Information Details
National Development and Reform Commission: Enterprises with equity capital exceeding 500 million yuan will be required to file for record.
Classification:
Author:
⊙Reporter Ye Yong ○Editor Liu Yufeng China Securities Network - Shanghai Securities Journal
Source:
February 23, 2011 01:30
Release time:
2021-05-20
Equity investment enterprises with a capital scale of over 500 million yuan will be required to file for record.
The National Development and Reform Commission regulates the development of equity investment enterprises in pilot areas.
On the 22nd, the National Development and Reform Commission announced six key points regarding the development and filing of equity investment enterprises in pilot areas, including that the capital of equity investment enterprises can only be raised through private placements to specific objects with risk identification and bearing capacity; the investment fields of equity investment enterprises are limited to non-publicly traded enterprise equity, etc. It is worth noting that equity investment enterprises with a capital scale of over 500 million yuan must apply for filing and accept filing management.
The National Development and Reform Commission stated that the "Notice on Further Regulating the Development and Filing Management of Equity Investment Enterprises in Pilot Areas" was issued to the offices of the people's governments of relevant provinces and cities on January 31. The "Notice" proposes six requirements for the development and filing management of equity investment enterprises in pilot areas, involving the establishment of equity investment enterprises, capital raising and investment; risk control mechanisms of equity investment enterprises; basic responsibilities of equity investment management institutions; information disclosure systems of equity investment enterprises; filing procedures for equity investment enterprises, and a management system that combines moderate regulation and industry self-discipline.
The "Notice" requires equity investment enterprises to reasonably diversify their investments, and their funds must not be used to provide guarantees for enterprises other than the invested enterprises; for investments in related enterprises, investment decisions should implement a related party avoidance system; the articles of association or partnership agreements and other legal documents of equity investment enterprises and their entrusted management institutions should specify performance incentive mechanisms and risk constraint mechanisms; if the entrusted management institution of the equity investment enterprise is wholly foreign-owned or a Sino-foreign joint venture, the assets of the equity investment enterprise should be entrusted to a domestic legal entity.
The "Notice" requires the entrusted management institutions of equity investment enterprises to treat the assets of different equity investment enterprises they manage fairly and not to use the assets of equity investment enterprises to profit third parties, in order to avoid benefit transmission.
The "Notice" also requires that all equity investment enterprises that have completed industrial and commercial registration in pilot areas, as well as equity investment enterprises that invest in equity investment enterprises, must file with the National Development and Reform Commission and accept filing management, except for three exceptions.
The three exceptions include: those that have been filed as venture capital enterprises according to the "Interim Measures for the Administration of Venture Capital Enterprises"; those with a capital scale of less than 500 million yuan or equivalent foreign currency; those established with full funding from a single institution or individual, or those established with funding from two or more investors, but all these investors are wholly-owned subsidiaries of a single institution.
The National Development and Reform Commission emphasizes that the regulatory focus of the filing management department is: first, the fundraising methods and targets of equity investment enterprises, to prevent social risks caused by irregular fundraising and fundraising from unqualified investors; second, the investment operations of equity investment enterprises, to avoid engaging in stock speculation and illegal lending activities, degenerating into private placement securities investment funds and loan companies.
It is understood that since June 2008, China has successively carried out pilot filing management work for equity investment enterprises in Tianjin Binhai New Area, BeijingZhongguancun(8.75,{0.80,{10.06%)科技园区、武汉东湖新技术产业开发区、长江三角洲地区开展了股权投资企业备案管理的先行先试工作。发改委认为，通过试点，目前有必要制定一个规范性文件对试点地区股权投资企业的募资和投资运作进行规范和指导，促进试点地区股权投资市场的持续健康规范发展。