Adjustment scope of fund law
20 1 1 On June 26th, Wu Xiaoling, vice-chairman of NPC Finance and Economics Committee, revealed at the "201/China Equity Investment Fund Development Forum" that large-scale sunshine private equity and private equity funds would be included in the Fund Law being revised, and said that the revised bill had solicited the opinions of the local NPC Finance and Economics Committee and more than a dozen central ministries.
Wu Xiaoling mainly expressed the following three views:
1, unlisted equity is also considered as "securities"
Article 2 of the Securities Law stipulates that this Law shall be applicable to the issuance and trading of stocks, corporate bonds and other securities legally recognized by the State Council within the territory of People's Republic of China (PRC) and national boundaries.
Article 10 of the Securities Law stipulates that the public offering of securities must be approved by the securities regulatory agency of the State Council or the department authorized by the State Council. This proves that there are still securities that have not been publicly issued, and it cannot be considered that the equity certificates that have not been publicly issued and listed do not belong to the category of securities.
The adjustment scope of the Securities Investment Fund Law also includes funds that invest in unlisted stocks, which is a major adjustment of this revision.
2. Public offering and private offering should be regulated differently.
Financial legislation is to regulate a certain financial behavior, and financial activities with the same legal relationship should follow the same code of conduct. However, the supervision of Public Offering of Fund and private equity funds should be different. Legislation in accordance with the legal relationship and code of conduct, and differentiated supervision according to the social effect of behavior are the embodiment of this revised concept.
3. Some funds are not market taxpayers.
Wu Xiaoling pointed out in particular that no matter whether it is a company system or a limited partnership system, funds are not engaged in entity activities, but only a collection of funds, and should not become market taxpayers. These two types of funds do not need enterprise registration, nor can they apply the company law and partnership enterprise law, nor are they market taxpayers.
Development opportunities
20 1 1 On June 27th, Wang Zhongmin, vice chairman of the National Social Security Fund Council, said at the "201/China Equity Investment Fund Development Forum" that both monetary tightening and easing can give birth to private equity investment. The state of tight monetary policy is the best opportunity for the development of equity investment funds.
When the monetary policy is tightened, it is difficult for enterprises to obtain the support of liquidity, which is manifested in the sharp rise of short-term interest rates in the money market. From this logical point of view, tight monetary policy promotes the investment of private equity funds. Monetary easing is also a good opportunity for the development of equity investment funds. By then, private equity investment will shoulder the heavy responsibility of China's reform, provide more channels and possibilities for equity investment, and ensure the vigorous development of China's equity market.
He also revealed that the social security fund has promised 1 1 equity investment fund, and actually contributed1700 million yuan to invest in 100 enterprises. Ongoing cooperation includes: one company that has entered the signing conditions, two companies under investigation, and two companies that have been included in the preliminary discussion.
20 1 1 On June 29th, Wang Zhongmin officially announced that the Social Security Fund will contribute 1000 billion yuan to become a shareholder in PICC China. "This will be a good start for comprehensive strategic cooperation between the two sides in the future. The two sides can give full play to their respective advantages and actively cooperate in asset management and pension industry investment, making greater contributions to improving China's social security system and improving social security capabilities. " Wang Zhongmin said.
In addition to the above-mentioned 1 1 PE, the social security fund is still in close communication with countless funds.
Main force of PE fund
On the same day when the investment trend of social security fund was revealed, Fang, the chairman of Hopu Investment, also said that although the PE scale in China is growing rapidly, it is still in the primary stage and needs the central financial institutions to take the lead. In fact, under the influence of social security funds and insurance companies, central enterprises, including many large state-owned enterprises, have already become the main source of domestic PE funds.
The report "China Venture Capital Industry Development Report 20 10" jointly issued by the National Development and Reform Commission and the Venture Capital Professional Committee of China Investment Association shows that from 2006 to 2009, there were 483 venture capital enterprises registered with the National Development and Reform Commission, and state-owned institutions accounted for the largest proportion of LP's paid-in capital, approaching 50%. On June 29th, the data of Zero2IPO Research Center showed that more than half of the new funds raised in 20 10 were participated by state-owned enterprises, and the participation amount was as high as 69%.
In particular, except for funds in Jiangsu, Zhejiang and Shanghai, funds in other regions are mostly state-owned enterprises and government-guided funds, indicating that state-owned enterprises have begun to become the main force in the PE industry.
There are two main reasons why state-owned enterprises can actively participate in equity investment. "First, equity investment conforms to the direction of national policy, and second, abundant funds have laid a good foundation for state-owned enterprises to participate in equity investment."
With the integrated development of PE industry, there will be more state-owned enterprises and central enterprises in PE field.
Under the birth of monetary tightening, private equity funds have ushered in a good opportunity for development. With the revision of the new Fund Law, PE will be included in the scope of adjustment, and there are laws to follow. It can be predicted that the domestic PE industry will surely usher in rapid and orderly further development.
Private placement opened in June to issue public offerings, and the starting point of subscription directly dropped to 1 10,000 yuan. At the same time, the large collection of private lending brokers successfully broke through the starting limit of 6.5438+0 million yuan, and the subscription starting point directly dropped to 6.5438+0 million yuan. Private equity products, which were previously enjoyed only by high-end customers, are moving towards ordinary investors.