Chapter I General Provisions
Article 1 In order to further improve the efficiency of the use of financial funds, and give full play to the role of government guiding fund (hereinafter referred to as the guiding fund) in supporting high-quality development, according to the "Ministry of Finance on the issuance of the "Interim Management Measures for Government Investment Fund Interim Management Measures" notice" (CaiBei [2015] 210), "Ministry of Finance on the financial capital injection of government investment funds to support industrial development guidance" (CaiJian [2015] 1062), "Ministry of Finance on strengthening the management of government investment funds to improve the effectiveness of financial contributions to the notice" (CaiBei [2020] 7), and other relevant provisions, combined with the city's actuality, the formulation of this approach .
Article 2 The guidance fund referred to in these measures refers to the government funding, the use of equity investment and other market-oriented ways to guide various types of social capital investment in key areas of economic and social development and key links, in order to support the development of related industries and areas of the policy fund.
The government contribution referred to in these measures refers to the funds arranged by the financial sector through the general public budget, government fund budgets, state-owned capital operating budgets.
The third guide fund adheres to the principles of government guidance, market operation, focused, standardized management, risk prevention and control, focusing on the service of the real economy, support for the leading industries, accurately match the project, amplify the prying effect of the target positioning, the strict implementation of the "do not maximize the profitability of the definition of the fund, do not increase the financial investment in the new The fund is not defined as a profit maximization fund, not to increase financial investment in new funds, not to simply expand the scale of the management fund", to ensure that the policy benefits, social benefits and economic benefits of the organic unity.
Chapter II Overall Structure
Article IV In accordance with the functional positioning and direction of investment, the establishment of the Angel Venture Capital Guiding Fund, Industrial Guiding Fund (including information technology, intelligent manufacturing, biomedicine, strategic emerging industries Guiding Fund), Six guidance funds are set up under the guidance fund, including information technology, intelligent manufacturing, biomedicine and strategic emerging industries guidance fund, and major project cooperative development guidance fund. Under the guidance fund, N equity funds (including project funds investing in a single project) and equity direct investment projects will be set up to create a "6+N" Jinan government guidance fund cluster.
Article 5: The guidance fund focuses on investment in major national, provincial and municipal strategies, key industries, and the transformation of scientific and technological achievements:
(a) Angel Venture Capital Guidance Fund focuses on "investing early, investing small, and investing in scientific and technological achievements". Investment in early, small, science and technology", around the start-up period, early and medium technology-based enterprises, focusing on supporting the city's high level of scientific and technological achievements introduced into the transformation of the introduction of talent projects, the introduction of small and medium-sized enterprise innovation and development, and to help the construction of science and technology and innovation financial reform pilot area.
(2) Industry guidance fund focuses on the city's chain of main enterprises, focusing on supporting the city's four major leading industries, the ten iconic industrial chain clusters and strategic emerging industries, such as high-quality development as well as the transformation, upgrading and cultivation of key industries to accelerate the promotion of green low-carbon, rural revitalization, and the development of the digital economy industry.
(3) major projects to develop a coordinated guide fund focus on the fund investment function, mainly focusing on the municipal party committee, the municipal government decision-making and deployment of the key projects to carry out investment and industrial projects mergers and acquisitions, around the city's major projects to carry out coordinated investment.
Chapter III Management Mechanism
Article VI The relevant departments (units) in accordance with the functional division of labor, respectively, to assume the following responsibilities:
(a) Municipal Finance Bureau is the lead management department of the guidance fund, on behalf of the municipal government to fulfill the responsibilities of the municipal guidance fund contributors; strengthen the constraints of the government budget on financial contributions, give full consideration to the financial capacity to reasonably determine the size of the fund and the scope of the investment, responsible for the construction of the guidance fund system, to arrange for the budget of the municipal guidance fund and allocation of contributions; responsible for the evaluation of the performance of the guidance fund and the performance of the participating funds to the sampling evaluation; regularly to the municipal party committee, The municipal government reports on the operation of the guidance fund; the operation of the guidance fund for the statistical record.
(2) The Municipal Party Committee Financial Office is responsible for taking the lead in formulating and improving the incentive policies for private equity investment (management) institutions.
