Question 2: What do you mean by direct investment in subsidiaries? The so-called direct investment subsidiary is a direct investment subsidiary of a specialized securities company. Setting up a direct investment subsidiary is a way for securities firms to enter the field of industrial investment.
At present, some domestic securities firms often find unlisted companies with investment growth potential in their investment banking business. However, because it is not allowed to invest with its own funds, it is necessary to find affiliated institutions to invest, or simply set up management companies in the name of individuals to invest in these companies with great potential.
There are two main modes for brokers to carry out direct investment business. One is to set up relevant institutions within brokers to raise funds in the form of special financial planning; The other is that securities companies set up investment companies or industrial investment fund management companies separately.
In the direct investment business model, in order to effectively isolate risks and win the trust of investors, most foreign brokers set up independent subsidiaries. There are also successful examples of establishing relevant institutions and operation divisions within investment banks. For example, the commercial banking department of Goldman Sachs is responsible for direct investment in global enterprises, and the sources of funds are Goldman Sachs' own capital, Goldman Sachs employee capital and external financing. There are also successful precedents for China securities firms to set up subsidiaries to carry out direct investment business. For example, CDH Investment Fund Management Company, which was separated from CICC, joined forces with overseas private equity investment funds such as Morgan Stanley, Lianying and Goldman Sachs, and invested in companies including Mengniu, Li Ning, Fu Nan, Yongle Home Appliances, Focus Media and Shuanghui, and became the leader among local direct investment companies.
Brokers invest in the equity of non-public offering companies through direct investment, and the investment income is realized through the sale of equity when enterprises go public or merge in the future. At present, the regulatory authorities have limited the direct investment business scope of domestic securities companies to Pre-IPO, that is, investing in companies to be listed, and initially set the rule that the investment period should not exceed three years. At present, brokers can only use their own funds for direct investment business, and the upper limit of their own funds is 15% of the net capital of securities companies. The direct investment business of securities firms is an important innovative business to change the single profit model of securities firms.
According to the data of China Securities Industry Development Report (20 13) issued by China Securities Industry Association, by the end of 20 12, about 45 securities companies had registered and established direct investment subsidiaries. The total scale of direct investment companies and managed direct investment funds is 38.5366 billion yuan, and the income is 65.438+0.98223 billion yuan. Among them, CITIC Securities, Guosen Securities and Guangfa Securities ranked in the top three, far ahead. The number of projects successfully withdrawn (or listed) exceeds 10, and there are dozens of reserve projects. Among them, Jinshi Investment Management Fund, a wholly-owned subsidiary of CITIC Securities, which was established in June 2007, has a scale of 5.2 billion yuan, while Guo Xin Hongsheng and Guangfa Shunde have a scale of 65.438 billion yuan and 2 billion yuan respectively.
Question 3: What does direct bidding mean? Hello.
This is just a form of bidding.
Just like public bidding and invitation bidding.
Question 4: What does direct investment fund mean? There is no such thing as direct investment. There is also direct selling, that is, buying a fund after opening an account on the website of the fund company, with the lowest cost.
Question 5: What do you mean by direct delivery? Ordinary express is direct delivery.
Question 6: What does the broker mean by "sponsor+direct investment"? I don't know where you saw it. The source is different and the meaning is a little different.
Generally speaking, it refers to the business qualifications of brokers, and brokers with sponsorship qualifications can sponsor companies to go public. Generally, brokers who sponsor listed companies will hold certain shares in the company. This doesn't necessarily mean that you only make money, but the stock price fluctuates according to the company's performance fundamentals and expected returns.
Question 7: What do you mean by bank direct investment? DM is still a game, the first letter of Daming Pinyin, Daming Longquan.
Question 8: What do you mean by direct investment funds? Direct investment fund refers to a direct investment fund established by a direct investment company, and the management institution of the direct investment fund shall take the form of a limited liability company or a limited partnership. It is understood that drawing on international experience, the so-called limited partnership system is usually composed of general partners (managers) and limited partners (investors). The former contributes 65,438+0%, and the management fee is 2% ~ 4% according to the fund size during the fund operation, while the latter pays the remaining capital contribution and does not participate in the fund management and operation. In terms of profit distribution, when the limited partner recovers all its investment costs, the general partner can get a profit share of 20% ~ 50% from the investment income of the fund.
Question: What is the difference between ppp and direct investment?
PPP(Public-Private Partnership), that is, the cooperation between * * * and social capital, is a project financing mode in public infrastructure. In this mode, private enterprises and private capital are encouraged to cooperate with * * * and participate in * * * public infrastructure construction.
According to this broad concept, PPP refers to allowing resources owned by the non-public sector to participate in the provision of public goods and services in the process of cooperation between the public sector and the private sector, thus achieving more favorable results for both parties.
The main feature of PPP is that * * * is more involved in the construction, management and operation process in the middle and late stage of the project, and enterprises are more involved in the scientific research and project establishment in the early stage of the project. * * * and enterprises are involved in the whole process, and the cooperation time between the two parties is longer and the information is more symmetrical.
PPP provides services in the form of market competition, mainly focusing on pure public and quasi-public fields. PPP is not only a means of financing, but also a system reform, involving administrative system reform, financial system reform and investment and financing system reform.
Direct investment refers to investing in the equity of a non-public offering company, and the investment income will be realized by selling the equity when the enterprise goes public or merges. Previously, brokers could only use their own funds for direct investment business, and the upper limit of their own funds was 15% of the net capital of securities companies. This regulation limits the registered capital of direct investment subsidiaries of most securities companies to 654.38 billion yuan, which objectively limits their business development.
Direct investment funds are funds used to invest in the equity of non-public offering companies. In essence, it is the same as the outside funds, but brokers were not allowed to do this business before. After the administrative license is passed, the broker can also do it. The direct investment fund management institution shall take the form of a limited liability company or a limited partnership. It is understood that drawing on international experience, the so-called limited partnership system is usually composed of general partners (managers) and limited partners (investors). The former contributes 65,438+0%, and the management fee is 2% ~ 4% according to the fund size during the fund operation, while the latter pays the remaining capital contribution and does not participate in the fund management and operation. In terms of profit distribution, when the limited partner recovers all its investment costs, the general partner can get a profit share of 20% ~ 50% from the investment income of the fund.
Question 10: What is a wholly-owned company? The equity of the invested company is not publicly issued, and the investment income will be realized by selling the equity when the company goes public or merges.