Industrial investment fund is a big concept, which is usually called venture capital fund and private equity investment fund abroad. Generally speaking, unlisted enterprises with high growth potential invest in equity or quasi-equity, and participate in the operation and management of the invested enterprises, so as to realize capital appreciation through equity transfer after the invested enterprises mature. According to the different stages of the target enterprise, industrial funds can be divided into seed stage or early stage funds, growth stage funds, restructuring funds and so on. Industrial funds involve many parties, including fund shareholders, fund managers, fund custodians, accountants, lawyers and other intermediary service institutions, among which the fund manager is the institution responsible for the specific investment operation and daily management of the fund.
2 "The characteristics of industrial investment funds:
First, the investment targets are mainly non-listed enterprises.
Second, the investment period is usually 3-7 years.
Third, actively participate in the operation and management of the invested enterprises.
Fourth, the purpose of investment is to promote enterprise exhibition through investment based on the potential value of the enterprise, and realize capital appreciation income through various exit methods at the right time.
3. Qualifications for establishing industrial investment funds:
According to the provisions of the People's Republic of China (PRC) Securities Investment Fund Law and the Measures for the Administration of Securities Investment Fund Management Companies, the establishment of a fund management company shall meet the following conditions and be approved by the China Securities Regulatory Commission:
(1) Having articles of association that conform to the provisions of the Securities Investment Fund Law of People's Republic of China (PRC) and the Company Law of People's Republic of China (PRC);
(2) The registered capital shall not be less than 1 billion yuan, and it must be paid-in monetary capital;
(3) The major shareholder has good business performance and social reputation in securities business, securities investment consulting, trust asset management or other financial asset management, has no illegal record in the last three years, and has a registered capital of not less than 300 million yuan;
(four) the number of personnel who have obtained the qualification for fund practice has reached a quorum;
(5) Having business premises, safety precautions and other facilities related to the fund management business that meet the requirements;
(6) Having a sound internal audit monitoring system and risk control system; (seven) other conditions stipulated by laws, administrative regulations and the State Council securities regulatory agency approved by the State Council.
In addition, as the major shareholder of the fund company, it is also stipulated that the major shareholder of the fund management company refers to the shareholder whose capital contribution accounts for the highest proportion of the registered capital of the fund management company (hereinafter referred to as the capital contribution ratio) and is not less than 25%. Major shareholders shall meet the following conditions:
(a) engaged in securities business, securities investment consulting, trust asset management or other financial asset management;
(2) Its registered capital is not less than 300 million yuan; (3) Good business performance and good asset quality;
(4) It has been operating continuously for more than three complete fiscal years, with sound corporate governance and sound internal control system;
(5) It has not been subjected to administrative punishment or criminal punishment for illegal acts in the last three years;
(six) whether there is any misappropriation of customer assets and other acts that harm the interests of customers;
(7) It is not being investigated by the regulatory authorities due to illegal acts, or it is being rectified;
(8) It has a good social reputation, and has no bad records in the administrative organs such as taxation, industry and commerce, financial supervision, self-discipline management, commercial banks and other institutions in the last three years.
The registered capital and net assets of the shareholders other than the major shareholders of the fund company are not less than RMB 654.38+0 billion, and their assets are of good quality, meeting the conditions specified in Items (4) to (8) of Paragraph 2 of the preceding Article.
Question 2: The difference between industrial investment funds and innovative investment funds 1. Different concepts:
The establishment of industrial investment fund is an exploration and attempt to solve the financing problem of cultural industry mainly by means of equity investment, drawing lessons from the operation mode of industrial investment fund in mature capital market, in which sponsors raise funds directionally and entrust professional institutions to manage fund assets.
CVC (Enterprise Venture Capital), with a scale of 654.38+0 billion yuan, aims to promote scientific and technological innovation, help young people start businesses and support the national policy of cultivating strategic emerging industries. The fund has officially issued an invitation letter for business plan to the national business team.
2. Different investment targets:
Industrial investment funds are mainly aimed at unlisted enterprises.
The investment period is usually 3-7 years.
Actively participate in the operation and management of the invested enterprise.
