Chapter I  General

 

Article 1  For the purpose of standardizing the management of Weihai Economic and Technological Development Zone District Government Investment Guiding Fund (hereinafter referred to as the "Guiding Fund"), and guiding various types of social capital into the field of entrepreneurship, industrial investment, promoting the conversion of new and old energy and industrial upgrading. Promote the conversion of new and old kinetic energy and industrial upgrading, according to "Shandong Province new and old kinetic energy conversion fund management approach", "Weihai municipal government investment guide fund management approach" and other relevant provisions, combined with the actuality of our region, the development of this approach.

Second  The district-level government investment guide fund referred to in these measures refers to the Weihai Economic and Technological Development Zone Management Committee (hereinafter referred to as "Management Committee") funded the establishment of a market-oriented approach to the operation of policy funds.

Guidance fund all in the form of capital injected into Weihai Economic and Technological Development Zone Guidance Fund Investment Company Limited (hereinafter referred to as "Guidance Fund Company").

Article 3  The source of funds for the guidance fund mainly includes district-level financial budget arrangements to support the development of industrial special funds, other government funds, as well as the guidance of the fund generated by the operation of the proceeds and so on.

Article 4  The guidance fund can be through equity participation, with the region's social capital and other government funds to set up venture capital, industry and other types of investment funds (hereinafter collectively referred to as "sub-funds"), to invest in eligible key areas.

Guide funds can invest directly in enterprise projects.

The fund will set up a district-level angel investment fund to invest in seed and start-up projects in the district.

The guide fund will set up a district-level industrial investment fund to invest in technology-based and innovative enterprise projects in the developmental stage and the key industries and fields determined by the Party Working Committee and Management Committee of the district.

Unless otherwise specified, the management of the guide fund, district angel investment fund and district industrial investment fund that invests directly in enterprise projects shall be implemented with reference to the sub-funds.

Article 5 The guiding fund to implement the decision-making and management of the management system, follow the "government guidance, market operation, risk prevention, rolling development" principle of investment management.

 

Chapter II Management Organization and Responsibilities

 

Article 6 The relevant departments in the guiding fund management, respectively, to assume the following responsibilities:

(a) the District Finance Bureau, on behalf of the management committee to perform the duties of the guiding fund contributors responsible for the design of policies and systems, fund-raising and disbursement of funds, the leading organizations to carry out Guiding fund performance evaluation, selecting the guiding fund custodian bank, approved guiding fund management fee, etc.; at the same time, coordinating the fund and fund manager registration and filing work, assisting in the business supervision of the fund management organization and industry guidance, and docking financial institutions, through the "base loan linkage" to amplify the effect of the fund's investment; is responsible for the guiding fund

(ii) the District Economic Development Bureau, the Commerce Bureau, the Science and Technology Innovation Bureau and the Ministry of Social Work and other relevant departments are responsible for the construction of project libraries and project promotion in relevant fields in accordance with the functions of their respective departments.

Article 7 The main duties of the guidance fund company include:

(1) operating and managing the guidance fund, soliciting sub-funds to be set up and projects to be directly invested, and being responsible for the management of the projects to be directly invested;

(2) carrying out due diligence, capital contribution negotiation and signing of the fund contract (partnership agreement or Articles of Association, the same hereinafter) for the sub-fund management organization to be involved;

(3) conducting due diligence, capital contribution negotiation, and signing of the fund contract (partnership agreement or Articles of Association, the same hereinafter);

(C) in accordance with the trusteeship agreement of the funds of the guiding fund, the guiding fund to implement special account management, special account accounting, according to the sub-fund contract, the guiding fund funds will be timely disbursed to the sub-fund custodian bank account;

(D) on the sub-fund's investment operations to supervise and guide, and the sub-fund investment direction, investment progress, investment returns, funds trusteeship and use of the situation and so on to conduct a performance evaluation;

(v) be responsible for the withdrawal and liquidation of the sub-fund;

(vi) report on the operation of the sub-fund on a regular basis;

(vii) utilize the project pool of the relevant departments of the district to provide the sub-fund with project information consulting and project docking services.

