In addition, some cross-border venture capital stars have also joined the upsurge of "fund qualification examination". "Preparing for the qualification examination for fund practitioners is as difficult as recording a solo album." Hu Haiquan, from Yu Quan Group, set foot in the venture capital circle five years ago and is also one of the "undocumented veterans" in the venture capital circle. He still seems to lack confidence in the exam. Why on earth does the fund qualification examination bring together industry big coffee and cross-border venture capital stars? How should private equity institutions respond to the tightening of private equity supervision policies? What impact will it have on investors? Many issues have recently become the focus of hot discussion in the industry.
1. Why has private equity become everyone's darling?
According to the information on the website of the Fund Industry Association, there are many heavyweight stars doing well in the capital market, such as private fund companies founded by Huang Xiaoming, Ren Quan and Hu Haiquan. All of them are filed with the fund industry association.
On March 3, 20 14, Hu Haiquan established Beijing ganxiang haiquan investment management co., ltd. at present, the registered private equity fund company is Beijing ganxiang haiquan 1 equity investment center (limited partnership), which is an equity investment fund. According to public information, Haiquan Fund currently has a management scale of 3 billion yuan and nearly 30 investment projects.
Another venture capital star is Ren Quan, who is called "the best investor among artists". According to public information, two private equity funds currently available in Ren Quan were registered as managers in China Foundation on August 6th, 20 15 and September 6th, 20 15 respectively. On July 20 14, Ren Quan joined hands with Huang Xiaoming and Li Bingbing to set up the private equity fund of Star VC. 20 10 June, Zhang Ziyi and Bo Huang joined as new partners.
2065438+In June 2005, Angelababy (Angelababy) established the venture capital fund AB Capital；;
2065438+At the beginning of July 2005, Zhang Quanling joined Niuzi Fund as the founding managing partner;
On June 5438+ 10 this year, Morphy, Degang Guo and Huang Jianxiang indicated that they would cooperate with the Cultural Venture Capital Fund.
Stars actively participate in the field of venture capital, which reflects the prosperity of the current fund industry in China. According to the data of China Asset Management Association, by the end of 20 16 1, there were 2,584 registered private equity fund managers and 2,546 registered private equity funds, with a subscription scale of 5.34 trillion yuan and a paid-in scale of 4.29 trillion yuan, with 389,900 employees in the private equity industry.
At the same time, by the end of 20 15 and 10, according to the total fund size, there were 2 1388 operating funds managed by private fund managers with a scale of less than 2 billion yuan, 260 with a scale of 2 billion to 5 billion yuan, and 5 billion to10 billion yuan. The number of 10 billion private placements has exceeded 80, and the rapid development has surprised people in the industry.
Cheng, the president of Golden Advisor Preferred Wealth Group, pointed out that in recent years, domestic high-net-worth customers have grown rapidly and the real economy is facing transformation. A large number of asset management needs provide space for private placement. Under this pattern, the advantages of private placement gradually emerged, leading to a greater expansion in a period of time.
Second, what are the main problems brought about by the great development of private equity funds?
In the process of large-scale expansion, private equity funds have indeed made great contributions to increasing financing channels and promoting economic development, but they have inevitably produced many thorny problems. During the inspection, the relevant departments found that there are mainly the following illegal problems in the field of private equity funds:
1, registration information is distorted.
Common information such as incomplete, untrue, not updated in time, not submitting regular reports and major changes as required, etc.
Fund-raising is illegal.
For example, raising funds from unqualified investors; Lower the threshold of investors in disguise; Public offering, exaggeration or false propaganda to unspecified objects; Violation of the promise of capital preservation and income protection; The number of investors exceeds the quorum limit, etc.
3. Illegal investment and operation.
Such as misappropriating or occupying fund property, misappropriating inherent fund property, charging fees in violation of contracts, and transferring benefits.
4. The management of the company is not standardized.
If the internal management and risk control system is not perfect, the company management is weak; The information disclosure system is not perfect and the information is insufficient; No conflict of interest prevention mechanism has been established or the implementation is not in place.
