On May 29, the "Provisional Measures for the Management of the Filing of Equity Investment Funds in Yunnan Province" was announced and will be implemented on August 1. Industry insiders pointed out that the development of private equity (PE) funds will help the listing and cultivation of Yunnan enterprises and promote the development of Yunnan's advantageous industries such as minerals, biology and tourism.
The "Trial Measures" stipulates that equity investment funds are funds raised by specific targets and managed by fund management institutions, which mainly invest in equity in unlisted enterprises and improve the collective investment system of value-added services. For the establishment of equity funds in the form of limited liability companies and limited partnerships, the number of investors shall not exceed 50; for the establishment of equity funds in the form of joint stock companies, the number of investors shall not exceed 200. The capital of the equity fund subscribed by each investor shall not be less than 10 million yuan, and the capital of the equity fund may only be subscribed with its own and legal funds. The subscription commitment signed by all investors must reflect that all investors fully understand the contents of the prospectus and the risk factors revealed. All investors promised to subscribe for a total fund size of not less than 500 million yuan.
Equity funds use private placement to raise funds from specific targets. The fundraising methods, fundraising objects and fundraising procedures shall all comply with the provisions of the "Securities Law of the People's Republic of China" on "non-public issuance of securities", and shall not raise funds through advertising, public persuasion and publicity in disguise. The fund management institutions that have filed shall raise funds from senior management personnel of domestic legal persons, unincorporated institutions and fund management institutions in accordance with these Measures. The investment direction should be consistent with the national industrial policy and investment policy, and actively play a role in promoting industrial structure adjustment, enterprise merger and reorganization, etc.
The fund management agency shall register with the administrative department for industry and commerce according to law and apply to the provincial development and reform commission for the record. Can formulate and implement investment plans, and supervise and manage the invested companies; actively participate in the development of the invested companies' development strategies to provide value-added services for the invested companies. According to the entrustment management agreement of the equity fund, the information about the investment operation of the equity fund shall be disclosed to investors regularly or irregularly. Regularly prepare equity fund accounting statements and report to investors after review by an external audit agency.
According to the definition of relevant foreign research institutions, PE funds refer to equity investment in private companies, that is, non-listed companies, through private placement. In the course of the transaction implementation, the future exit mechanism was also taken into consideration, that is, through listing, mergers and acquisitions or management buybacks, etc., the sale of shares held for profit. Ni Zongming, investment director of Kunming Sales Department of Southwest Securities, believes that with the development of PE funds, the listing and cultivation of cloud enterprises, especially emerging industry companies, will get a "booster".
Liu Xibiao, a professor at the Securities Investment Department of Yunnan University of Finance and Economics, said that PE funds can promote the development of advantageous industries such as minerals, biology and tourism in Yunnan, and enhance the competitiveness of some enterprises. The government is guided by relevant laws and regulations to encourage and support the development of PE funds with a good original intention, but there should be relevant supporting preferential policies issued to promote the active participation of private capital. Because PE funds also have the nature of pursuing profits, in terms of strategic pillar industry cultivation, Yunnan Province should set up an industrial investment fund in the next step.
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