Recently, China Asset Management Association (hereinafter referred to as "China Foundation" or "Association") issued the revised Measures for the Registration and Filing of Private Investment Funds (hereinafter referred to as "Measures") and supporting guidelines. The following small series brings new regulations to promote the survival of the fittest in the 20 trillion private equity market. I hope you like it.

The new regulations promote the survival of the fittest in the 20 trillion private equity market

The content covers moderately raising the registration standard, clarifying the fund business norms, improving the system and mechanism, implementing differentiated self-discipline management, and improving self-discipline means, releasing a strong signal of "helping the superior and limiting the inferior". The Measures will be officially implemented on May 1.

People in the industry interviewed by the Economic Information Daily generally believe that raising the threshold of the private equity fund industry is the general trend and will help improve the overall development quality of the industry. In the future, the private equity industry will continue to maintain a clear trend, and standardizing development and supporting the superior and limiting the inferior will become an important path for the development of the private equity industry.

Two "100000 yuan" raise the entry threshold.

Overall, the revised Measures have raised the threshold for new managers and initial fund raising, and further clarified the regulatory principles such as group operation and fund type change. At the same time, according to the actual situation of the industry, some current situation and pain points are given certain policy flexibility.

The revised "Measures" mainly include five aspects: First, moderately raise the registration standards and make normative requirements for key subjects such as private equity fund managers and their investors, actual controllers and senior executives. The second is to clarify the fund business norms, grasp the key links such as fund raising, investment, management and withdrawal, and strengthen the industry compliance operation. The third is to improve the system and mechanism, strengthen penetrating verification, and strengthen self-discipline management in information disclosure and submission. The fourth is to implement differentiated self-discipline management, implement the concept of supporting the superior and limiting the inferior, and increase the sense of industry gain. The fifth is to improve the means of self-discipline, strengthen the effective governance of "fake, inferior and chaotic" private placements, curb the chaos in the industry, and purify the industry ecology.

Among them, the two thresholds of "10 million yuan" proposed by the Measures for managers and products have attracted much attention from the industry.

The "Measures" pointed out that registered private equity fund managers must meet the paid-in monetary capital of not less than100000 yuan. In addition, the Measures also lists a negative list of shareholders and actual controllers who are managers of private equity funds, which, compared with the existing rules, increases the concern about the financial situation of managers' shareholders, partners and actual controllers.

At the same time, in terms of the scale of initial paid-in raised funds, the Measures stipulate that private equity funds and private equity funds shall not be less than RMB 654.38+million. Among them, the first paid-in capital of the venture capital fund at the time of filing is not less than 5 million yuan, but the paid-in capital that meets the minimum requirements for the initial raising scale shall be completed within 6 months after the filing as stipulated in the fund contract.

In this regard, the industry believes that raising the threshold is convenient for screening private fund managers with more financial strength, ensuring the continuous operation of institutions, which is conducive to the high-quality development of the industry. "The Measures put forward higher requirements for the initial capital of managers. On the one hand, it clarifies the access standards and strictly controls the entrance of the industry. On the other hand, moderately increasing the paid-in capital will make the pseudo-private placement that attempts to exploit loopholes' retreat from difficulties' from the beginning, which will play a positive role in preventing industry risks and purifying the development format. " A person from Xingshi Investment told the reporter of Economic Information Daily.

"Financial strength is the foundation of the private equity industry. The threshold of100000 yuan actually provides a more reasonable guarantee for the sustainable operation of private equity institutions. " Fu Lichun, an economist and founding partner of Yuntai Capital, told reporters that the Measures put forward more comprehensive requirements for the overall standardization and high-quality development of the private equity industry, and this provision is its epitome.

The refinement of the operation rules of "supporting the superior and limiting the inferior"

It is worth noting that the "Measures" clearly expressed the principle of classified supervision of private equity institutions, and the signal of "helping the superior and limiting the inferior" was further clarified. Hua Fu Securities said that the Measures strengthened the core requirements for registration and filing, and gradually brought private fund managers into the management mode of "financial institutions", which fully reflected the concept of "supporting the superior and limiting the inferior" and emphasized that private fund managers should continuously meet the regulatory requirements, thus improving the overall compliance level of the industry.