Article 8 Weihai Economic Development Investment Holding Group Company Limited (hereinafter referred to as the "trustee") shall be entrusted with the management of the Guiding Fund Company. The trustee shall set up an investment decision-making committee and formulate corresponding investment decision-making regulations and procedures, and decide on the investment projects independently.

Article IX The relevant departments and units of the district do not intervene in the day-to-day operation of the guiding fund company, do not participate in the guiding fund investment decision-making, and do not specify specific investment projects.

Article 10 The guidance fund company is responsible for the establishment of the fund investment project library, the implementation of dynamic management. District departments should establish sub-industry, sub-area project library, and timely and preferential to the trustee management organization to promote the project.

Article 11 The District Finance Bureau shall pay the management fee to the trustee management organization on an annual basis. The annual management fee shall be paid in accordance with a certain percentage (up to 2%) of the contribution of the guidance fund to the sub-fund as of the end of the previous year and the management performance, and the payment shall be authorized in a regressive manner.

 

Chapter III Investment Principles

 

Article XII of the Guiding Fund focuses on investing in the following areas:

      (a) support for new and old kinetic energy conversion of the region's major project pool projects;

(b) support for the A new generation of information technology, biomedicine and medical devices, advanced equipment and intelligent manufacturing, culture, tourism, recreation and modern marine, e-commerce and trade circulation, scientific research and education, and other industries, fields;

(c) support for new technologies, new industries, new industry, new business, new mode projects, highlighting the support of various types of innovative enterprises and key talent innovation and entrepreneurship projects;

   ;  (4) support the impact of new target enterprises in the region on new projects and transformation and upgrading projects;

(5) support investment promotion, talent attraction, rural revitalization, industry-financing projects.

Article 13 The sub-fund adopts market-oriented operation, and investors of the fund other than the government shall be qualified investors with appropriate risk identification and risk-tolerance ability, and the cumulative number of investors of the fund shall not exceed the specific number stipulated by law.

The sub-fund may be raised in a number of phases.

Article 14 The investment of the guiding fund in a single sub-fund shall generally not exceed 30% of the total scale of the sub-fund.

The total investment of a sub-fund in a single enterprise shall not exceed 20% of the total scale of the sub-fund.

The guidance fund may arrange for a proportion not exceeding 50% of the total scale to be used for direct investment in enterprise projects.

The investment amount of the guidance fund and sub-funds can be appropriately relaxed for the investment in key projects determined by the Party Working Committee and Management Committee of the district.

Article 15 of the boot fund can be combined with provincial and municipal boot fund, the district party working committee, management committee to determine the old and new momentum transformation and "double recruitment and attraction" of major industrial projects, and social capital cooperation to set up a project fund, through the government to lead the investment, the market to follow the investment, investment and lending linkage to support the landing of the project.

Article 16 The sub-fund shall invest within the scope permitted by the national policy, and shall mainly invest in enterprises by way of equity participation, and in principle shall not hold any invested enterprise and shall not participate in the management of the invested enterprise.

Article 17 The sub-fund shall generally be registered in Weihai Economic and Technological Development Zone. There is no restriction on the place of registration for the fund established by the sub-fund through equity participation in accordance with the law.

Article 18 The funds invested by the sub-fund in the enterprises in the zone shall in principle be not less than 1.1 times of the contribution of the guidance fund. The criteria for recognizing the amount of investment in the region are: 1. direct investment in the amount of investment in enterprises in the region; 2. invested in enterprises outside the region will be registered to move to the region, acquired by enterprises in the region, or its R & D and production base and the main functional subsidiaries settled in the region, can be regarded as the amount of investment in the region; 3. invested in enterprises outside the region, and then by the enterprises outside the region of the fund funds invested in subsidiaries in the region or to the region to invest in the establishment of a new enterprise can be recognized as the amount of investment in the region; 4. Investment in enterprises outside the region, and then invested by enterprises outside the region to invest the funds in subsidiaries or invest in new enterprises in the region, can be recognized as the amount of investment in the region; 4.

