Chapter I  General

 

Article I  To further innovate the way of investing financial funds, give full play to the guiding and amplifying the benefits of the financial funds. Actively play the decisive role of the market in resource allocation, support and encourage investment institutions and social capital to enter the division of industrial investment, according to the "Company Law of the People's Republic of China", "Partnership Law of the People's Republic of China", "Interim Measures for the Administration of Government Investment Funds" (CaiBei 〔2015〕 No. 210), "Interim Measures for the Administration of Government-funded Industrial Investment Funds" (Development and Reform CaiJin Gauge [ 2016] No. 2800), "Corps Financial Investment Fund Interim Management Measures" (New Military Office [2016] No. 36) and other relevant provisions, combined with the actual division city, the development of this approach.

Second  The measures referred to in the fourth division of the city government industry guidance fund (hereinafter referred to as the "guidance fund") refers to the establishment of the government to raise and according to the operation of the market-oriented policy funds, the government The main sources of funding include investment in the financial budget, the central and local special construction funds, the revitalization of the stock of funds, as well as the proceeds of the operation and other financial funds, etc., but also through the government entrusted to contribute to the government through the form of capital injection entrusted to the state-owned enterprises to contribute to the fund, and so on.

Article 3  Guiding funds in accordance with the "government-led, market operation, diversified financing, professional management, risk prevention" principle of operation.

Article 4  The total size of the mother fund of 1 billion yuan, the registered capital of 20 years, the first in place no less than 100 million yuan.

Article 5  Guiding the fund mainly through the fund manager and other social capital to set up a special sub-fund investment, in principle, not directly involved in the project equity investment. Specialized sub-funds can take the form of corporate, partnership, contractual system.

Article 6  The special sub-funds initiated by the Guiding Fund to attract social capital to support the division of the city's deep processing of agricultural products and food processing, brewing, coal and electricity, chemical industry, electronic information, biology, high-end equipment manufacturing, new materials, new energy, culture and tourism, modern agriculture and animal husbandry, modern trade and logistics and other key industries and fields, to support strategic emerging industries. Industries and fields, support for strategic emerging industries to support the cultivation of traditional industries, the transformation and upgrading of key industries, investment in key industries, advantageous industries, give priority to support the division of the key industry chain, the development and growth of characteristic advantageous industries.

 

Chapter II  Management Organization and Responsibilities

 

Article VII   Establishment of the fourth division of the Kokkodara Municipal government industrial guidance fund joint meeting mechanism (hereinafter referred to as the "joint meeting"), the exercise of the guidance fund to coordinate major matters. By the fourth division of the city of Keke Dara main leader as director, deputy director of the leadership in charge, members include the Corps sub-district, Development and Reform Commission, Bureau of Industry and Information Technology, Finance Bureau, Agriculture and Rural Affairs Bureau, Commerce Bureau, Audit Bureau, Market Supervision Bureau, Culture, Sports, Radio and Television Bureau, the development of the area and other relevant departments and units. The joint meeting is responsible for:

(a) determining the investment direction and investment principles of the guidance fund;

(b) finalizing the establishment of sub-funds, sub-funds exit and profit-making programs;

(c) determining the investment direction and investment principles of the guidance fund;

(d) finalizing the establishment of sub-funds, sub-funds exit and profit-making programs;

(iii) making decisions on direct investment projects of the guidance fund;

(iv) reviewing and approving relevant systems of the guidance fund such as investment, management, risk control, withdrawal and assessment;

(v) Approve the trustee management organization and custodian bank of the steering fund;

(f) Consider the development plan, annual investment plan, investment operation report and fund utilization report of the steering fund;

(g) Coordinate the preparatory work of the steering fund;

(h) Coordinate the steering fund's construction

(viii) to consider other major matters related to the guidance fund.

