Shanghai starts another shot of S Fund

The S fund ushered in a milestone.

The investment industry-decoding LP was informed that recently, the Shanghai Asset Management Association's establishment conference, private equity and entrepreneurial investment share transfer pilot launching ceremony was held in Shanghai Building, Hongkou District. At the same time, the "Several Opinions on Supporting the Pilot Work of Private Equity and Entrepreneurship and Entrepreneurship Investment Shareholders (referred to as" Several Opinions ") were officially released, and 14 of them supported the trial of the S fund exchange.

It is worth mentioning that this time Shanghai clarified the basis for the transfer of state -owned funds. This is undoubtedly an exciting exploration for a huge amount of government guidance funds waiting for withdrawal.

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The first time in Shanghai:

Clarify the basis for the transfer pricing of state -owned funds

We started from the end of November last year.

At that time, the China Securities Regulatory Commission approved the consent of the pilot transfer of private equity and entrepreneurial investment shares in the Shanghai regional equity market. Relying on the Shanghai Equity Custody Exchange Center, it gradually expanded the channels for private equity and entrepreneurial investment. After nearly a year, the Shanghai S share transfer pilot has finally officially launched. Shanghai has also become the second city in China to have an open trading platform of S Fund in China.

The "Several Opinions" aims to give play to the positive role of small and medium -sized enterprises in the urban regional equity market service, gradually establish and improve the private equity fund service system, broaden the channels for the exit of private equity and entrepreneurial investment, and promote the integration and development of regional equity markets and private equity funds. Continuously enhance the service capabilities of the regional equity market for private equity funds and its post -investment enterprises, and help the loop of financial capital and industrial capital.

The "Several Opinions" focuses on the core links of state -owned asset transfer, industrial and commercial changes, ownership pledge, industry norms, organizational guarantee and other aspects. Essence

Specifically, there are 4 major parts of the "Several Opinions" and 14 specific measures. At the same time, it supports the establishment of the establishment of the S fund and encourages policy support to the new funds. Shanghai will implement a certain regional corporate entrepreneurial investment enterprise reduction and exemption policy. mainly include:

The first is to clarify the requirements of state -owned assets in transaction. Among the city's private equity funds, the proportion of state -owned assets is relatively high, and the demand for withdrawal is outstanding, but there are some policy restrictions in the transfer of state -owned funding in the transfer. With the support of the Municipal State -owned Assets Supervision and Administration Commission, key policies such as valuation replacement assessment are written into "Several Opinions". At the same time, the Municipal SASAC has also formulated and issued relevant management measures and work guidelines.

To put it in detail, "Several Opinions" supports various state -owned funds shares to conduct a pilot transfer through the Shanghai Stock Custody Exchange Center. In principle, the transfer of the state -owned fund shares in this city is carried out in principle. The transfer price is based on the approval or record asset evaluation or valuation results as the pricing basis. Participating in the pilot State -owned enterprises shall formulate relevant management systems for the transfer of state -owned fund shares in accordance with the requirements, and optimize the approval procedures for the transfer of state -owned fund shares.

The second is to change the registration path of the shares. Change registration is a key link to ensure the rights and interests of the two parties of the share transfer business. With the support of the Municipal Market Supervision Bureau and the Municipal Big Data Center, the registered registration information and transaction information are interacting to improve the accuracy and timeliness of confirmation. The Netcom Office provides one -stop service.

The third is to strive to support business innovation. At present, there is no basis for the share of the share of the share of the share transfer, but the market demand is stronger. With the active support of the Municipal People's Congress, with the help of Pudong's legislation and convenience, the relevant policies are written into the "Several Provisions of the Green Financial Development of Pudong New District in Shanghai" and "Several Opinions".

The fourth is to encourage more market players to participate. In order to give play to the advantages of the city's funding gathering and improve market activity, all units actively support the pilot work of various subjects participating in share transfer. Among them, the Municipal State -owned Assets Supervision and Administration Commission supports some state -owned asset -owned companies to set up a new S fund or increase the S strategy; the Municipal Finance Bureau supports government investment funds to achieve orderly withdrawal through the share transfer platform; the Municipal Local Financial Supervision Bureau supports QFLP pilot agencies to actively explore the cross -border share transfer business Support industry associations, professional associations and Shanghai Stock Exchange Center to strengthen cooperation.

The smooth exit channel is of great significance to the healthy development of the private equity fund industry and better promote the construction of the Shanghai Asset Management Center. Data show that at present, the fund share of the fund shares of Shanghai Private Equity and Entrepreneurship Investment Shareholding Platform has continued to expand, and a total of 20 orders are launched. The total number of transfer is 1.487 billion yuan. The amount is 1.216 billion yuan.

In addition, the share of the first single fund of the Shanghai Stock Exchange Center has also been launched one after another. The development of bank pledge loans has handled the pledge registration, solved the problem of capital integration for the fund shareholder, and at the same time guaranteed the rights and interests of SPD Bank as the creditors and pledgee. Assure.

