Trust plans to make equity investment for the main body, will there be obstacles in IPO?

Equity investment with trust plan as the main body appeared in 2005 (Bohai Bank was established on February 30, 65438 of that year, and launched a collective trust plan established by overseas investors Standard Chartered Bank and Tianjin Trust by raising private equity funds, which caused quite a stir at that time).

However, the real development of trust in equity investment began in 2008.

On June 25th, 2008, China Banking Regulatory Commission issued the Operational Guidelines for Private Equity Investment Trust Business of Trust Companies. This provides a clear legal basis for entering the field of equity investment in the form of trust plan. After that, many private equity investment funds with trust system appeared.

Unfortunately, the good times did not last long.

Soon, the CSRC said that before the company went public, there were many people who bought shares in the trust plan, and they must be cleaned up, otherwise they would not be released.

Some people think that this is the result of the departmental game space, but there should also be the following reasons for the rapid flight:

First, trust shareholding breaks through the limitation of the number of shareholders in the Company Law and violates the relevant provisions of the Securities Law on public offering of securities;

Second, trust companies, as trustees, should keep the relevant information of beneficiaries confidential, which conflicts with the principle of information disclosure in the capital market;

Third, the trust registration system is lacking, and trust companies, as shareholders of listed companies, cannot confirm their holding relationship.

Whatever the reason, the road is blocked anyway.

But the trust system has indeed made a number of funds (several of which are now very well-known and very successful), because they have invested in a number of very good projects after raising funds through the trust. Later, when the IPO was not possible, the equity was transferred to the affiliated company, which basically did not affect the exit.

2065438+April 2002, the CBRC and the senior management of the CSRC reached a consensus on restarting the trust plan and opening a securities investment account. At the same time, the two ministries also communicated the feasibility of holding shares in the trust plan before the IPO was released. Unfortunately, there was no final conclusion.

So the current situation is that the trust plan is the main body of equity investment, and there are obstacles in IPO.

Let's talk about the trust plan nested limited partnership.

In 2009, CCB International made a similar attempt, that is, set up CCB Health Care Equity Investment Fund (but not a nested limited partnership, but a nested company system, but the principle is the same). Later, none of the fund's projects exited through IPO.

At the end of September 20 10, four so-called "trust plan nested limited partnership" equity investment partnerships were established in Tianjin. Three of them were established by Shanghai Huayue invested by CITIC Trust. They are Bodo Xinyuan Equity Investment Partnership, Huachen Ye Jia Equity Investment Partnership and Yudao Yuancheng Equity Investment Partnership. The other is a Tianjin Dashidong Steady Equity Investment Fund Partnership established by Xi 'an International Trust and Jiangxi Poyang Lake Industrial Investment Management Co., Ltd.