(c) The Municipal Investment Promotion Bureau is responsible for doing a good job of fund investment project docking work, to promote the fund empowered by the high-quality development of the industry, and to coordinate the promotion of high-quality project settlement.
(d) the competent authorities in charge of various industries proposed to initiate the establishment of equity funds, should be in the fund under the premise of the elements ready to do a good job in charge of the field of the proposed equity funds beforehand performance assessment, in conjunction with the guidance of the fund entrusted to the management body to develop the proposed equity fund performance objectives and performance indicators, and the implementation of the performance monitoring; to do a good job in charge of the field of the key project reserves and to the guidance of the fund, the fund will be able to provide a good opportunity to promote the development of the fund. It will also do a good job of reserving key projects in its field of competence and open up the project database to the trustee management organization of the steering fund, and promote the projects in its field of competence.
Article 7 The trustee management organization of the guidance fund is responsible for the day-to-day management and operation of the guidance fund, selecting the management organization of the participating fund in accordance with the stipulated conditions and procedures, and cooperating with other capitals to set up the participating fund through equity participation, or participating in the established fund through capital increase and transferring of shares, etc.; it is responsible for the self-assessment of the performance of the guidance fund and supervising the standard operation of the participating fund; it is also responsible for the supervision of the standard operation of the participating fund. It is responsible for self-assessment of the performance of the guidance fund and supervision of the standardized operation of the participation fund, as well as special account management and special accounting for the guidance fund, and submitting quarterly reports to the Municipal Finance Bureau on the operation of the guidance fund and the participation fund, and other significant matters.
Article 8 The relevant departments (units) should further optimize the allocation of fund resources, promote the establishment of the city's fund key project library and project screening and evaluation mechanism, according to the policy necessity and market investment feasibility of the fund to be invested in the implementation of the project to carry out a comprehensive assessment, to improve the guidance of the fund entrusted with the management of the active management of the agency's ability.
Chapter IV Fund Establishment
Article IX The government to capital injection or fiduciary management of the allocation of funds to guide the fund. Guiding fund in accordance with the city to set up the fund's relevant planning, fully utilizing market-oriented approach to promote the establishment of equity funds.
Article 10 The participating funds directly funded by the steering fund should, in principle, be registered within the administrative area of Jinan City. The funds indirectly funded by the lead fund shall not be subject to any geographical restriction.
Article 11 The capital contribution of the participating fund management organization and related parties in the participating fund in accordance with the requirements of the China Securities Investment Funds Association shall not be less than 2% of the size of the participating fund; the size of the participating fund of 1 billion yuan and above shall not be less than 1% of the size of the participating fund.
Article 12 The selected participating fund management organization shall comply with the relevant requirements of China Securities Investment Fund Association, the fund management organization and its senior management personnel have no adverse records of being punished by administrative or judicial organs, and have not been subject to disciplinary actions by China Securities Investment Fund Association in the past three years, and the resident Jinan City There shall be no less than 2 members of the management team.
Chapter V Investment Principles and Recognition
Article 13 The Angel Venture Capital Guiding Fund's contribution to the angel class of equity funds is generally not more than 50% of the size of the equity funds, and the contribution to a single equity fund is not more than 100 million yuan, the city, District and county (including functional areas, hereinafter the same) two levels of guidance fund co-funding ratio generally does not exceed 60% of the size of the participating funds; Venture capital class of participating funds generally does not exceed 30% of the size of the participating funds, the city, district and county levels of guidance fund co-funding ratio generally does not exceed 50% of the size of the participating funds.
Article XIV Industrial Guidance Fund for industrial equity funds generally not more than 25% of the size of the equity fund, which focuses on investing in the field of rural revitalization of industrial equity funds, the proportion of contributions generally not more than 30% of the size of the equity fund. Municipal, district and county-level guidance funds co-funding ratio is generally not more than 50% of the size of the participating funds.