Article 19  Strengthen the sub-funds and banks and financial institutions to docking, carry out "base bank enterprise" cooperation, realize the investment and loan linkage, amplify the effect of the policy.

Article 20: Enrich the investment mode of the guidance fund, can take the equity, debt or equity and debt combination, to carry out diversified investment.

Article 21 The duration of the sub-fund shall not exceed 10 years. If the duration needs to be extended, it shall be handled in accordance with the procedures agreed in the fund contract.

 

Chapter IV Investment Decision Making

 

Article 22 The trustee-management organization shall make investment decisions in accordance with the procedures set forth in the investment decision-making regulations. For the investment amount of 30 million yuan (including) or more of the new sub-funds, need to be reported to the District Finance and Finance Bureau for review and approval, reported to the District CPC Working Committee, Management Committee to study the decision.

Article 23 The establishment of sub-funds should be open and transparent, can be openly solicited, can also invite relevant organizations to set up. Fund management organizations applying for the establishment of sub-funds shall meet the following conditions:

(1) registered in mainland China, and the paid-up registered capital is in principle not less than 10 million yuan, with strong fund-raising ability, a fixed place of business and hardware and software facilities compatible with its business, angel-type, VC-type fund management organizations can be relaxed to 5 million yuan of paid-up registered capital;

(ii) have sound investment management and risk control processes, standardized project selection mechanisms and investment decision-making mechanisms, and are able to provide management consulting and other value-added services for invested enterprises;

(iii) have completed registration in the China Securities Investment Funds Association, with at least three senior management personnel with more than three years of experience in equity investment or fund management in their management team, and a stable management team with good professional ethics and credibility;

(iv) have a good reputation for their work; and good professional conduct and reputation;

(d) the fund management organization and its staff have no adverse record of being penalized by administrative authorities or judicial organs.

Article 24 If a new sub-fund is established and applies for contribution from the steering fund, in addition to meeting the conditions of Article 23 regarding the sub-fund management institution, it shall also meet the following conditions:

(1) The number of other contributors other than the steering fund is generally not less than three;

(2) The main promoters (partners), the sub-fund management institution, custodian bank and other Contributors (partners) have been basically determined;

(c) the main sponsor (partners) and other contributors (partners) to ensure that the funds are in place in full and on time as agreed;

(d) the funds of the guidance fund and other contributors should be synchronized in place to share the benefits and risks, the guidance fund to the limit of the amount of the contribution to bear the responsibility.

Article 25 The application of the guidance fund to the existing sub-funds for capital increase shall meet the requirements of the guidance fund on the sub-fund contribution ratio.

Article 26 An investment management institution registered in mainland China (hereinafter referred to as "investment institution") may, as an applicant, apply for the establishment of a sub-fund to the guidance fund company. If several investment institutions intend to jointly initiate the establishment of a sub-fund, one investment institution shall be elected as the applicant.

The application materials submitted by the applicant include, but are not limited to, the report on the application for the contribution of the guidance fund, the fund's contribution structure, the draft fund contract, the fund's management organization, the list of the management team's personnel and curriculum vitae, the team's history of investment performance, the fund's investment areas, the intention of the contributors to contribute to the capital and proof of ability to contribute to the fund, and the intention of the custodian bank, and other materials.

Article 27 The lead fund company is responsible for carrying out due diligence on the sub-fund manager and other relevant social capital parties, and forming due diligence reports and fund establishment programs. Guiding fund directly following the provincial and municipal governments to set up a guiding fund to participate in the investment of sub-funds, you can take a simple procedure, directly use the sub-fund management organization's due diligence report, the trustee management organization in accordance with the authority to consider decision-making.

