The "physical allocation of stocks" opens out of the new road private equity venture capital activity will increase

Reporter Wang Ning

The private equity venture capital industry will welcome the policy. Recently, the CSRC launched a private equity venture capital fund to allocate the pilot work of stocks to investors.

In this regard, a number of people in the industry said that the pilot mechanism will greatly benefit the development of the private equity venture capital industry, on the one hand, to shorten the cycle of the use of mobile funds and improve the efficiency of the use of funds; on the other hand choose.

Private equity venture capital funds allocate the pilot pilot to investors in physical objects, referring to the agreed of private equity managers and investors to put the shares before the first public issuance of the listed company held by the private equity venture capital fund to the investors ( A arrangement of shares). In addition, private equity venture capital funds can occupy a centralized bidding transaction reduction or large -scale transaction reduction amount for stock distribution. After occupying the holding limit, the total reduction of the fund's total holdings should be deducted accordingly.

A private equity fund executive in Beijing told the Securities Daily that the profit of the private equity venture capital fund is mainly from the floating profit market value generated after the management fee and the investment project to be listed. For a long time, in order to charge high management costs, some private equity venture capital funds have locked the equity cycle held by other investors and even try to extend the locking cycle. However, the pilot mechanism of the actual distribution of the stock may break this dilemma. "It allows investors to have more choices, especially when exiting, no longer get more intervention and restrictions."

However, it should be noted that although the regulatory layer gives a lot of room for the pilot of the actual allocation of stocks, so that investors have more choices as possible, but they are not suitable for any investor.

The CSRC stated that if the private equity venture capital fund is the controlling shareholder, actual controller, and the largest shareholder (including consistent actors) of the listed company, those who hold the shares of the listed company shall not participate in the pilot of related situations such as restrictions. At the same time, if investors who accept allocations are related to the actual controller of the listed company, they must not allocate stocks to them.

A person related to a private equity fund in Beijing told a reporter from the Securities Daily that the regulators have developed for a long time to support the development of private equity venture capital funds. For example, the GEM launched in 2009 is to solve the financing needs of a group of relatively leading and certain technical content. The launch of the science and technology board has also broaden the channel for the withdrawal of private equity venture capital funds. "The start of the pilot of the stock of the stock will greatly enhance the activity of private equity funds and provide favorable conditions for the further growth of the industry."

It is understood that before 2006, domestic local investment institutions were mostly dominated by US dollar funds. Until the promulgation of the revised version of the "Partnership Enterprise Law", it cleared legal obstacles for the establishment of private equity. Organizational forms include the establishment and operation of the company, trust and partnership. Several private equity people said that the launch of the actual distribution of the stock mechanism this time has entered a dose of "strong heart needle" for investment institutions and opened the high -efficiency era of "advance and retreat".

Another private equity person said that for investment institutions, allocating stocks to investors will stimulate the investment motivation of private equity funds; at the same time, it will also promote the prosperity of local RMB investment institutions, and various types of investment institutions will further increase.

According to the latest data of the China -Foundation Association, in the first five months of this year, there were a total of 31,600 private equity investment funds, with a scale of 1.084 trillion yuan, plus 2.56 trillion yuan of 1.64 million Democratic entrepreneurial investment funds. The scale reaches 13.4 trillion yuan.

A number of private equity funds said that the launch of the private equity venture capital fund allocated the pilot work of investors' physical allocation of stocks, and will once again promote the optimization of the development environment of the private equity venture capital fund, thereby further serving the real economy development. It can be expected that with the comprehensive improvement of the relevant advance and retreat mechanism, the market incremental funds are expected to improve, and the efficiency of funds is expected to speed up. (Securities Daily)

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