The purpose of investment is to promote the development of the enterprise through investment based on the potential value of the enterprise, and realize the capital appreciation income through various exit methods at the right time.
Ping An Innovation Investment Fund focuses on investing in early innovative enterprises in financial technology, consumption, medical health, automobiles, new media and other industries, and attaches importance to the application of cutting-edge technologies such as mobilization, socialization, big data and artificial intelligence. In addition, Ping An will also pay attention to any other ideas, products and enterprises that introduce new technologies, new concepts and new models and are committed to serving people's real needs.
Question 3: Form of industrial investment fund 1. Corporate industrial investment funds exist in the form of joint-stock companies or are established in the form of limited partnerships. Each investor of the Fund is a shareholder or investor of the Fund Company, and has the right to make suggestions and queries on the operation of the company (enterprise). The corporate industrial investment fund is a legal person (partner), and the power of the management company hired is limited, and the ownership and management rights are not completely separated. Investors will influence the decision-making orientation of the company to varying degrees, thus restricting the management operation of the fund by the management company to a certain extent. Two, contractual industrial investment funds do not exist in the form of joint-stock companies, investors are not shareholders, but only the parties in trust deed and the beneficiaries of the fund, and have no right to participate in management decisions. Contractual industrial investment funds are not legal persons, and management companies must be entrusted to manage and operate the fund assets. Ownership and management rights are completely separated, which is conducive to the long-term stable operation of industrial investment funds. Because the management company has enough power to manage and operate the fund, the asset control right of contractual industrial investment funds will not be affected by the intention of many small investors to pursue short-term interests, which is in line with the operation mode of modern enterprise system.
Question 4: Chapter II of the Interim Measures for the Administration of Initiation and Establishment of Industrial Investment Funds The establishment of an industrial fund shall meet the following conditions: (1) The proposed investment direction of the fund conforms to the national industrial policy; (2) The promoters must have more than 3 years of industrial investment or related business experience, and have continuously protected their good financial status within 3 years before filing the application, and have not been severely punished by the relevant competent authorities or judicial institutions. (3) As promoters, except for industrial fund management companies and industrial fund management partnership companies, the paid-in capital of each promoter shall not be less than 200 million yuan; As a natural person as a promoter, the personal net assets of each promoter shall not be less than 6,543,800 yuan; (four) other provisions of the management authority. Article 7 Apply for the establishment of an industrial fund; The promoters shall submit the following documents and materials to the administrative organ: (1) an application report; (2) Basic information about the enterprises and projects to be invested; (three) the list of sponsors and the agreement to initiate the establishment of industrial funds; (4) Financial reports audited by accounting firms in the last three years; (5) A legal opinion issued by a law firm; (6) Prospectus, articles of association of the fund company, entrusted management agreement and entrusted custody agreement; (seven) the letter of appointment of the accounting firm, law firm and other intermediary institutions or personnel with relevant business qualifications recognized by the management authority; (eight) other documents required by the administrative organ. The contents and formats of the prospectus, articles of association of the fund company, entrusted management agreement and entrusted custody agreement mentioned in the preceding paragraph shall be stipulated separately. Industrial funds can only issue fund shares to specific investors. In the process of raising funds, sponsors must let investors read the prospectus and sign the subscription commitment letter, which can only be issued to investors after the approval of the management authority. The number of investors shall not exceed 200. Industrial funds must be established in a closed way, that is, the total amount of issuance and duration are determined in advance, and the fund shares can only be transferred during the duration. The duration of an industrial fund shall not be shorter than 10 year and longer than 15 year. However, due to poor management or other reasons, it is terminated early with the approval of the fund company's shareholders' meeting and management organization, and can be renewed with the approval of the fund company's shareholders' meeting and management organization. The expansion and renewal of industrial funds shall meet the following conditions and be approved by the administrative organ: (1) The average annual rate of return in the last three years has continuously exceeded the industry average; (2) There has been no major violation of laws and regulations in the last three years; (3) The shareholders' meeting (shareholders' meeting) agrees to raise shares or update shares; (4) Other conditions as prescribed by the administrative organ. To apply for subscription and renewal, relevant documents shall be submitted in accordance with the requirements of the administrative organ.