Article XV of the synergistic development of major projects to guide the fund for the "double recruited double attraction" and other key projects set up by the city's project funds, the proportion of contributions generally does not exceed 20% of the size of the project fund, the city, district and county levels to guide the proportion of co-financing fund Generally not more than 50% of the size of the project fund; infrastructure class participation fund, the proportion of the contribution of the steering fund is generally not more than 25% of the size of the participation fund, the city, county and district level steering fund co-funding ratio is generally not more than 50% of the size of the participation fund.
Article 16 The participation fund used to support the city's major development strategies and key areas of the participation fund, the municipal party committee and the municipal government agreed to appropriately relax the proportion of the contribution of the guidance fund.
Article 17 The amount of investment in a single enterprise by a participating fund shall in principle not exceed 30% of the size of the participating fund (except for project funds).
Article 18: The amount of funds used for direct equity investment by the guidance fund shall not exceed 10% of the scale of the guidance fund in principle.
Article 19 According to the type of participating funds, set the differentiated return investment requirements. The amount invested in Jinan enterprises by industrial equity participation funds shall not be less than 1.5 times of the actual capital contribution of the guidance fund, and the amount invested in Jinan enterprises by venture capital and angel equity participation funds shall not be less than 1.1 times of the actual capital contribution of the guidance fund. In principle, all the funds raised by infrastructure participation funds, project funds and participation funds focusing on rural revitalization will be invested in Jinan.
Article 20 The following cases can be recognized as funds invested in enterprises in Jinan:
(1) investment in enterprises registered in the city;
(b) Investment in foreign subsidiaries of enterprises registered in the city that meet the requirements of the first paragraph of this Article or foreign enterprises acquired by them (limited to controlling acquisitions or acquisitions and acquisitions), the amount of funds can be determined in accordance with the actual amount of investment in the fund;
(c) Investment in foreign enterprises recognized by the relevant departments as contributing to the city's attraction of foreign investments. (c) investment by the relevant departments identified as having a certain contribution to the city's investment attraction of foreign enterprises, the amount of funds can be doubled according to the actual investment amount of the fund to be recognized;
(d) investment for the fund management organization from the introduction of major scientific and technological achievements or outstanding technical team, or the fund to play a leading role in the major investment projects, identified by the relevant departments can be in accordance with the "one case at a time". "
(e) Other funds that can be recognized as investment in Jinan enterprises.
Article 21 The duration of the participating funds shall not exceed 10 years in principle. If the investment project is in a special situation such as the listing period or lock-up period, the duration can be separately agreed by the contributors.
Chapter VI Revenue Distribution and Incentives
Article 22 The contributors to the participating funds shall, in accordance with the principle of shared benefits and risks, clearly agree on the distribution of revenues or burden of losses. To guide the fund to bear limited liability to the extent of the contribution.
Article 23 The trustee management organization of the fund can be based on the investment efficiency of the participating funds and investment in Jinan effect of non-financial contributors and fund management institutions to make profits. If the overall annualized rate of return of the participating fund exceeds the one-year loan market quotation rate (LPR) at the time of liquidation, the trustee management institution of the steering fund may make concessions to the participating fund's investment in Jinan enterprises in accordance with a maximum of 50% of the excess return of the corresponding amount. If the participating fund exceeds the LPR within the specified time, the trustee management organization of the steering fund may grant additional concessions to the fund management organization on the basis of the above concessions.
Article 24 In order to improve the efficiency of the use of financial funds, the contributors of the participating funds or other investors are encouraged to purchase the equity or shares of the participating funds held by the steering fund during the survival period. Participating funds to meet the requirements of the relevant back to the investment can enjoy preferential transfer policies:
Industrial participation in the fund, from the date of registration of the participating funds within 3 years (inclusive) to purchase, the steering fund can be transferred in accordance with the amount of the original capital contribution; the establishment of more than 3 years, the steering fund shareholdings or shares in accordance with the market price of the transfer. For angel and venture capital funds, if the funds are purchased within 5 years from the date of registration, the fund can be transferred according to the original capital contribution; if the fund is established for more than 5 years, the equity or share of the fund can be transferred according to the market price. If the participating fund invests in a talent enterprise in Jinan, it can agree in the fund partnership agreement to allow the talent enterprise's entrepreneurial team to purchase the share of the guidance fund on a priority basis under the above preferential conditions.