5. Suspected of illegal crimes.
For example, under the guise of false or exaggerated projects, with capital preservation and high returns as bait, publicly raising funds from unspecified objects, suspected of illegally absorbing public deposits or fund-raising fraud; Manipulate the market, insider trading, etc.
Among them, the second and fifth violations have the most serious consequences, and the losses caused to investors are the heaviest and irreparable, and their nature also touches the legal bottom line.
Third, what is the significance of tightening the supervision policy of private equity funds?
Do you still remember the historical moment when Xu Xiang, the most famous private equity fund manager in China, dressed as a "white coat" on 20 1 65438+1October and became popular in the circle of WeChat friends?
As one of the largest private equity funds in China, Zexi Private Equity is well-known in the private equity industry for its high yield and accurate market control, and its helm, Xu Xiang, is a myth in the industry. 20 15 June, 15 is the turning point of A shares. In the subsequent trend, many private equity products suffered from net value reduction, short positions and liquidation. However, Zexi Investment, headed by Xu Xiang, a "private elder brother", stood firm in the stock market decline from June to July, and its yield rose against the trend.
Xu Xiang and others obtained insider information of the stock market by illegal means, engaged in insider trading and manipulated the stock trading price, and their actions were suspected of violating the law and committing crimes. At present, the case is under trial. After all, the illegal operation behind it makes the myth disappear, and investors' dreams of making money become empty overnight!
There are many private equity funds in the market, such as Xu Xiang, who have committed crimes or run away. After a period of "barbaric growth" of private equity funds, the industry has become mixed. After 20 14 was brought into the regular supervision army, laws and regulations were implemented one by one, and the private equity industry also developed in a more standardized direction. On February 5th this year, China Fund Association issued the Announcement on Further Regulating the Registration of Private Fund Managers for the first time.
It is clearly mentioned in the announcement that "the registered private equity fund manager shall, in accordance with the above provisions, self-check the fund qualification of relevant senior executives, and submit an application for the change of major matters of senior executives' qualifications through the private equity fund registration and filing system before 20 16 12 3 1 to complete the rectification. If it is not rectified within the time limit, the China Fund Industry Association will suspend the acceptance of the application for major changes such as the filing of private equity products of the institution. "This is also an ultimatum to private placement. According to the regulations:
All kinds of private fund managers and senior managers engaged in private securities investment fund business shall obtain the qualifications of fund practice, including legal representative, executive partner (appointed representative), general manager, deputy general manager, compliance/risk control person in charge, etc.
All kinds of private fund managers engaged in non-private securities investment fund business shall have at least two senior executives who shall be qualified for fund practice, and their legal representatives, managing partners (designated representatives) and compliance/risk control leaders shall be qualified for fund practice.
As a result, the private equity industry staged a scene in which the omnipotent had to go to the examination room, and some cross-border stars who did not have the qualifications for fund practice also went into battle. The obvious reason is that according to the new regulations issued by China Fund Industry Association, they all need to pass the fund practice examination before this year 12+0.
Subsequently, in April of 15, according to the relevant provisions of the Securities Investment Fund Law and the Interim Measures for the Supervision and Management of Private Investment Funds, the China Fund Industry Association issued the Measures for the Management of Private Investment Funds, hereinafter referred to as the Measures for Raising Behavior, which came into effect in July of 16.
4. Who can "private placement", to whom and how?
The "Measures for Feeding Behavior" is a detailed regulation of feeding links. The Measures for Offering Behavior systematically constructs a set of professional and operable industry standards and business norms for the first time from the aspects of the subject of offering, offering procedures, account supervision, information disclosure, qualified investor confirmation, risk disclosure, cooling-off period, return visit confirmation, and legal responsibilities of the offering institutions and personnel, which is suitable for the development stage of China's private equity fund industry and the differentiated characteristics of various funds. It is of great significance to effectively protect the legitimate rights and interests of investors, standardize the fundraising behavior of the industry and shape private equity investment. It can be said that it is the thinking standard and implementation manual of private equity executives and practitioners.