Article 28 The guiding fund company shall publicize the situation of the sub-fund to be participated in, and the publicity period shall be not less than 7 days. If there are any objections during the publicity period, the lead fund company shall conduct timely investigation and verification.

Article 29 After the public announcement of the proposed sub-fund without objections, the investment decision-making committee of the trustee management organization shall consider and approve the agreement negotiation with other contributors of the sub-fund and sign the relevant fund contract.

The fund contract shall be formulated in accordance with these Measures and the fund establishment program considered and approved by the investment decision-making committee.

Article 30 The sub-funds shall, in accordance with the existing laws and regulations and according to different forms of organization, formulate fund contracts to specify the policy objectives of the establishment of the sub-funds, the fund size, the duration of the sub-funds, the capital contribution scheme, the investment fields, the decision-making mechanism, the sub-funds' management bodies, risk prevention, investment withdrawal, management fees and income distribution, and so on.

Article 31 The sub-fund invested in the district party committee, management committee focus on supporting or encouraging specific industries or start-up enterprises, the guidance fund can be in accordance with the appropriate shareholding ratio of the follow-up investment in the enterprise. The follow-up investment generally does not exceed 50% of the actual investment amount of the sub-fund in the enterprise.

Article 32 The equity formed by the separate direct investment of the guidance fund shall be managed by the trustee management organization, which shall exercise its rights and fulfill its responsibilities and obligations in accordance with the provisions of the Company Law and other laws. The equity formed by the follow-up investment can be managed by the trustee management organization alone, or can be entrusted to the management organization of the co-invested sub-fund. The entrusted management shall be subject to the signing of an Equity Entrusted Management Agreement, which specifies the rights, responsibilities and obligations of each party, as well as the conditions and time of equity withdrawal.

Article 33 During the period of survival and after the withdrawal of the investment business of the guiding fund and sub-funds, the fund management institution shall designate a special person to be responsible for the collection, collation, filing and storage of the investment business files.

 

Chapter V Distribution of Proceeds

 

Article 34 The guided fund shall be withdrawn by way of expiration liquidation, shareholders' repurchase, and transfer of equity, etc. The fund management institution shall designate special personnel to be responsible for the collection, organization and custody of the investment business files.

Article 35 of the sub-fund contributors should be in accordance with the principle of shared benefits and risks, clearly agree on the distribution of income or loss sharing. Income distribution can be carried out in accordance with the principle of "first return of capital and then profit sharing, first limited partner and then general partner", or according to the actual situation of the fund, the guidance fund company and other contributors to determine the negotiation.

Article 36 The company shall agree with other contributors in the sub-fund contract that when the sub-fund is liquidated with losses, the sub-fund management organization shall first bear the losses with its capital contribution to the sub-fund, and the remaining portion shall be borne by the company and other contributors in proportion to their capital contribution up to the limit of their capital contribution.

Article 37 The sub-fund shall distribute investment income in a timely manner according to the fund contract. The funds obtained from the allocation and liquidation of the sub-funds by the guidance fund company in accordance with the fund contract shall be deposited into the special account of the fund custodian bank in a timely manner for the rolling development or incentive expenditure of the guidance fund.

Article 38 The sub-fund shall pay management fees to the sub-fund management organization according to the fund contract. The annual management fee is generally determined in accordance with 1.5% to 2.5% of the registered capital or capital contribution of the sub-fund, and the specific percentage is specified in the entrusted management agreement.

Article 39 In addition to paying management fees to the sub-fund management organization, the sub-fund enterprise may implement performance incentives for the sub-fund management organization. Among them, if the average annual return rate of the sub-fund is not lower than the quoted interest rate of the one-year loan market announced by the People's Bank of China at the time of the sub-fund's capital contribution, the steering fund company may reward the sub-fund management organization with a certain percentage (up to 20%) of the value-added income of the sub-fund to which it is entitled.