Article 8  The joint meeting set up an office, responsible for the day-to-day work of the joint meeting, the office is located in the fourth division of the city of Kokdala Finance Bureau, responsible for day-to-day affairs. The main responsibilities include:

(a) responsible for the preparation of the joint meeting;

(b) supervise the guidance fund entrusted to the management body to implement the commissioning agreement and joint meeting resolution;

(c) supervise the guidance fund entrusted to the management body to implement the commissioning agreement and joint meeting resolution;

Article 8 align: left;">(c) formulate the annual funding arrangement plan of the steering fund and submit it to the joint meeting for consideration;

(d) take the lead in carrying out the preparatory work of the steering fund in conjunction with relevant departments;

(e) take the lead in (v) take the lead in formulating the management measures and relevant management systems of the steering fund;

(vi) conduct preliminary examination of the sub-fund programs or direct investment projects submitted by the fund managers and submit them to the joint meeting for consideration;

(vii) conduct performance evaluation and appraisal of the operation and management of the steering fund;

(viii) supervise and guide the fund managers;

(ix) carry out other matters assigned by the joint meeting.

Article IX  Responsibilities of the relevant industry authorities:

(a) member departments and units of the joint meeting to designate a person to docking fund-related work matters, the person by the unit or department in charge of the leadership

(b) the fund within one month after the filing of the fund to provide suitable for the fund to invest in the project reserve, and then regularly update every quarter of major investment projects and industrial technology information, to enrich the project reserve of the guidance fund; in the decision-making policy review, to play a supervisory advantage of the industry, to put forward the review of the views of;

(c) the joint meeting members of the departments and units to designate a person to docking fund-related work matters.

(c) to do a good job of guidance fund investment project docking services;

(d) to supervise the investment direction of the guidance fund, but does not intervene in the guidance fund to determine the specific investment business and investment projects.

Article 10  The establishment of the Investment Decision Committee, the fund managers and state-owned funders appointed personnel, the total number of members is five. Among them, the state-owned funders appointed 3 people, the fund manager appointed 2 people, project applicants can not be members of the investment decision-making committee. The Investment Decision-making Committee shall make decisions only with the consent of four-fifths or more of the members who should participate in the meeting. The main responsibilities include:

(1) independent evaluation of the due diligence report and proposed investment program of the guiding fund management company;

(2) consideration and approval of the guiding fund's investment projects, income distribution, investment withdrawal and termination of liquidation, etc.;

(2) consideration and approval of the guiding fund's investment projects, income distribution, investment withdrawal and termination of liquidation, etc.

(c) to propose evaluation opinions for other major decision-making matters that need to be evaluated by the joint meeting of the steering fund.

Article 11  The joint meeting office in accordance with the principle of "open, fair and impartial", through the call for selection, competitive negotiation, bidding and other ways to select professional, market-oriented fund management company as a guide fund The fund management company shall be selected as the manager of the guiding fund through the selection of professional and market-oriented fund management company by means of competition, negotiation and bidding. The main responsibilities of the fund management company:

(1) to be responsible for the day-to-day operation of the guiding fund, and to establish a standardized operation and management mechanism for the guiding fund;

(2) to be responsible for the daily operation of the guiding fund, and to establish a standardized operation and management mechanism for the guiding fund. left;">(b) select the fund manager of the special sub-fund through designation or public solicitation in accordance with the requirements of key industry development, establish a number of special sub-funds in cooperation with the special sub-fund manager, and supervise and evaluate the performance of the special sub-funds;

(c) be responsible for the implementation of special account management and special account accounting of the guidance fund, as well as the guidance of the fund to implement the special account management and special accounting. (c) be responsible for the special account management, special accounting, and the withdrawal and liquidation of the sub-fund from the special sub-fund;

(d) actively docking with the relevant industry authorities to establish a project reserve and carry out due diligence on the projects in the reserve, and make investment recommendations;

(e) be responsible for the supervision and performance evaluation of the sub-fund (v) supervise the investment planning, investment progress, custody and use of funds of the sub-funds;

(vi) accept and examine the special sub-funds or partners to be invested in, carry out investment due diligence inspections, analyses, and pre-investment negotiations, and put forward the first-round investment proposals and opinions on the basis of prudent assessment;

(vii) provide the investment plan and opinions on the sub-funds or partners to be invested in (viii) formulate the investment program of the guiding fund to be reported to the Office of the Joint Conference, and the investment program of the guiding fund shall include the main contents of the fund size, source of funding, investment direction, fund structure, investment decision-making, risk prevention and control, etc.

