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China News Service, August 5th. The website of the Henan Provincial Department of Finance issued a notice on the issuance of the "Henan Equity Investment Guidance Fund Management Measures" on the 5th, which mentioned that the Henan Equity Investment Guidance Fund (hereinafter referred to as the "Guidance Fund") was specially established; the Guidance Fund will invest in sub-funds in all fields such as the transformation and upgrading of traditional industries, the cultivation and expansion of emerging industries, and the forward-looking layout of future industries. Angel funds that invest in early-stage scientific and technological innovation companies such as seed and start-up stages will be given priority.

The notice stated that in order to gather social capital and introduce outstanding talents,Vigorously attract venture capital and equity investment institutions to settle in HenanIn order to continuously optimize the fund development ecology of our province, cultivate and develop new quality productive forces and accelerate the construction of a modern industrial system, a guiding fund has been specially established.

The Guidance Fund focuses on the major industrial development plans of the Henan Provincial Party Committee and the Provincial Government, and invests in sub-funds in all fields such as the transformation and upgrading of traditional industries, the cultivation and expansion of emerging industries, and the forward-looking layout of future industries. It also gives priority to angel funds that invest in early-stage scientific and technological innovation companies such as seed and start-up companies. The Guidance Fund will no longer provide repeated support to funds supported by other provincial government investment funds in our province.

　　The total size of the guiding fund is tentatively set at 3 billion yuan, in phases. In addition to the investment from the parent fund management institution, the main investment comes from the provincial finance, and the city, county (district) and district governments are actively attracted to jointly invest. Henan Investment Group Co., Ltd., as the entrusted management institution, selects professional fund management institutions as the guiding parent fund management institutions. Guide the parent fund management institutions to publicly solicit sub-funds in a market-oriented manner.

In terms of investment management, the notice mentioned thatThe guiding fund adopts the "parent-child fund" model, guide the parent fund to participate in the sub-funds through market-oriented means and not to carry out direct investment business; guide the parent fund to contribute to a single sub-fund in principle not more than 20% of the total amount subscribed by the sub-fund, and the cumulative contribution shall not exceed 100 million yuan. For sub-funds and their management institutions registered in Henan, the contribution ratio of a single sub-fund can be appropriately relaxed, in principle not more than 40% of the total amount subscribed by the sub-fund, and the cumulative contribution shall not exceed 200 million yuan.

In addition, if cities and counties (districts) jointly participate in the sub-fund, the total amount of provincial, municipal, county (district) financial contributions shall not exceed 50% of the total amount of the sub-fund subscribed in principle; the guiding mother fund shall have a duration of 15 years. The sub-fund shall specify the investment period and exit period, and the expiration date of the sub-fund duration shall not be later than the final expiration date of the guiding mother fund; if applying for the establishment of a new sub-fund, the sub-fund management institution shall have raised at least 50% of the total size of the proposed sub-fund, and provide the proposed investor's investment commitment letter, investment capacity certification and other materials; the sub-fund management institution's subscribed capital in the sub-fund shall not be less than 1% of the sub-fund size in principle.

In terms of risk control,Guidance funds are not allowed to invest in secondary market stocks(excluding bulk transactions, agreement transfers, strategic placements, private placements, mergers and acquisitions), futures, real estate, securities investment funds, corporate bonds rated below AAA, trust products, non-principal-guaranteed wealth management products, insurance plans and other financial derivatives; in order to ensure the safe and compliant operation of the guidance fund funds, select commercial banks and other institutions with custody qualifications to hold fund assets, which are mainly responsible for daily work such as fund custody, disbursement, and settlement, and submit fund custody reports to the guidance fund management institution on a regular basis.

On the same day, the Henan Provincial Department of Finance website released a policy interpretation of the "Henan Province Equity Investment Guidance Fund Management Measures."

The main changes include three points: (a) Implementation of policy requirements. The fund aims to gather social capital, cultivate and strengthen the fund strength of our province, and optimize the terms and conditions around the special requirements of the Provincial Party Committee and the Provincial Government for "funds entering Henan". First, the selection requirements for sub-funds are publicly released, and the support objects and application requirements are clarified. The participating sub-funds must be registered in Henan Province, and at least two members of the sub-fund management team must be stationed in Henan; second, in order to encourage high-quality fund management institutions outside the province to develop in Henan, on the basis of not more than 20% of the investment in sub-funds, the investment ratio restrictions are further relaxed. For sub-funds and their management institutions that "double land" in Henan, the investment ratio of sub-funds can be relaxed to 40%; third, in order to effectively leverage social capital participation, it is clarified that the total financial investment ratio of provinces, cities, counties (districts) shall not exceed 50% of the sub-funds.

(II) Improve the fund supervision framework. In order to standardize the fund operation model and improve the fund supervision efficiency, first, it is clear that the market-oriented operation will be carried out in the form of physical funds, and the "parent-child fund" model will be adopted. The scale of the parent fund is temporarily set at 3 billion yuan, and the market-oriented equity participation in the sub-funds will be carried out; second, the division of responsibilities of relevant departments, entrusted management institutions, fund management institutions, etc. will be further refined; third, a special assessment mechanism for entrusted management institutions will be established, focusing on the assessment of funds entering Henan, fund management institutions entering Henan, and economic benefits.Normal investment risks will not be used as a basis for accountability.

(III) Comply with market development trends. In light of the actual situation in our province and the current market environment, and drawing on the experience of other provinces and cities, we will first cancel the restriction in the Interim Measures that "the proportion of paid-in capital of the investment object invested in enterprises within the administrative area of ​​our province shall not be less than 80%", and set the return investment ratio to 1; second, cancel the restriction in the Interim Measures that "the participation period of the guidance fund shall generally not exceed 7 years", and stipulate that the duration of the guidance mother fund is 15 years, and the expiration date of the sub-fund shall not be later than the expiration date of the mother fund; third, in light of the current market situation, raise the threshold for participating in sub-funds, and further refine the requirements for the management team of the sub-fund and its investment capabilities. (China News Service APP)