1, who can raise it?
The Measures for Raising Behavior defines two types of private fund raising institutions, namely, private fund managers registered with China Fund Industry Association raise private funds themselves, and fund sales institutions that have obtained the qualification of fund sales business in China Securities Regulatory Commission and become members of China Fund Industry Association are entrusted to raise private funds.
2. Standardize the initial public announcement and confirm specific targets and qualified investors.
The Measures for Raising Behavior stipulates that the raising procedure should be progressive at three levels, and it is clear that the raising institution should bear the responsibility of screening and identifying qualified investors.
First of all, the contents that fundraising institutions can publicize to unspecified objects through legal channels are limited to information such as private equity manager's brand, investment strategy and management team. Secondly, after completing the process of identifying specific objects through questionnaire survey, the fundraising institution can publicize and promote specific private placement products to specific objects; Finally, the fund-raising institution can only sign the fund contract after completing the confirmation procedure of qualified investors.
The Measures for Raising Behavior stipulates six obligations of raising behavior of raising institutions.
First, in the unspecified target group, through the questionnaire survey of investors' risk identification ability and risk tolerance, select specific targets as potential customers;
Second, according to the requirements of investors' appropriate management, promote private placement products that match their risk identification and tolerance for specific targets;
Third, fully reveal the risks of private fund products, which not only ensures private placement, but also prompts risks;
The fourth is to implement the requirements of the Interim Measures for the Supervision and Administration of Private Equity Funds on raising funds from qualified investors. The fundraising institution must conduct a substantive review of the relevant qualifications of qualified investors and require investors to issue relevant certificates of qualified investors before signing the contract, clearly prohibiting illegal splitting and transfer;
Fifth, a mandatory investment cooling-off period should be set. Drawing lessons from the best practices of the industry, international practices and the provisions of the Insurance Law, during the cooling-off period, the fundraising institution shall not take the initiative to contact investors, and investors have the right to terminate the fund contract according to the fund contract during the cooling-off period. The institutional arrangement of the cooling-off period effectively protects the legitimate rights and interests of private investors, enhances the customer experience and shapes the professional and honest industry image;
Sixth, explore the return visit confirmation system, in which the non-fundraisers of fund-raising institutions perform the return visit procedures to further confirm the identity and true investment will of investors, and the investment funds can be used only after the confirmation is successful.
3. Supervision of special account for raised funds
In order to prevent fund-raising institutions from illegally raising funds and misappropriating customers' property, it is necessary to set up a special fund account for the supervision of the regulatory agencies, and make it clear that the fund-raising institutions sign a supervision agreement with the regulatory banks to ensure the return of funds.
The Measures for Feeding Behavior came into effect from 2065438+July 2006 65438+May 6, 2006. On the one hand, it is good for investors. From the perspective of regulating the market, it is more conducive for investors to identify formal private placement institutions and products and reduce the risk of being cheated.
On the other hand, for private equity institutions, China Fund Industry Association solemnly reminds that during the three-month transition period from the issuance of the Measures for Raising Behavior to its formal implementation, the raising institutions should complete the relevant behavior rectification and internal system construction as soon as possible. After the formal implementation of the Measures, China Fund Industry Association will strictly implement self-discipline rules and industry norms in accordance with the provisions of the Measures on fundraising behavior, and will take corresponding self-discipline measures once violations of the relevant provisions of these Measures are found. Violation of laws, administrative regulations and the relevant provisions of the China Securities Regulatory Commission will be transferred to the China Securities Regulatory Commission or judicial organs for further handling.
It is gratifying that the self-discipline system of private equity fund industry in China is gradually taking shape. With the growth of investors' wealth, investors can choose a wider range of investments. As an important part of asset allocation, private equity funds will gradually enter the sight of more investors. If investors can make good use of the product of private equity fund, they can also bring wealth appreciation to themselves.