The construction of the transfer platform for the transfer of private equity and entrepreneurial investment equity share of Shanghai Stock Exchange is an important measure to implement the "Opinions of the Central Committee of the Communist Party of China and the State Council on supporting high -level reform and opening up in Pudong New District and creating a socialist modern construction leading zone." An important starting point for the construction of financial centers and global asset management centers.

Subsequently, the "Shanghai S Fund Alliance" jointly established by the Shanghai Equity Custody Trading Center and Shanghai Science and Technology Innovation Fund was officially unveiled. From the National Mother Fund, the well -known market -oriented parent funds at home and abroad, local guidance funds, financial institutions such as insurance, securities firms, banks, local state -owned enterprises and industrial groups, and other 80 market -based front -line institutions formed the first members of the alliance. 02

The trillion government guidance fund is suffering and waits for exit

Price is one of the biggest challenges

Behind the S fund, one of the reasons is that the huge government guidance of the funds withdraw from the forces.

The Qingke Research Center of Qingke Entrepreneurship (01945.HK) released the "2022 Research Report on the Development of the Chinese Government Guidance Fund in 2022" showing that as of the first half of 2022, a total of 2,050 government guidance funds were established in my country, with a target scale of about 1.282 trillion yuan Renminbi has been subscribed for about 6.39 trillion yuan. This means that government guidance funds have become China's largest RMB LP group.

After experiencing a pilot pilot, preliminary exploration and rapid development, the Chinese government guided funds to establish a saturation, and some early -established government guidance funds have entered the exit period. The reality is that the vast majority of GP exits excessively rely on IPOs, but this does not cover the demand for the exit of the guidance fund.

As a result, the S fund became hot and was regarded as one of the ways to solve the withdrawal of government guidance funds. State -owned fund began to become more active on the S fund.

The investment industry-decoding LP learned that at the end of July, Shanghai's first tens of billions of S Fund, Shanghai, led the relay entrepreneurial investment partnership (limited partnership) to announce the landing of Pudong, with a total scale of 10 billion yuan, the first phase of 3 billion yuan, management People are held by Shanghai Fang Private Equity Fund Management Co., Ltd., a subsidiary of Shanghai State -owned Capital Investment Co., Ltd. It is reported that China Insurance Investment, BOC Financial Management, and Traffic Bank International are the core intention investors of the S fund, and the Shanghai State Investment Investment and Pudong Leading District Fund as the Corestan investor.

On May 25 this year, Nanjing's first urban area linkage and market -oriented S fund -Zijin Jianye S Fund held a signing ceremony at the Goldfish Mouth Fund Building. It is reported that Zijin Jianye F Fund was jointly launched by Nanjing Innovation Investment Group and Jianye Gao Investment Group, with a total scale of 1 billion yuan. The main investors include Nangang Steel, Southeast Fund, Sheng Jing Jiacheng, and Tianxin Investment. The market -oriented S fund will target the trading opportunity to the share of the private equity investment fund, invest in second -hand share of high -quality funds, and explore the government guidance fund withdrawal path.

There is also the first city fund landing in the Beijing S fund market, which once caused a sensation. In early April, the Beijing Science and Technology Institute Relying Private Equity Fund Management Company (referred to as: Relay Fund Management Company) officially registered in the Tongzhou Canal Business District, with a target transaction scale of 20 billion yuan. It is worth noting that the fund will also apply as the main body of Beijing QFLP (qualified foreign limited partner).

According to the data, the Relay Fund Management Company was initiated by Guojia Kami, which was jointly invested by the Chinese Academy of Sciences by the Beijing Local Financial Supervision and Administration Bureau, focusing on the private equity fund of the science and technology industry and focusing on the S market.

Regardless of LP or GP, the acceptance and dependence of the S fund exit method is getting stronger and stronger. Although compared with foreign countries, my country's S fund transactions are not active. For example, third -party intermediaries, exchanges and other supporting support systems are not perfect, and key trading links such as valuation have not been opened. However, under the situation of the IPO listing and the inverted market valuation of the first and secondary markets, the emergence of the S fund provides a way for LP and GP pursuit of common interests. To some extent, the S fund is "a valve that regulates the market temperature."

Especially for government guidance funds, the issue of exit is imminent, and the introduction of the S fund is expected to break this pond water.

But the challenge is also in front of it. "After these years of development, the Chinese equity market has more transfer opportunities in the market. Of course, there are many challenges. The first is the pricing. It is important to have the ability to pricing and judge underlying assets. This is more important." Huang Shengxuan, CEO of Beijing Taikang Investment.

The second one is the insufficient reconciliation of the information, and it depends more on GP or the transferor. The underlying project company cannot fully understand it. "This is not like we can make a comprehensive adjustment of the project when we do direct investment projects."

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