership certificate to withdraw. It is regarded as automatic withdrawal if the member does not hand in membership dues for more than one year;
2) The membership will be cancelled with the approval of the board of executive directors in the following circumstances:
i. criminal penalty for violation of state laws;
ii. damaging reputation or causing economic loss to CMAA for failing to abide by the related stipulation in the CMAA Constitution;
iii. cancellation of license certificate or corporate business certification by the local sectors of civil administration or industry and commerce;
iv. failure to participate in the activities of CMAA for one year.

d. Re-enrolment
If a member wants to join CMAA after its membership has been cancelled for more than one year, it is supposed to apply for the membership as for the first time.

II. Rights and Obligations
a. Rights
1. right to vote, be voted for, and take a vote;
2. right to participate in the activities of this group;
3. right to enjoy the priorities of this group;
4. right to criticize, advise and monitor the work of this group;
5. right to withdraw freely.

b. Obligations
1. implement the decision of this group;
2. safeguard the legal rights and interests of this group;
3. finish the work assigned in this group;
4. actively participate in the activities of this group;
5. hand in the membership dues according to the stipulations
6. report to this group and provide the related materials;
7. actively cooperate with updates and maintenance of the website, journal and database of this group;
8. assign a specific department or person to take charge of liaison with this group;
9. introduce two members into CMAA.
c. Rights and Obligations

III. Basic Services
a. Member Services:
1. Membership Certificate:
Each member will obtain a membership certificate for public viewing. The membership certificate marks out the membership identity, level and enrolment time.

2. CMAA Logo:
Each member can use the CMAA logo within the valid period of membership in its enterprise business cards, letters, propagation materials and flags as stipulated. The member is granted a business card marking out the CMAA logo and its own enterprise’ logo upon the enrolment. The secretariat is available to contact if any member unit needs to print the CMAA business card for other personnel (printing without permission forbidden).