Question 5: How to set up a private equity fund In the process of setting up a private equity fund company, the institution responsible for the establishment and management of the enterprise is the State Administration for Industry and Commerce and its subordinate provincial/municipal/district administrations for industry and commerce. The management of enterprise establishment shall be reviewed by the registration authority in the form of "complete application materials and legal form", and the relevant personnel shall submit the application in accordance with the application form formulated by the State Administration for Industry and Commerce. According to the different conditions of the enterprise to be established, the industrial and commercial registration authority makes specific licensing acts such as granting the registration of establishment on the spot/accepting the registration application after correcting the information/granting the registration of establishment within a time limit. According to the "Measures for Venture Capital" and the "PE Notice", enterprises applying for the establishment of private equity investment funds and equity and venture capital management consulting enterprises shall be directly registered in the administrative department for industry and commerce according to law.
(1) Pre-approval of the application name
According to the provisions of the current enterprise establishment system, an enterprise needs to pre-approve the name it intends to use before applying to the administrative department for industry and commerce, and the enterprise name must comply with the Regulations on the Administration of Enterprise Name Registration and the Implementation Measures for the Administration of Enterprise Name Registration. To establish a limited company private equity investment fund, a representative designated by all shareholders of the company or an agent entrusted by * * * must apply to the company registration authority for name pre-approval; To set up a limited company private equity investment fund, the representative designated by all the promoters or the agent of the principal shall apply to the company registration authority for pre-approval of the name.
To apply for the pre-approval of the name of the limited company private equity investment fund, it is necessary to submit the corresponding legal documents to the company registration authority. According to the Regulations on the Administration of Company Registration, the following documents shall be submitted when applying for pre-approval of the name:
(1) Application for pre-approval of company name signed by all shareholders of a limited liability company or all promoters of a joint stock limited company;
(2) Certificates from all shareholders or representatives designated by the promoters or entrusted agents;
(3) Other documents required by the State Administration for Industry and Commerce.
It should be pointed out that according to the investment direction of the fund, the company-based private equity investment fund can use the names of "XX Venture Capital Co., Ltd." and "XX Venture Capital Co., Ltd." in its name to show that the enterprise is a private equity investment fund enterprise specializing in venture capital. Equity investment enterprises can use "x * year * month * day * month * day * month * day * month * day * month * day * month * day * month * day * month * day * month * day * month * day * month * month * day * month * day.
(2) Registration of establishment
To establish a limited liability company-based private equity investment fund enterprise, the representative designated by all shareholders or the agent entrusted by all shareholders shall apply to the company registration authority for registration of establishment; The establishment of a private equity investment fund enterprise limited by shares shall be registered with the company registration authority by the board of directors.
1. Establishment and registration of private equity investment funds with limited liability company system
Where a limited liability company-based private investment fund is established, the representative designated by all shareholders or the agent entrusted by all shareholders shall submit the registration application materials in accordance with the provisions of the industrial and commercial registration department. Include the following documents:
(1) Application for registration of establishment signed by the legal representative of the company;
(2) Certificates of representatives designated by all shareholders or agents entrusted by * * *;
(3) Articles of association;
(4) A capital verification certificate issued by a legally established capital verification institution;
(five) the qualification certificate of shareholders or the identity certificate of natural persons;
(6) Documents stating the names and residences of the directors, supervisors and managers of the company, and certificates of appointment, election or employment;
(7) The employment documents and identity certificates of the legal representative of the company;
(8) Notice of pre-approval of enterprise name;
(9) Certificate of domicile of the company;
(10) Other documents.
2. Registration of private equity investment fund enterprises with joint stock limited company system
A private equity investment fund with a joint stock limited company system shall be registered with the company registration authority by the board of directors, and the registration application materials shall be submitted. The legal documents required for this step include:
(1) Application for registration of establishment signed by the legal representative of the company;
(2) the certificate of the representative appointed by the board of directors or the agent entrusted by * * *;
(3) Articles of association;
(4) A capital verification certificate issued by a legally established capital verification institution;
(five) the qualification certificate of the promoters' shareholders or the identity certificate of natural persons;
(VI) Designation of directors of the company ..... >>
Question 6: What is the basis of the industrial fund establishment plan? Does anyone know? This should be specific.