Article 40 The guiding fund may make appropriate concessions to other social contributors, and the concessions shall be agreed in the fund contract. Concessions shall be subject to the following principles:

(1) the concessions of the steering fund shall be limited to the income generated by the fund, and shall not utilize the investment principal of the steering fund;

(2) the steering fund shall only make concessions to social contributors, and shall not make concessions to other financial contributions;

(3) the steering fund concessions shall only be limited to concessions to the steering fund's contribution to the income of the subfunds.

Article 41 According to the type of fund and investment direction, differentiated policies shall be adopted, and the value-added income of the guidance fund may be partially or fully transferred to other contributors or fund management institutions:

(1) If the investment is made in the projects of seed-stage and start-up enterprises in the region and projects of science and technology and innovative enterprises in the development stage, the guidance fund may transfer all the income of the project, upon the determination of the guidance fund company.

(2) If the investment is made in mature projects, in principle, the same shares and same rights shall apply. With the approval of the guidance fund company, it may also appropriately alienate the portion above the threshold rate of return agreed in the fund contract to other contributors or fund management organizations;

(c) encouraging the fund to increase the proportion of its investment in the zone, and if the fund's investment exceeds the minimum proportion of its investment as stipulated in the present Measures, the magnitude of the alienation of the guidance fund can be increased, and at most all of the value-added proceeds can be alienated;

(d) encouraging the fund to Contributors or other investor contributors to purchase equity or shares of the fund held by the guidance fund. Purchased within 3 years (inclusive) of the date of industrial and commercial registration of the sub-fund, can be transferred in accordance with the original capital contribution of the steering fund; after the establishment of 3 years, the steering fund and other contributors with the same share of the same rights in the expiration of the period of existence of the liquidation of the exit.

 

Chapter VI Risk Control

 

Article 42 The guiding fund, the sub-fund management organization shall be based on laws, regulations and industry regulatory requirements for prudent management, the establishment of sound and strict compliance with the fund-raising management, investor suitability, information disclosure, risk management, internal control and other business rules and management system. management system.

Article 43 The guiding funds and sub-funds shall not engage in the following businesses:

(1) external guarantee, mortgage, entrusted loan and other businesses;

(2) investment in secondary market stocks, futures, trust products, real estate, securities investment funds, corporate bonds rated AAA or below, non-principal-protected wealth management products, insurance plans and other financial derivatives;< /p>

(iii) foreign investment with unlimited joint and several liability;

(iv) sponsorship and donation to any third party (except for approved public welfare donations);

(v) deposit-taking or disguised deposit-taking, lending and borrowing of funds to a third party;

(vi) issuance of trust or pooled wealth management products to raise funds;

(vii) Other businesses prohibited by national laws and regulations.

Article 44 The induced fund shall not in any way promise to repurchase the investment principal of the social contributors, shall not in any way bear the loss of the investment principal of the social contributors, shall not in any way promise the minimum return to the social contributors, and shall not raise debts in disguise through additional additional terms and conditions.

Article 45 The guiding fund and sub-funds shall be hosted by a bank with fund hosting qualification. The custodian bank of the pilot fund shall be selected and determined by the District Finance and Finance Bureau, and the District Finance and Finance Bureau and the pilot fund company shall sign the fund custodian agreement with it.

Sub-fund custodian bank chosen by the sub-fund to determine.

Article 46 The fund custodian bank shall meet the following conditions:

(1) a national state-owned bank, a joint-stock commercial bank and a local commercial bank in Shandong Province which has been established for more than five years;

(2) it has rich fund custodianship experience, facilities and equipment for safe custody and custodianship business as well as information technology system;

(3) it has perfect custody business flow. (C) has a sound custodial business process system and internal audit monitoring as well as risk control system;

(D) does not have a bad record of major faults and penalties imposed by administrative authorities or judicial organs in the past three years.

Article 47 Upon completion of industrial and commercial registration of a sub-fund, it shall submit to the local financial supervisory authority of the place where it is located the fund establishment program, risk management, internal control and other business rules and management system, and it shall be filed in accordance with the provisions of the China Securities Investment Funds Association.

