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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 if the company has a trust plan to hold shares before listing, it must be cleaned up, otherwise it will not be released.
Some people think that this is the result of departmental game, but there should also be the following reasons:
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, many creative executives of CBRC and CSRC reached a consensus on restarting the trust plan and opening a securities investment account through consultation. 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 also made a similar rapid take-off attempt, that is, the establishment of 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.
The operation mode of these four enterprises is that trust companies set up trust plans first, and then set up limited partnerships with the raised trust funds as limited partners, and participate in the investment as limited partnerships.
Theoretically speaking, this way of nesting trust into limited partnership can avoid the policy restriction of trust plan participating in IPO, because among the shareholders of PRE-IPO company, trust plan will appear as limited partnership.