Question 7: How is the industrial fund plan established? Do you know about this? As a novice investor, we suggest that investors: Step 1: Understand the basic knowledge of some funds. For example: the concept, category and cost of funds. These are generally known in the investor education park of fund companies. At present, at the request of the CSRC, every fund company has an investor education section. For example, the knowledge base section of Changsheng website is the corresponding section. Step 2: Examine your risk tolerance. As the saying goes, know yourself and know yourself. Choose products within the risk tolerance range, so that investment will not become your burden. If you want to know your risk tolerance, investors can determine it through the fund risk tolerance test published on the websites of various fund companies. Generally, from low to high, there will be at least three grades of conservative, steady and positive, and some will reach five grades, which will increase the risk tolerance lower than conservative safety type and higher than positive enterprising type. Step 3: Determine the type of fund to be purchased. Because different types of funds have different ratios of risk and return, investors should be clear about what kind of fund products they should buy when investing in funds. From high risk to low risk, fund types are divided into stock type, mixed type, bond type and currency type. Investors should decide according to their own risk tolerance and investment period. For example, short-term investment is best based on currencies with weak volatility; For long-term investment, customers with high risk tolerance can choose stock type or mixed type, and customers with low risk tolerance had better choose bond type. In addition, due consideration should be given to the market performance during the investment period. For example, if you are optimistic about the future market, you can consider increasing high-risk and high-yield funds such as buying stocks. Step 4: Determine several candidate products. When determining the type of fund to invest in, the corresponding fund type can be selected from the rating tables of third-party rating agencies such as Galaxy Securities. There will be many assessment items in the scoring table. At present, everyone is more concerned about the comparison of past performance. Here, I hope everyone will ignore the short-term net fluctuation and pay attention to the long-term income. Step 5: Finalize the investment products. When comparing several products, you can consider the situation of fund companies and services. The first time you see a fund company, you may find it difficult to judge. Let's talk about a few first: You can check the establishment time of the fund company, the strength of shareholders, and whether the operation is standardized (whether there are irregular behaviors in recent years, etc. ), the overall performance of the fund, whether the product line of the fund is complete, and the stability of the fund manager. As for the service, you can know the service content provided by the fund company through its website or customer service hotline. Good service can let customers know the changes of the fund in time. Step 6: Determine the purchase channel. After determining the fund, you need to choose the purchase channel. You can go to banks, brokers and other consignment channels to buy, you can also buy through online transactions or directly to the fund company's direct sales center. This is mainly due to the convenience of investors buying funds themselves. In addition, it is necessary to determine whether it is a one-time investment or a regular fixed investment. One-time investment is more suitable for customers who have long-term idle funds on hand. Fixed investment is suitable for customers with long-term investment needs and regular fixed income. I suggest you go to Hexun.com and Morningstar.com more often.
Question 8: What is an industrial development fund? What is the procedure for establishment? The establishment of industrial investment funds has become the mainstream way for strategic investors and private equity investment institutions to participate in industrial investment. At the policy level, we actively advocate the establishment of policy industrial investment companies and industrial development funds where conditions permit, gather social capital through the innovative mode of combining industry with finance, and organically combine industrial capital and financial capital through the professional and market-oriented operation of funds to promote the process of industrial modernization. Industrial investment funds are generally guided by * * * *, introducing strategic investment, broadening financing channels and building financial platforms to promote the industrialization, scale and modernization of the national economy.
Question 9: * * * The industrial investment fund package does not include industrial funds, equity investment funds and private equity investment funds set up by state-owned enterprises. It is translated from English into private equity, but the translation is different and the meaning is the same. It mainly invests in enterprises in the middle and late maturity stage of the enterprise life cycle; Venture capital funds are translated from venture capital and also translated into venture capital, mainly investing in early-stage enterprises; Industrial investment fund is an investment fund that focuses on investing in a certain industry, which can be invested in both early enterprises in the corresponding industry and middle and late enterprises in the corresponding industry. Venture capital guidance funds are generally related to local industrial investment policies and are mainly used for enterprise equity investment in planning industries.
