For example, I originally bought a trust, but the trust said to invest in a certain asset management plan; Or buy a limited partnership fund and say that you want to invest in an asset management plan; I originally bought a contractual fund, saying it was an investment trust plan. I really don't understand why this product is so complicated.
In fact, this is the structural design of financial products, which is a very high-tech job. To sum up, there are three purposes:
First, make up for the shortage of the other party's investment scope;
Second, better adapt to supervision and do projects;
Third, raise funds better or intercept more profits.
Below, the specific situation will come together for everyone.
First, make up for the shortage of the other party's investment scope.
Suppose a private equity fund company wants to finance a corporate bond 1 100 million yuan. If private equity fund companies use the company itself to raise funds, it is easy to constitute illegal fund-raising; Secondly, all private equity fund companies have no business scope of "issuing loans". In this case, how to design this product to make this happen?
I The private equity company hands over this business to a trust company, which will design a trust plan to raise funds and then issue loans to this enterprise.
Two. Private equity fund companies set up contractual funds with a limit of 200 people. The raised funds are then entrusted to the bank for loans, or invested in enterprises through the trust plan of the trust company.
Three. Change the path slightly and form a limited partnership. Limited partnership has a total of 49 places except the manager (that is, private equity fund company). The raised funds are invested in borrowing enterprises through bank entrusted loans or trust plans of trust companies.
The above situation is because neither contractual funds nor limited partnerships are qualified to "issue loans". So this defect can be made up by trust or bank entrusted loan, which is the first reason why this product looks complicated: to make up for the lack of mutual investment scope.
Second, better adapt to supervision and do projects.
Among all financial institutions, trust companies have the widest investment scope and are almost omnipotent. But sometimes there are exceptions, such as participating in the private placement of listed companies. According to the detailed requirements of the CSRC for non-public offering, the number of participants shall not exceed 10. If the trust company participates with its own funds, there is no problem at all. If the trust company raises funds through the trust plan, it is not in compliance with the "penetration principle". What should I do at this time? The trust plan can invest in another asset management plan and then participate in the private placement of listed companies in the name of asset management plan, which can be counted as a quota.
In the regulatory environment of China, the regulatory system of CSRC is stricter than that of CBRC. For example, if an investor wants to participate in a fixed-income product through leverage design, the investor will invest 1 100 million yuan, and then the bank will match the priority according to the ratio of 1: 3. If this asset management plan is supervised by the CSRC, whether it is the asset management of brokers, fund subsidiaries or contractual funds, it may be because the leverage ratio is too high. What do we do? First, we set up a trust plan through the trust company supervised by the CBRC, and the leverage ratio of 1: 3 is designed in the trust plan. Then invest in an asset management plan through this trust plan and participate in the private placement in the name of the asset management plan, which fully meets the regulatory requirements and regulations.
In addition, the CSRC stipulates that shareholders who have trust plans before listing must clean them up, otherwise they will not be released. In 2008, the CBRC approved the equity investment of trust companies. There is no problem for the trust plan to invest in the equity of enterprises, but if the trust plan invests in enterprises with the purpose of future listing and withdrawal, it may encounter conflicts with the relevant systems of the CSRC. What is the reason?
1. The CSRC believes that holding shares in the trust plan violates the limit on the number of shareholders stipulated in the Company Law and the relevant provisions of the Securities Law on public offering of securities.
The CSRC believes that the trustee of the trust plan is a trust company, and the trust company has the obligation to keep secrets for the beneficiaries, which conflicts with the information disclosure in the capital market and requires openness and transparency. What is the solution? That is, the trust plan will invest in limited partnerships. LP, as a limited partnership, will invest in the equity of unlisted companies in the name of limited partnership, so it can perfectly avoid this regulatory requirement.
Third, better raise funds or keep more profits.
For example, an enterprise has a very good project and will have considerable income in the future. It is the lowest cost way to set up private equity fund with contract fund or limited partnership, but it is very likely that no funds will be raised. In the current financial market, trust companies are the easiest to raise funds. If it is operated by a trust company, once the excess income enters the escrow account in the future, it will be difficult for the funds to come out. What should I do? It is a trust plan plus limited partnership, which is used to raise funds and then invest in limited partnership to participate in specific projects in the name of limited partnership. First, solve the source of funds; Second, after the income obtained in the future is distributed to the trust plan, the excess can be reasonably and legally intercepted through limited partnership.