Article 48 The custodian bank of the steering fund shall report the quarterly steering fund fund custodian report to the district finance and financial bureau and the steering fund company within 10 days after the end of each quarter, and report the fund custodian report of the previous year within 1 month after the end of each fiscal year. When abnormal flow of funds of the Guiding Fund is found, measures such as suspension of payment shall be taken in a timely manner and reported to the District Finance and Financial Bureau and the Guiding Fund Company at any time.

Article 49 The trustee shall summarize the operation of the guidance fund and sub-funds on a quarterly basis and submit them to the district finance and financial bureau, and report on major matters in the operation of the guidance fund in a timely manner, and submit to the district finance and financial bureau the Annual Accounting Report of the Fund audited by a certified public accountant and the Annual Operation of the Fund for each fiscal year.

Article 50 The guidance fund company shall strengthen the supervision of the sub-funds and timely grasp the operation of the sub-funds as well as the invested projects.

Article 51 The lead fund company shall closely track the operation and financial status of the sub-fund and prevent financial risks. When the operation of the sub-funds is in violation of laws and regulations, fund contracts and policy guidance, the guiding fund company shall promptly request the corresponding fund management organization to rectify the situation within a certain period of time.

Article 52 The sub-fund management organization shall be reorganized or replaced if one of the following situations occurs in the course of its operation:

(a) the management organization is dissolved, bankrupt or its assets are taken over by a receiver;

   (b) the management organization loses the ability to manage or seriously damages the interests of the investors of the fund

(3) in accordance with the fund contract, the investors holding more than two-thirds of the interests of the fund requires the management body to reorganize or replace;

(4) the fund contract agreed to the reorganization or replacement of the management body of other circumstances.

    Article 53 The guiding fund company shall agree with the other contributors in the sub-fund contract, one of the following circumstances, the guiding fund may not need to be agreed by the other contributors, the choice of suspension of contributions:

• Sub-fund business registration 12 months after the progress of investment is less than 20% of the fund's subscribed size;

• There are circumstances that may touch the exit conditions of the guidance fund.

  Article 54 The application for the resumption of the contribution of the guiding fund by a fund whose contribution has been suspended shall comply with the provisions on the management of the guiding fund, and the fund management organization shall submit an application to the guiding fund company, and the guiding fund may continue to make contribution only after approval.

  Article 55 The guidance fund company shall agree with other contributors in the contract of the sub-fund that the guidance fund may choose to withdraw in one of the following cases:

  (1) more than 6 months after the confirmation of the sub-fund program, the sub-fund fails to complete the establishment or capital increase procedures in accordance with the stipulated procedures and requirements of the time;

  (2) more than 12 months after the sub-fund completes the establishment or capital increase procedures, the sub-fund fails to carry out the establishment or capital increase procedures. (b) the sub-fund has not carried out investment business more than 12 months after the completion of the establishment or capital increase procedures;

  (c) the sub-fund's investment areas and directions are not in line with the policy objectives;

  (d) the sub-fund fails to invest in accordance with the agreement of the fund contract;

  (e) the sub-fund's management body undergoes substantial changes;

  (f) the sub-fund or the fund's management body violates the relevant laws, regulations, policies and provisions or other circumstances as agreed upon in the agreement. regulations or other circumstances agreed in the agreement.

  Article 56 If one of the following circumstances occurs in the course of operation of a sub-fund, the operation shall be terminated and liquidated:

  (1) the contributors representing more than two-thirds of the fund shares request for the termination of the fund, and a resolution is passed at a meeting of the relevant contributors;

  (2) a significant loss occurs, and it is not possible to continue the operation;

  (3) there is a significant violation of laws and regulations, and the management organ orders the sub-fund to continue the operation. violations and is ordered to be terminated by the governing body.