Question 10: The investment form of industrial investment fund Cultural industry investment refers to the investment of a certain amount of cash in the production of a cultural product or the construction or expansion of a cultural enterprise. In the cycle of cultural capital, these monetary capitals will be transformed into production capital and commodity capital in turn, and then they will return to the original form of monetary capital with value-added capital. Cultural investment in kind refers to a certain number of cultural products, such as buildings, land, machinery, raw materials and so on. Investment in the production of cultural products or the construction, reconstruction and expansion of cultural enterprises. These physical capitals enter the capital cycle in the form of means of production and form commodity capital. When cultural goods realize their value in the circulation field, the original physical investment becomes a monetary product, which includes the value appreciation generated by capital circulation. With the progress of production, the cultural investment in physical form is constantly being worn out, and the value is also constantly transferred to the cultural products produced, until these physical capitals are completely worn out, and all their values are transferred to cultural products, and then converted into monetary capital. Cultural industry investment Industrial investment refers to investing intangible assets with certain value in the production of cultural products or the construction or expansion of cultural enterprises. Taking intangible assets as cultural investment is a common phenomenon in the field of cultural industry. Compared with other industries, this is a special way of investment in cultural industries. Intangible assets usually refer to historical and cultural celebrities, cultural brands, copyrights and copyrights in the cultural industry. If these intangible assets are not used to create use value, that is, they are not combined with specific cultural enterprises, cultural projects or cultural products, they are just people's reputation, not cultural capital, and at best they can only be regarded as potential capital. However, once it is combined with specific cultural enterprises, cultural projects or cultural products, it becomes intangible capital, and the tangible capital of enterprises enters all aspects of the capital cycle. The cultural products of cultural enterprises that have accepted intangible assets either bury the price of the products because of intangible assets, or promote the popularity and market sales, thus enhancing the value-added ability of tangible capital. In the current market situation, real industrial investment is far more interested in enterprises than in projects, that is, industrial investment is more about investing in enterprises. Industrial investment institutions make long-term strategic investments in companies with broad market prospects, standardized management and transparent finance according to the operating records of previous companies. Usually, industrial investment is more invested in market-driven projects than technology-driven projects, because industrial investment is more concerned about whether enterprises can quickly adopt new business models in a competitive state to ensure the company's sustained and rapid growth. The demanding of enterprises makes industrial investment have a special taste in people's eyes. The development direction of industrial investment enterprises depends on the leaders of enterprises, so industrial investment institutions pay special attention to whether the leaders of enterprises have a broad vision in the process of cooperation with enterprises; Strong will; A broad mind. Industrial investment tends to focus on industries that are conducive to giving full play to their specialties, so as to better provide value-added services for the invested enterprises. On the basis of honesty, the quality of enterprise leaders determines whether the two sides can cooperate sincerely for the same goal and implement strategic planning, so as to protect the legitimate rights and interests of industrial investment institutions and avoid moral hazard of enterprises. Private entrepreneurs in China have tenacious vitality and flexible minds, and pursue high efficiency and high returns in market operation. Industrial investment is more and more consciously targeting this group of people, hoping to find the best cooperators. As mentioned above, industrial investment institutions have their own industries, and the investment direction is more inclined to industries that are conducive to giving full play to their own specialties. On the basis of in-depth research, industrial investment institutions have their own judgments and standards for new industries that have not been involved. For example, for venture capital, industrial investment focuses on industries whose growth rate is higher than GDP growth rate, which can develop rapidly and have excess profits. At the same time, companies in this industry have frequent IPOs and mergers and acquisitions at home and abroad, and their average P/E ratio in the public stock market is at a high level. The rapid development of electronics, communication and network industries driven by high technology is undoubtedly the representative of the direction of industrial investment in this era. Looking at traditional investment, industrial investment chooses industries with huge scale growth potential, such as energy, biology, public facilities construction, etc. These industries have a large enough potential market, which is the basis for the broad development space of the industry, and industries that can combine market competition factors will become the first choice. No matter what kind of industrial investment, including the disposal of non-performing assets, in the industry ...