Is the fund equity transfer listed?

Government investment funds conform to the broad definition of state-owned enterprises, so share transfer should be carried out in accordance with the process of capital increase and share transfer of state-owned enterprises, and asset evaluation is needed. And whether it is necessary to enter the market for public listing and transfer? According to the first paragraph of Article 3 of Decree No.32, the transaction of state-owned assets includes the transfer of rights and interests formed by institutions performing the duties of investors to enterprises in various forms. At the same time, the definition of state-owned assets of enterprises in Article 2 of the Law on State-owned Assets of Enterprises is also clear. The state-owned assets of enterprises refer to the rights and interests formed by the state's various forms of capital contribution to enterprises. Article 54 stipulates that state-owned assets of enterprises shall enter the market for trading. According to the definition of government investment fund, it belongs to the rights and interests formed by government investment in enterprises. Therefore, the equity transfer of government investment funds should be traded in principle.

However, in practice, there are differences on whether the share transfer of government investment funds should be traded in the market. Some people think that according to the provisions of Article 21 of the Interim Measures for the Administration of Government Investment Funds, when the government withdraws from investment funds, it shall withdraw in accordance with the conditions agreed in the articles of association; If there is no agreement in the articles of association, a qualified asset appraisal institution shall be invited to evaluate the investment rights and interests as the basis for determining the exit price of the investment fund.

This paper holds that the Interim Measures for the Administration of Government Investment Funds was promulgated earlier by the Ministry of Finance, and then the Ministry of Finance and the State-owned Assets Supervision and Administration Commission of the State Council jointly issued Order No.32, clearly stipulating that "if the current regulations on the supervision of state-owned assets transactions of enterprises are inconsistent with these measures, these measures shall prevail." That is, if the provisions of the Interim Measures for the Administration of Government Investment Funds on the transaction of state-owned assets are inconsistent with Order No.32, Order No.32 shall prevail. In addition, the Interim Measures for the Administration of Government Investment Industrial Investment Funds promulgated by the National Development and Reform Commission on February 30, 2006, 2065438+has no exception for withdrawal.

Therefore, the external transfer of government investment fund shares needs to follow the process of state-owned enterprises' capital increase and share expansion and equity transfer, and it needs to be submitted to the relevant state-owned assets authorities for approval and filing according to the process, and the assets of the transferred state-owned funds need to be evaluated, and finally the transfer is completed publicly in the property rights trading institution.

1. The transferee is a state-owned enterprise or a state-owned property right fund: the transferee cooperates with the transferred government investment fund to evaluate the assets, and the property right trading institution needs to be approved or registered by its competent department to publicly complete the transfer.

2. The transferee is not a state-owned enterprise or a state-owned property right fund: the transferee only needs to cooperate with the transferred government investment fund for asset evaluation, and publicly complete the transfer in the property right trading institution, without reporting to its competent department for approval or filing and registration.