   

  Chapter VII Appraisal and Supervision

   

Article 57 The District Finance Bureau, in accordance with the relevant provisions of the establishment of a performance appraisal system, in accordance with the law of fund investment and the principle of marketization, from the overall effectiveness of the guiding fund policy objectives, the effect of the policy of comprehensive performance evaluation. Performance evaluation, not a single fund or a single investment project profit and loss assessment. The results of the performance evaluation shall be used as an important basis for the survival of the fund, incentives and penalties, and the approval of management fees. The audit department of the policy fund is not audited as a special financial funds.

Article 58 In the guide fund and sub-fund investment operation process, the investment has to fulfill the procedures set out in these measures to make decisions, such as force majeure, policy changes or the occurrence of market (business) risk and other factors resulting in investment losses, do not pursue the decision-making bodies, competent departments, fund management organizations and related personnel responsibility. State-owned enterprises to guide the fund to participate in the sub-fund part of the contribution to apply the above provisions.

Encouragement of the guidance fund and the participating sub-funds to invest in seed, start-up and development stage enterprises, and give higher tolerance to the losses caused by the investment of the district angel investment fund and district industrial investment fund and its participating sub-funds, and do not pursue the responsibility of the corresponding fund management organizations, management teams and individuals if there is no transfer of benefits and moral risks.

Article 59 guides the fund companies to guide and promote the sub-fund management organizations to strengthen self-discipline through the establishment of a ranking system and a list system for breach of trust, and urges them to invest early, invest fast and invest well.

Article 60 Within 2 years after the industrial and commercial registration of the sub-funds, if the investment progress exceeds 70% of the subscribed scale (inclusive), the fund management institution shall be rewarded 1% of the actual investment amount, with a maximum reward of 2 million yuan; if the investment progress exceeds 50% of the subscribed scale (inclusive) and is less than 70% (not inclusive), the fund management institution shall be rewarded 1% of the actual investment amount, with a maximum reward of 1 million yuan.

Article 61: If the sub-fund invests in the enterprises in the region, and the investment amount accounts for more than 70% (inclusive) of the sub-fund's subscribed scale, a one-time award of up to 1 million yuan will be given to the fund management institution; if the investment progress exceeds 50% (inclusive) and is less than 70% (inclusive), the maximum award will be 500,000 yuan.

Article 62 The relevant departments of the district shall actively assist the enterprise projects invested by the direct investment and equity participation sub-funds of the guidance fund in declaring the relevant special funds.

Article 63 The guiding fund company shall be subject to the audit of the audit department and the supervision of the local financial supervisory department in accordance with the law. Any unit or individual involved in the management of financial funds, local financial management of violations of law and discipline, in accordance with relevant laws and regulations for serious treatment, and to pursue the corresponding legal responsibility; suspected of committing a crime, transferred to the judicial organs to pursue criminal responsibility.

Article 64 One of the following circumstances, the District Finance and Financial Bureau shall guide the fund company for interviews:

(a) ready to set up sub-funds or direct investment in corporate projects of the guide fund investment areas and directions may not be in line with the policy objectives;

(b) the slow progress of the investment, seriously lagging behind the annual investment plan;

(c) in the Inspection, audit and other supervision and inspection of the fund investment management found to have disciplinary issues;

(d) participation in the sub-fund in the establishment of more than three months did not realize the first capital contribution;

(e) participation in the sub-fund in the establishment of more than 12 months did not return to invest in the project in the district;

(f) annual performance appraisal results lower than a good grade;

(g) the District Finance and Financial Bureau that should be invested. (VII) other circumstances that the District Finance Bureau believes should be interviewed.

 

Chapter VIII Supplementary Provisions

 

Article 65 The guiding fund with the central, provincial and municipal funds to initiate the establishment of sub-funds, in accordance with the relevant provisions of the higher level.

Article 66 These measures are organized by the District Finance and Financial Bureau.

Article 67 These Measures shall come into force on July 8, 2022, and shall be valid until July 7, 2027. In the validity of these measures, in case of the central, provincial, municipal and district relevant provisions of the adjustment, from its provisions.