At the same time, the revised Measures further stipulates a number of links closely related to the operation process of private equity institutions. In the eyes of the industry, these rules are more targeted and more in line with the actual operation in the investment process.

For example, the Measures require that fund contracts should stipulate "the replacement and liquidation of fund managers when managers can no longer perform their duties", which makes up for the gaps in relevant laws, regulations and regulatory rules. "If the manager can't perform his duties, according to the regulations and the agreement in the fund contract, an effective treatment plan can be issued in time, which is conducive to protecting the legitimate rights and interests of investors and maintaining the reputation and positive image of the industry." Xingshi Investment said.

The Measures also made arrangements for the duration of private placement: the duration of private placement funds shall not be less than 5 years unless otherwise stipulated. Encourage private fund managers to set up private funds with a duration of not less than 7 years. At the same time, there are further requirements for the name and business scope of private equity funds. The Measures stipulate that words that are the same as or similar to those of financial institutions and well-known private equity fund managers and may mislead investors shall not be used in the names.

Accelerate the survival of the fittest in the industry

The private equity fund industry in China has entered the threshold of "20 trillion yuan". According to the latest data of China Foundation, by the end of this year 1, there were 22,200 surviving private fund managers, with the number of managed funds1463 million and the scale of managed funds reaching 20.23 trillion yuan. While developing rapidly, the private equity industry is also facing some hidden risks.

To this end, a number of "supporting the superior and limiting the inferior" measures, including the credit report of private equity institutions and the product filing system, have been introduced one after another, and the regulatory authorities have also increased the punishment for illegal institutions, and the industry chaos has been effectively rectified. Under the background of stricter supervision, the clearing of the industry has intensified. According to the data, only in June this year, 5438+ 10, the number of private fund managers cancelled by China Foundation reached 1565.

"In the context of the comprehensive registration system, investment institutions and other entities need to play a more standardized, comprehensive and professional role. At present, the private equity industry in China has a vast market space, and its promotion speed has been relatively fast in recent years, but there is a clear gap between the overall standardization and professionalism. " Fu Lichun said that the promulgation of the Measures has a strong guiding significance for the private equity fund industry. "Supporting the superior and limiting the inferior" helps the development of high-quality funds, enhances the standardization of the industry, and has far-reaching influence. It is expected that the survival of the fittest in the private equity industry will continue in the future.

Xingshi Investment said that the "Measures" fully reflected the specific measures of differentiated management and "supporting the superior and limiting the inferior". This is an important step in the development of private equity industry, which greatly encourages private equity institutions, and at the same time guides private equity institutions to improve their awareness of compliance, continuously strengthen self-management, and promote private equity industry to better serve the real economy, capital market and investors.

The China Foundation also stated that in the next step, it will conscientiously implement the Measures and supporting guidelines, continuously optimize the registration and filing work, effectively protect the legitimate rights and interests of investors, and accelerate the high-quality development of the private equity fund industry.

Seize the stocks with continuous daily limit.

In the mid-line stock picking skills, if you want to make a medium-long line layout, you must look at the current market situation. You can refer to the annual line (250 antennas) and semi-annual line (120 antennas) of the market index. If the trend is above the annual line and the semi-annual line, it means that it is not a bear market at present. In the face of national policies, investors should not be lucky enough to grab the rebound or choose to buy people, but should wait and see to clear their positions. If the stock market rises sharply, it is necessary to follow the trend and hold shares in the medium term.

Mid-line stock selection should be comprehensively analyzed from six aspects: K-line shape, technical index, relative price, company fundamentals, market trend and stock theme. We should give up some stocks with high P/E ratio and prices much higher than their intrinsic values.

As for how to seize the stocks with continuous daily limit? The initial share price rose by more than 6%; Must be "heavy"; The greater the increase, the stronger the trend and the more favorable it is. Among the key conditions of daily limit, the opening price is 2-3 points higher and the opening price is not more than 2 points lower. The decline process cannot be heavy, and the heavy volume is suspected of shipping; The closing price is near yesterday's closing price, so it is best not to form a gap.