Chapter VII Risk Control
Article 25 The Municipal Finance Bureau shall establish a monitoring mechanism for the operation of the guidance fund in accordance with the regulations, and shall set up monitoring indexes around the key aspects of fund-raising, investment, operation, and withdrawal to objectively reflect the operation of the fund. The company's business is to provide the best possible service to the public.
Article 26 The trustee management organization of the guidance fund shall establish an effective risk prevention and control mechanism, and report on major matters in the operation of the fund in a timely manner. Participating funds or direct investment projects have significant risks or operational changes that may bring significant investment losses, should be promptly reported to the Municipal Finance Bureau and the relevant industrial authorities, and immediately take appropriate measures to reduce losses.
Article 27 The trustee of the guidance fund shall report to the Municipal Finance Bureau on a quarterly basis on the operation and trusteeship of the guidance fund and the equity participation fund, and shall report to the Municipal Finance Bureau and the relevant industrial authorities within four months after the end of each fiscal year the annual financial report of the guidance fund audited by the accounting firms in compliance with the regulations and the annual operation report. The annual financial report and annual operation report of the guidance fund will be submitted to the municipal finance bureau and relevant industrial departments within four months after the end of each fiscal year.
Article 28 The participating fund management organization shall operate prudently in accordance with the laws and regulations and industry supervision requirements, and establish and improve and strictly comply with the business rules and management system of fund raising management, investor suitability, information disclosure, risk management and internal control. The participating funds shall carry out fund product filing in accordance with the industry management requirements.
Article 29 The participating fund shall entrust the bank with the custodian qualification to carry out trusteeship, and sign the fund trusteeship agreement. The custodian bank shall strictly fulfill its fund custodianship responsibilities, be responsible for the daily work of asset custody, account management, fund disbursement and settlement, and implement dynamic supervision of investment activities to ensure the safety of the custodian funds. Once the abnormal flow of funds is found, immediate measures should be taken to suspend payment and report to the trustee management organization of the guidance fund.
Article 30 The participating fund management organization shall, in accordance with the requirements of the municipal finance department, complete the fund management system on time to fill in the relevant data. The reported data shall be reviewed by the trustee management organization of the guidance fund to ensure that the data is true, accurate and timely.
Article 31 The trustee management institution of the guidance fund shall not in any way promise to buy back the investment principal of the social capital party, shall not in any way bear the loss of the investment principal of the social capital party, shall not in any way to the social capital party to commit to the minimum return, shall not be any limited partnership fund and other equity investment methods. align: left;">(ii) Investing in secondary market stocks, futures, real estate, securities investment funds, corporate bonds rated below AAA, trust products, non-principal-protected wealth management products, insurance plans and other financial derivatives;
(iii) Providing sponsorships and donations (except approved public welfare donations) to any third party;
(iv) Providing financial services to any third party.
(c) Providing sponsorships and donations to any third party (except for approved public welfare donations);
(d) Absorbing deposits or disguising as deposits, or providing loans and lending of funds to a third party;
(e) Conducting foreign investments for which it bears unlimited joint and several liabilities;
(vi) Issuing trust or pooled financial products to raise funds;
(vii) Other businesses prohibited by national laws and regulations.
Article 33 of the guide fund according to the annual investment plan of the participating funds and the actual investment progress in phases and batches of contributions, in addition to the central and provincial financial funds, shall not be preceded by other contributors.
Article 34 During the existence of the participating funds, without the consent of the trustee management organization of the steering fund, the participating fund management organization and the core staff of the management organization shall not be replaced in principle. The management organization of the participating fund shall be reorganized or replaced under any of the following circumstances:
(1) the management organization is dissolved, goes bankrupt, or has its assets taken over by a receiver;
(2) the management organization loses the ability to manage the fund, or seriously harms the interests of the fund investors.
(c) In accordance with the procedures agreed in the fund articles or agreement, or upon the request of investors holding more than two-thirds of the fund (including the steering fund) for the reorganization or replacement of the management body;
(d) In other cases where it is agreed in the articles of association of the fund or the partnership agreement that the management body shall be reorganized or replaced.
