However, the first hedge fund in China was not born in Sunshine Private Equity. 20 10 September, UBS SDIC added stock index futures investment to the "one-to-many" special account products, which opened the prelude for fund products to intervene in the stock index futures market, and hedge funds in the fund appeared.
The top five companies in China have also communicated with the issuance channels, and intend to issue neutral hedge funds through the process account financing platform. Among them, E Fund Management Company has been approved to issue the first "one-to-many" hedging product in the domestic fund industry.
In terms of brokers, First Venture Securities and Guotai Junan Securities also launched wealth management products respectively to hedge systemic risks through process stock index futures. Guotai Junan's "quantify your enjoyment" collective wealth management products have even been dubbed by the industry as "the first hedge fund in China".
On the other hand, the private equity industry, of course, since the opening of stock index futures, some private equity institutions interested in hedge funds have been manipulating their accounts and trying to hedge their monopoly. However, since the policy of trust institutions investing in stock index futures has never been launched, Trust Sunshine Private Equity still cannot launch its own "Sunshine" hedge fund.
In this case, many private equity institutions in Shenzhen and Shanghai began to bypass the "joint venture system" as hedge funds.
A manager of a private equity fund company in Shanghai who didn't want to be signed revealed to the reporter of Caijing National Weekly that as early as around 2005, his team had designed an investment model of spot arbitrage during the manipulation period. After the introduction of stock index futures, it has been "practicing" with personal accounts and its own funds, and the current income is close to 30%.
After feeling the success of the experiment, they are already preparing to raise their first hedge fund. However, because the trust investment stock index futures have not been rolled out, they can only manipulate the joint venture model to do this fund first. Joint venture funds can open general legal person accounts, and the materials and processes to be prepared are relatively simple, and they can engage in hedging, arbitrage, investment and other businesses.
Compared with Sunshine Private Equity Fund, when transferring the "trust share", there is no need to pay the response tax, and the investors of the joint venture fund will face the obligation to pay about 20% personal income tax.
In this regard, the management of the above-mentioned private equity companies hinted that the limited joint venture must consider the tax burden, and they are trying their best to avoid taxes reasonably.
He said: "In fact, there are many ways to avoid taxes at present, and this has formed a wealth chain. All the clients who have invested in our company have invested in PE (Private Equity Investment). So they all know these tax avoidance methods. Because reasonable tax avoidance can be done, of course, it is a bit marginal, but it can stand the test. Therefore, the tax burden problem has not affected our fundraising. "
He also hinted that the joint venture private equity fund is not a real company, but only manipulates the form of the company to dominate the secondary market. In the current negotiation draft of the new Fund Law, it has been mentioned that the pure secondary market monopoly with limited joint ventures should enjoy tax exemption.
"The lock-up period of our hedge fund is one year. Compared with tax avoidance, we certainly hope that the tax issue will be legally sunny before it really happens. " The person hinted.
More private equity funds choose to borrow the characteristics of "no personal income tax is required for the transfer of trust product shares" and manipulate the "trust+joint venture system" model to reasonably avoid the 20% personal income tax of investors.
This model is to release the trust product plan through the process trust company, raise funds from investors, invest in Sunshine Private Equity with trust products as joint venture partners, and take the investment management team of Sunshine Private Equity Fund as hot joint venture partners.
According to the analysis of usufructuary trust studio, the "trust+joint venture system" model is actually based on the insurmountable shortcomings of trust and joint venture system and the development of their respective advantages. This model is also helpful to solve the problem of limited number and scale of limited joint venture Sunshine private investors. Through the process of raising funds by the trust company, the scale expansion of the joint venture Sunshine Private Equity Fund can be easily completed.