(viii) formulate the investment program of the guiding fund to be reported to the Office of the Joint Conference. left;">(h) according to the joint meeting of the sub-fund program or direct investment projects, investment negotiations, signing of the charter or agreement, post-investment management, fund withdrawal and other specific investment matters;

(ix) according to the reporting system to submit quarterly reports on the operation of the steering fund in a timely manner, the annual audited accounting report of the steering fund

(j) for the fund registration and filing procedures, the implementation of other matters determined by the joint meeting.

Article XII  National Investment Corporation as a funding representative, on behalf of the division of municipal finance to fulfill the funding obligations. Contributions on behalf of the main obligations include: signing a commissioned management agreement with the division of municipal finance, on behalf of the division of municipal finance to guide the fund's contribution obligations; participation in the establishment of the fund to guide the signing of the fund's articles of association or partnership agreement, responsible for the negotiation of other relevant agreements, reports, signing and so on; acceptance of the financial, auditing and other departments of the supervision and assessment and evaluation.

 

Chapter III  Fund investment operation

 

Article XIII   Guiding fund in the value of the value-added At the same time, give full consideration to the region's industrial development of the guiding role, through the capital participation with the development zone and directly under the enterprise and financial, social capital together to form a sub-fund. The guide fund will not take a controlling stake in the special sub-fund, and will not independently initiate the establishment of an equity investment enterprise. Guiding fund investment operation:

(a) Guiding fund to carry out project investment mainly in accordance with the "1 + N" mother, sub-fund structure for management and operation. Guiding fund and fund managers and other social capital cooperation to set up special sub-funds, guiding fund contribution to special sub-funds, in principle, not higher than the proportion of special sub-funds of 40% of the size of the contribution (investment in a single sub-fund shall not be more than 20% of the size of the contribution to the guiding fund), jointly with the other government industrial guidance funds co-funding ratio of not higher than 60% of the size of the special sub-funds of the contribution;

(ii) the mother fund in principle does not directly invest in the project company, if there is a need to invest, the investment capital in principle does not exceed 20% of the size of the contribution of the guidance fund, the shareholding ratio in the project company in principle does not exceed 20%, and is not the largest shareholder;

(c) Particularly significant projects can be exempted from the limitations on the scale and contribution ratio set in the above two articles after they are reported to the Joint Meeting for finalization on a case-by-case basis.

Article XIV  Special sub-funds operate in a market-oriented manner, special sub-funds in the guide fund and social capital should be synchronized in place, revenue sharing, risk sharing.

Article 15  Special sub-fund managers by the initiation of the establishment of sub-funds recommended by the unit, the parent fund managers should be considered comprehensively the management of the organization's core staff, the management level, the background of the shareholders, fund-raising ability, project resources and other factors of due diligence on the special sub-fund managers. The investment operation of the special sub-fund shall meet the following conditions:

(a) registered in the fourth division of the city of Kokkedala;

(b) the special sub-fund to invest in the city of the fourth division of the city of Kokkedala, in principle, not less than 70% of the size of the special sub-fund subscription. The following cases can be recognized as funds invested in enterprises in Kokdala City of the Fourth Division:

1. Directly investing in enterprises in Kokdala City of the Fourth Division with their domicile and industrial and commercial registration authorities in Kokdala City of the Fourth Division;

2. Left;">2. Investing in enterprises outside the city of Keke Dara of the Fourth Division, which invested in enterprises already existing in the city of Keke Dara of the Fourth Division in the form of equity investment;

3. Invested enterprises outside the city of Keke Dara of the Fourth Division, whose registered place of business is relocated to the city of Keke Dara, and which undertakes not to be relocated out of Keke Dara within five years of relocation, or which invests in newly established enterprises in the city of Keke Dara of the Fourth Division;

4. Investing in newly established enterprises;

4. Introducing landed legal person enterprises and carrying out substantial business activities in Keke Dara City of the Fourth Division;

5. Investing in support of going out to carry out the whole industry chain investment of the enterprises in Keke Dara City of the Fourth Division and investing in the whole industry chain of Keke Dara City of the Fourth Division. In order to support the fourth division of the city of Keqdala enterprises to go out to carry out the whole industry chain investment, investment to the fourth division of the city of Keqdala enterprises to set up a controlling subsidiary;

