Private equity venture capital funds allocate pilots to investors physical allocation of stocks

9Jul

Further optimize the exit of the private equity venture capital fund, promote the long -term healthy development of the industry, Wu Xiaolu, Xing Meng, on July 8th, the Securities Regulatory Commission stated that the private equity venture capital fund has recently launched the pilot work Equity funds and entrepreneurial investment funds (hereinafter referred to as "private equity venture capital funds") non-cash distribution mechanism, expand the withdrawal channels for private equity venture capital funds, and promote investment-exit-re-investment virtuous cycle. Experts interviewed by a reporter from the Securities Daily said that the pilot increased the withdrawal method of the private equity venture capital fund, while improving the exit efficiency, maintaining the liquidity and stability of the capital market, and accelerating the cycle of capital, technology, and real economy. Play a more important role in supporting scientific and technological innovation and serving the real economy. Taking into account the needs of investors' differentiated needs to further optimize the withdrawal from the Environmental Securities Regulatory Commission, in recent years, private equity venture capital funds have played in improving the multi -level capital market system, increasing the proportion of direct financing, serving the real economy development, and promoting supply -side structural reforms. Important role. With the continuous deepening of the capital market reform, especially the establishment of science and technology boards and pilot registration system, GEM reform and pilot registration system, establish a "reverse link" mechanism for shareholders of listed company venture capital funds The environment continues to improve. The private equity venture capital fund allocation of stock pilot work from investors is another important measure to promote the development environment of the CSRC to optimize the development environment of the private equity venture capital fund and support the industry to further serve the real economy. Private equity venture capital funds allocate stocks to investors' physical objects, referring to the agreed of private equity managers and investors to put the shares held by a listed company held by the private equity venture capital fund before the first public issuance of the shares to investors (share shares A arrangement of assignment. From the perspective of overseas markets, it is a common institutional arrangement to allocate stocks to investors after the investing company is listed. This arrangement is conducive to taking into account the differentiated needs of investors, further optimizing the withdrawal of private equity venture capital funds, promoting the long -term healthy development of the industry, and better playing its support for the real economy and innovation and entrepreneurship. In an interview with the founder of LP think tank, Guoli said that the pilot enrichment and expanded the exit method of the project after the project invested by the private equity venture capital fund. ) More possibility of choice. At present, after the enterprise invested by the private equity venture capital fund is listed, the principal and income can be divided into LP through reducing their holdings. After the pilot is implemented, the stock can be distributed directly to LP, which can be selected or held by both. "The pilot also changed the status quo of a private equity venture capital fund because of its duration expires. It is of great significance for stabilizing the capital market and promoting the healthy development of the capital market." National waves said. "This pilot solution not only increases the exit method of the private equity venture capital fund, but also effectively improves the exit efficiency. It can also meet investors' diversified needs for multiple returns." Wang Weijia, general manager of Beijing Sunshine Tianhong Asset Management Company Wang Weijia Said to the Securities Daily reporter. Before the initial issue, the shares can be allocated to comply with the relevant reduction regulations. "In fact, with the construction and improvement of multi -level capital markets, especially after the establishment of a science and technology board and pilot registration system and the reform of the GEM registration system, private equity innovation has been expanded In the exit channel of the investment fund, the withdrawal of the RMB Fund has shown a virtuous cycle, which has provided a strong help for the sustainable development of the venture capital industry. "National Bo said. It is reported that in this pilot work, the private equity venture capital fund allocated to investors is the first public offering of the listed company to publicize. The private equity venture capital fund is the controlling shareholder of the listed company, the actual controller, and the largest shareholder (including the consistent actor). The shares of the listed company have not been relieved of restrictions. If the shares of listed companies involve pledge, freezing, judicial auction, or there are violations of laws and regulations, they shall not participate in the pilot. Investors are the actual controllers, controlling shareholders, and largest shareholders of the listed company (including unanimous actors). Venture Capital Fund shall not allocate stocks to it. Private fund managers who are interested in participating in the pilot and qualified private equity fund may submit a pilot application and specific operation plan to the Fund Industry Association on the basis of fully demonstrating. The CSRC stated that the private equity venture capital fund distributed shares to investors in physical objects shall apply "Several Provisions of Shareholders of Listed Companies and Directors and Supervisors" (hereinafter referred to as the "Reduction Regulations"), and "Listed Companies Entrepreneurship Investment Fund shareholders Special regulations for reducing holdings (revised in 2020) and other related regulations. Private equity venture capital funds can occupy a centralized bidding transaction reduction amount for stock distribution, and it can also occupy the large -scale transaction reduction amount for stock distribution. After occupying the reduction amount, the total reduction of the fund's total holdings should be deducted accordingly. Private equity venture capital funds shall fulfill the obligation to disclose information in accordance with the "Reduction Regulations" and relevant provisions of information disclosure. The CSRC stated that the next step will be summarized in a timely manner in combination with the practice of the pilot work, continue to promote the improvement mechanism of the private equity venture capital fund, guide and promote the standardized development of private equity venture capital funds, and increase the efforts to serve the real economy.

"In the past, it was difficult for private equity venture capital funds to reduce time costs on exit mechanisms and improve capital use efficiency. With the implementation of the pilot, it will effectively improve the exit efficiency and revitalize the capital pool." Wang Weijia said that more importantly, the process of industrial transformation and upgrading processAmong them, private equity venture capital funds play an important role in serving the real economy and supporting the development of innovation industries. In the future, with the continuous improvement of the exit mechanism, more high -quality enterprises will benefit from the accelerated development brought by direct financing.Recommended reading

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