Chapter VIII Termination and Withdrawal
Article 35 The induced fund generally withdraws from the participating funds by way of expiration liquidation and transfer of fund shares.
Article 36 If the guiding fund and other contributors agree in the articles of association or partnership agreement of the participating fund that there are any of the following circumstances, the guiding fund may choose to withdraw from the fund early without the consent of the other contributors:
(a) the participating fund (a) more than one year after the confirmation of the program, not in accordance with the prescribed procedures and time requirements to complete the establishment procedures;
(b) participation in the establishment of the fund for more than one year has not been filed, or filed more than one year after the failure to carry out investment business;
(c) participation in the fund (C) the investment field and direction of the participating fund is not in line with the policy objectives;
(D) the participating fund fails to invest in accordance with the charter or partnership agreement;
(E) the participating fund's management organization undergoes substantial changes and no longer meets the conditions of the participating fund's management organization;
(vi) other circumstances that do not meet the requirements of the guidance fund.
Chapter IX Appraisal and Supervision
Article 37 The Municipal Bureau of Finance shall establish and improve the appraisal mechanism covering the whole cycle of the financial funds from capital contribution to exit and the annual performance evaluation mechanism of the multi-level guidance fund, and formulate a differentiated performance evaluation system for the guidance fund. Performance evaluation system.
Article 38 The trustee management organization of the steering fund is responsible for self-assessment of the performance of the steering fund under its management, and conducts the initial assessment of the performance of the participating funds in conjunction with the competent industrial departments.
The Municipal Bureau of Finance is responsible for reviewing the results of the self-assessment of the guidance fund and randomly evaluating the participating funds, and completing a round of full-coverage performance evaluation of the participating funds every three years.
Article 39: At the end of the investment period of the participating funds, when withdrawing from the liquidation, the trustee of the guiding fund shall form a report on the operation of the guiding fund and the participating funds, and submit it to the Municipal Finance Bureau for record.
Article 40 The trustee management organization of the guidance fund shall consciously accept the audit of the audit department and the supervision and inspection of the Municipal Finance Bureau. The participating fund management organization shall implement the requirement of moderate supervision and accept the guidance of local financial management department and the business supervision of the national fund industry supervisory department and its dispatched agencies. Any unit or individual in the management of the existence of illegal and undisciplined behavior involving financial funds, local financial management, shall be seriously dealt with in accordance with the law and be held accountable; suspected of committing a crime, shall be investigated for criminal responsibility.
Article 41 Encourage cadres at all levels to take on the role, support bold innovation. In the process of fund investment and operation, the investment that has fulfilled the prescribed procedures for decision-making, such as force majeure, policy changes or the occurrence of market (operational) risks and other factors resulting in investment losses, in accordance with the "Jinan Municipal People's Government General Office on the issuance of the Jinan Municipal Financial Investment Fund Due Diligence and Exemption from Liability Implementing Rules (for Trial Implementation) Notice" (Jinan government office word [2022] No. 36).
Chapter X Supplementary Provisions
Article 42 The guiding fund and the central and provincial financial funds jointly participated in the initiation of the establishment of the fund, in accordance with the relevant provisions of the higher level. In case of national and provincial and municipal regulations adjusted, in accordance with the provisions of the adjusted implementation.
Article 43 These Measures shall come into force on the date of issuance of the Notice of the General Office of the People's Government of Jinan City on the Issuance of the Management Measures for the Jinan City Fund for Conversion of Old and New Dynamics (Jinan Zhengban Zi 〔2018〕 No. 71), the Notice of the General Office of the People's Government of Jinan City on Further Promotion of the Jinan City Fund for Conversion of Old and New Dynamics for Accelerated Investment Opinions (Jinan Government Office [2019] No. 65), and Notice of Jinan Municipal Finance Bureau on Issues Related to the Contribution of Jinan City's New and Old Momentum Conversion Guiding Fund (Jinan Finance Office [2019] No. 22) are simultaneously repealed. Agreements that have been signed in accordance with the above policies before the implementation of these measures continue to be implemented in accordance with the original agreement.