6. Other can be recognized as investment in the fourth division of the city of Keqdala enterprises.

(c) In principle, the investment amount of the special sub-fund shall not exceed 30% of the total equity of the invested enterprise, and it shall not be the largest shareholder;

(d) In principle, the duration of the special sub-fund shall not be more than 8 years, of which the investment period shall not exceed 5 years. The longest investment period shall not exceed 5 years, and if it is necessary to exceed the investment period, the unanimous consent of all investors of the special sub-fund shall be required;

(e) The special sub-fund shall give priority to investing in the key projects of the fourth division of the city of Kokhdala for investment promotion, the expansion of high-quality enterprises, and the key government-supported projects, etc., and shall take the construction of key projects as the focus of the fund's investment, and give full play to the role of the fund's investment. To guide the fund investment center of gravity, play a key project on the economic development of the traction driven role, investment driven financing, the formation of positive interaction between supply and demand.

 

Chapter IV  Fund withdrawal

 

Article XVI   Guiding funds can be transferred, liquidated, mergers and acquisitions, listing, reorganization and so on. Mergers and acquisitions, listing, reorganization and other ways to exit, one of the following circumstances, the guidance fund can be unconditionally withdrawn:

(a) after the approval of the special sub-fund program, not in accordance with the prescribed procedures and time requirements to complete the establishment of the first phase of the agreed funds are not in place for more than one year;

(ii) the guidance fund allocated to the special sub-fund account for more than one year, the special sub-fund did not carry out investment operations;

(iii) the special sub-fund investment projects do not comply with the provisions of the Measures of the policy guidance or failed to invest in accordance with the relevant agreements;

(iv) the fund management company requires the special sub-fund manager to rectify its irregularities, but the special sub-fund manager does not rectify the irregularities as required within three months or still fails to meet the requirements after rectification;

(v) the special sub-fund manager or the (v) Substantial changes have occurred in the social contributor and have not been considered and passed by the relevant decision-making body of the sub-fund. Substantial changes include, but are not limited to:

1. Substantial changes in the major shareholders (corporate) or general partners (partnership) of the sub-fund management organization;

2. Changes in more than half of the core members of the locked-in sub-fund's investment committee or management team. Changes in more than half of the core members, etc.

(vi) The operation of the sub-fund has violated the law and has been investigated and dealt with according to the law.

Article XVII  Guiding fund investment in the formation of equity or fund share, in the realization of the industry to guide the work of the target and the transfer price is not less than the original amount of the contribution, the guiding fund can be agreed to withdraw early. Specialized sub-fund investors priority to recover all the principal and threshold income, and then according to the agreement to sub-fund managers to allocate performance incentives.

Article 18  The guidance fund shall promptly recover the principal and income from the special sub-fund or direct investment projects. Recovered funds and other investment income of the guidance fund, interest, etc., in principle, used to guide the rolling development of the fund.

 

Chapter V  Fund Management and Risk Control

 

Article XIX   Guidance fund and special Sub-funds shall be entrusted to have branches in the city of Kokdara, and have the relevant qualifications of commercial banks for trusteeship. The custodian bank in accordance with the relevant provisions and the custody agreement to carry out asset custody, fund disbursement and settlement and other day-to-day work, dynamic supervision of investment activities, and regularly to guide the fund and special sub-fund managers to issue bank custody report. The custodian commercial bank shall have the following conditions:

(1) it has branches in the city of Kokdara and has a good basis for cooperation with the division;

(2) it has experience in the custodianship of equity investment funds, and has the facilities and equipment and information technology system to keep and handle the custodianship business safely. (b) it has experience in the custody of equity investment funds, and has facilities and equipment for safe custody and handling of custody business and information technology system;

(c) it has skilled and experienced employees in custody business, and has a perfect custody business process system and internal audit monitoring and risk control system;

(d) it has no major violations of laws and regulations in the recent three years;

(e) it has no major violations of laws and regulations in the recent three years; and No major violations of laws and regulations in the last 3 years.

