1, trust
Trust is the earliest and most important channel for Sunshine's private placement. According to the statistics of Chaoyang Sustainable Development Database, at present, there are 33 18 trust products in the whole market with continuous performance announcements. The scale of trust private placement products is generally not less than 30 million, and there are 50 small places with less than 3 million. Collective trust products participating in stock index futures trading are only used for hedging or arbitrage, and cannot participate in commodity futures trading. Trust products are not taxpayers and do not need to withhold and pay personal income tax for investors. The priority of structured trust products can be connected with the priority funds of banks. The performance of trust products is generally publicized on the trust website, which has the strongest credibility. Trust products need to pay trust channel fees to trust companies, and also need to pay bank custody fees to custodian banks.
2. Public offering account
Private equity funds can issue private equity products through special accounts in the public offering of funds. According to the statistics of Chaoyang Sustainable Database, there are currently 2 14 public accounts in the whole market with continuous performance announcements. The scale of public offering and special account private placement products is generally not less than 30 million, and there are 200 small places with less than 3 million. Stock indexes can be long or short, and they can also be commodity futures. Like trust products, personal income tax is not withheld. The priority of structured public offerings can be connected with the priority funds of banks. The performance can be queried on the website of Public Offering of Fund by logging in the account, and the channel fee for the public offering account must be paid, in addition to the bank custody fee.
3. Contract filing and private placement
After the promulgation of the Interim Measures for the Supervision and Administration of Private Investment Funds this year, the optional channels of private placement have added the options of contractual private placement registration and independent issuance on the basis of the original channels such as trust and public offering account. Requirements of contractual private placement without scale starting point. The cumulative number of investors shall not exceed 200. There are few investment restrictions, and both stock index futures and commodity futures can be done. Personal income tax is not withheld. At present, it is difficult to connect the priority funds of banks. Valuation, external risk control and custody can be solved by brokers in one stop, and a custody and service fee needs to be paid to brokers, which is lower than that of trust and public offering accounts.
4. Limited partnership
Limited partnership funds require no starting point for scale and no more than 50 partners. Partnership enterprises need to declare the individual income tax of investors to the tax bureau. In addition, a disadvantage of limited partnership funds is that, in theory, every time any investor (partner) joins or quits, he needs to go to the industrial and commercial bureau and the tax bureau to change partners, and these changes often require all partners to be present or provide all partners' certificates, which is very troublesome. The main advantage of limited partnership private equity fund is that there are almost no restrictions on the investment of funds. Limited partnership is a form of enterprise, so limited partnership can not only invest in the securities market, but also invest in any legal field. Of course, in practice, the partnership agreement of a limited partnership fund generally restricts the investment of the fund according to the actual situation. In the years before there were no public offering channels and contract filing channels, the issuance of private equity funds mainly relied on trust channels. However, there are many restrictions on the investment of trust products, such as not trading futures, so many investment institutions that wanted to participate in derivatives such as stock index futures and commodity futures would choose to issue limited partnership products. In the past two years, with two channels with less investment restrictions, private equity funds have less and less used limited partnership funds.
5. Umbrella trust
The umbrella sub-trust is not strictly an independent product, but a sub-account under the umbrella trust product. However, independent income accounting is carried out by the trust. For investors with small capital scale, umbrella sub-trust provides a lower threshold for the issuance and performance display of Sunshine products. Umbrella sub-trust products can be as small as 6.5438+million, and some products are even only 20,000-30,000. Umbrella sub-trust products can be managed, or they can be managed in a structured way by investing in a single inferior fund and docking trust priority funds. Most umbrella self-operated trusts can't do stock index futures, margin financing and securities lending, and can't do bulk commodities. In addition, some private equity institutions report that the umbrella sub-trust operated by them has the problem of slow transaction speed.