3. Network Services:
The website www.ma-china.com will provide services for members on the basis of current information platform to promote the member-member and member-CMAA communication and exchange.
The website mergers-china.com was established in June 1998 as the largest “shop” of online investment banks in the country, which is oriented towards numerous enterprises with low-cost M&A consultation and information. With 14 thousand registered members, it has become an online community for the interaction among personnel specialized in the investment banks home and abroad. All the information is available to the CMAA members.
4. Share Research Results
Members can share the research results and obtain China M&A Index and China M&A Quarterly or Monthly Report free of charge.
5. China M&A Annual Conference
Members can attend the China M&A Conference at a discounted rate, which has become a summit in the circle of M&A in China after its successful organization for five years.
6. Membership Newsletter
The Membership Newsletter is founded by CMAA, which is a publication of the first-hand commercial news and services regularly presented to the members. It publishes the report of activities in CMAA, introduction of new members, membership services lately launched, major news in member enterprises, information about exhibitions in the industry, latest exchanges of technology at home and abroad, new policies and regulations, and other news in the industry.
7. China M&A Express
Hosted by CMAA, China M&A Express is the only practical M&A publication in the country, which is specialized in the introduction of M&A in China, promotion of standards in the M&A market. It provides you with the most comprehensive, colorful and authoritative M&A information.
8. Exhibition Services
CMAA will organize, co-organize or sponsor more than a dozen exhibitions with favorable exhibition fees for its members.
9. Advertisement service
1) CMAA annually edits M&A Report, China Industrial Map and other publications relatted to M&A, which has won sound prestige in the industry. The cover, back cover and the column on the folding lines of those publications are all available for advertising with favorable prices for CMAA members.
2) CMAA launches the Key Project Recommendation and Link to Recommended Enterprises available for a month in the frontpage of www.mergers-china.com and CMAA website. CMAA members can enjoy these advertising services.
3) In its internal publication Membership Newsletter, CMAA will assist its members in the project promotion in addition to the whole-course report of new members. In this way, the members' information can be shared widely with favorable cooperation between members.
10. Cooperation within the Industry
To enlarge the size of membership, CMAA will absorb members from different fields to enhance the professional relationships between the members with the leaders in the industry and government officials, and to set up smooth channels and healthy industrial networks. It takes advantage of different activities to explore new opportunities to establish the strategic union in the industry and assist the members in obtaining commercial benefits.
11. International Exchange and Cooperation
CMAA develops the exchange and cooperation with peers at home and abroad to enhance international recognition and business relationships of its members.
12. Training
CMAA invites the experts in the industry to form a experts' committee, which provides business consultancy, policy explanation, industrial analysis and discussion to its members. The committee also organizes seminars or special trainings on the technical problems of M&A, irregular overseas trainings, surveys, workshops and forums to exert its public influence to a maximum extent and provide the best industrial training to its members.
13. M&A Fund
CMAA takes charge of creating a M&A fund platform of industrial capital and financial capital at home and abroad to provide the capital support for industrial integration and M&A integration for its members.
b. Director-above Services
1. Director’s Plate
Each director unit is granted a director’s plate upon its enrolment for public viewing. The director’s plate marks out the membership identity, level and enrolment time.
2. CMAA Logo
Each member can use the CMAA logo within the valid period of membership in its enterprise business cards, letters, propagation materials and flags as stipulated. Upon the enrolment, the member is granted a business card marking out the CMAA logo and its own enterprise’ logo. The secretariat is available to contact if member unit needs to print the CMAA business card for other personnel (printing without permission forbidden).
3. Organization of Activities in the Name of CMAA
The director member unit can be authorized by CMAA to organize a variety of activities in the name of CMAA, which should be beneficial to national economic development and the advancements for the industry.
4. Network Services:
The website www.ma-china.com will provide services for members on the basis of current information platform to promote the member-member and member-CMAA communication and exchange.
The website mergers-china.com was established in June 1998 as the largest “shop” of online investment banks in the country, which is oriented towards numerous enterprises with low-cost M&A consultation and information. With 14 thousand registered members, it has become an online community for the interaction among personnel specialized in the investment banks home and abroad. All the information is available to the CMAA members.
5. Research Results
The member can share the research results and obtain China M&A Express, China M&A Index and China M&A Quarterly or Monthly Report free of charge.
6. China M&A Annual Conference
Directors can attend the China M&A Conference free of charge, which has become a summit in the circle of M&A in China after its successful organization for five years.
7. Membership Newsletter
The Membership Newsletter is founded by CMAA, which is a publication of the first-hand commercial news and services regularly presented to the members. It publishes the report of activities in CMAA, introduction of new members, membership services lately launched, major news in member enterprises, information about exhibitions in the industry, latest exchanges of technology at home and abroad, new policies and regulations, and other news in the industry.
8. China M&A Express
Hosted by CMAA, China M&A Express is the only practical M&A publication in the country, which is specialized in the introduction of M&A in China, promotion of standards in the M&A market. It provides you with the most comprehensive, colorful and authoritative M&A information.
9. Exhibition Services
CMAA will organize, co-organize or sponsor more than a dozen exhibitions with favorable exhibition fees for its members.
10. Advertisement service
1) CMAA annually edits M&A Report, China Industrial Map and other publications relatted to M&A, which has won sound prestige in the industry. The cover, back cover and the column on the folding lines of those publications are all available for advertising with favorable prices for CMAA members.
2) CMAA launches the Key Project Recommendation and Link to Recommended Enterprises available for a month in the frontpage of www.mergers-china.com and its website. CMAA directors can enjoy these advertising services.
3) In its internal publication Membership Newsletter, CMAA will assist its members in the project promotion in addition to the whole-course report of new members. In this way, the members' information can be shared widely with favorable cooperation between members.
11. Participation in Edition of M&A Series
CMAA participates in the editing China M&A Report, China Industrial Map, Technical Manual of M&A and other Chinese M&A serise, as well as China M&A Express.
12. Participation in Appraisal of M&A Prizes
CMAA participates in the appraisal of Top 10 M&A and other activities. Top 10 M&A is an annual event of appraisal in the industry, including Top 10 M&A Events in China, Top 10 M&A Deals and Dealmakers in China. CMAA will invite the specialists in the industry and other famous media experts of finance and economics to participate in the appraisal.
The director individual or unit enjoys the right of being selected in the appraisal of China M&A Services Awards. The appraisal of China M&A Services Awards is organized by the CMAA and Global M&A Research Center, which is designed to display the outexecutive financial strength and skills, set up public and transparent M&A models in order to award the excellent representatives, establish the standards and mark the M&A progress.
13. Cooperation within the Industry
To enlarge the size of membership, CMAA will absorb members from different fields to enhance the professional relationships between the members with the leaders in the industry and government officials, and to set up smooth channels and healthy industrial networks. It takes advantage of different activities to explore new opportunities to establish the strategic union in the industry and assist the members in obtaining commercial benefits.
14. International Exchange and Cooperation
CMAA develops the exchange and cooperation with peers at home and abroad to enhance international recognition and business relationships of its members.
15. Industrial Standards Design
CMAA organizes its members to study business charging standards to avoid unhealthy competition between its members and thus safeguard the overall benefits of the M&A industry. It standardizes the rational development of the M&A business market and sets up the standards of occupational moralities in the industry.
16. Policy Formulation
It is keenly concentrated on the dynamics in the industry, puts forward professional suggestions to the governmental sectors on the behalf of the industry and provides assistance for professional research in the industry. In particular, it functions as a coordinator to protect the proper social and commercial rights and interests of its members.
17. Training
CMAA invites the experts in the industry to form a experts' committee, which provides business consultancy, policy explanation, industrial analysis and discussion to its members. The committee also organizes seminars or special trainings on the technical problems of M&A, irregular overseas trainings, surveys, workshops and forums to exert its public influence to a maximum extent and provide the best industrial training to its members.
18. M&A Fund
CMAA takes charge of creating a M&A fund platform of industrial capital and financial capital at home and abroad to provide the capital support for industrial integration and M&A integration for its members.
19. Other Services
CMAA will promptly launch new services according to the demands of its members and the market. Its members will enjoy preferential treatment in obtaining these new services.
These terms were last modified (3rd time) at the member (representative) meeting on June 25, 2007, to be implemented on July 2007.

China Mergers & Acquisitions Association
July, 2007

Download Membership Application Form