Article 20  Specialized sub-funds are operated through equity investment, but shall not engage in the following businesses:

(a) engaging in guarantees, mortgages, and entrusted loans other than financial guarantee business;

(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;

(c) Providing sponsorships and donations to any third party (except for approved public welfare donations);

(d) Absorbing or disguisedly absorbing deposits, or providing loans and money lending to a third party;

(e) Making foreign investments with unlimited joint and several liability;

(f) Making foreign investments with unlimited joint and several liability;

(v) making foreign investments with unlimited joint and several liability;

(vi) issuing trust or pooled financial products to raise funds;

(vii) engaging in other businesses prohibited by national laws and regulations.

Article 21  The fund management company shall strengthen the supervision of the special sub-funds, and closely follow up their operation and financial status. When the special sub-funds violate the law, irregularities, and breach of contract, the fund management company shall take the necessary countermeasures in accordance with the agreement.

Article 22  The guiding fund shall be subject to the fourth division of the city of Kokdala Audit Bureau, the Finance Bureau, or by the accounting firm commissioned by the audit, supervision and inspection. The operation of the steering fund fraudulent fraud steering fund investment, or not in accordance with the provisions of the use of the use, retention and misappropriation, squandering and waste of the steering fund and other violations of the law, according to the relevant state laws and regulations.

Article 23  The fund manager shall, in accordance with the requirements of the state's internal control system, establish and improve the risk management system and risk control processes, including risk management system and risk control compliance system and internal control system. The fund manager and its staff shall consciously abide by the requirements of industry self-discipline and professional ethics, and be diligent in their duties.

Article 24  For the operation of the guide fund in the process of illegal behavior, in accordance with the rules and regulations of the corresponding responsibility. For has fulfilled the provisions of the approval process to make decisions, in accordance with the law to perform their duties, and innovation to promote investment projects, such as force majeure, policy changes and other factors resulting in investment losses, as well as due to reforms and innovations, early and pilot exploratory errors or failure to achieve the expected investment results, but does not involve violations of laws and regulations, gross negligence and other moral hazards, the joint meeting, the Joint Meeting Office, the relevant industry authorities, the Fund The joint meeting, the office of the joint meeting, the relevant industry authorities, the fund contributors, fund managers and their personal responsibility.

 

Chapter VI  Performance Evaluation and Fee Earnings

 

Article 25  Joint Conference Office Shall strengthen the supervision and assessment of the guidance fund, the establishment of the supervision and assessment mechanism of the guidance fund, regular supervision and inspection of the fund's investment and operation, the use of funds, financial income and expenditure, etc., and regularly carry out performance evaluation, and based on the results of the supervision and assessment of the proposed rewards and punishments. For the problems found in a timely manner to put forward corrective comments to ensure that the guidance fund standardized operation.

Article 26  Guiding fund to pay fund management fees to the fund manager on an annual basis, and agreed in the relevant agreements. The performance evaluation results of the guidance fund as a reference basis for the survival of the fund and the accrual of management fees.

Article 27  The guidance fund and special sub-fund contributors should be in accordance with the principle of "benefit sharing, risk sharing", a clear agreement on how to deal with the proceeds and the burden of loss. According to the investment field, investment stage, investment efficiency and risk, etc., to give fund managers and other social contributors appropriate concessions, and by the guidance fund managers in the special sub-fund charter or partnership agreement.

Article 28  The guidance fund shall not be committed to other contributors to the investment principal is not subject to loss, shall not be committed to the minimum return, except as otherwise provided by the state. In addition to the explicit agreement to continue to be used for investment funds rolling, should be paid to the financial sector in a timely manner in accordance with the relevant provisions. The fund's losses should be borne by the contributors, limited partners to contribute to the amount of limited liability, shall not be new local government hidden debt.

Article 29  To incentivize the fund managers to introduce high-quality projects, and constantly improve the level of operation and management, can refer to the market industry practice, according to the fund to invest in specific areas and the achievement of performance objectives of the fund managers to implement performance incentives. For the "market failure" in the field of outstanding financial contributions can be taken to the social capitalists to transfer part of the investment income and other concessions, but must control the financial risk, and to ensure that the principal is not lost.

 

Chapter VII  Reporting system and information disclosure

 

Article 30   30 days after the end of each quarter. Within 30 days after the end of each quarter, the fund manager shall report to the Office of the Joint Conference and the various contributors to the investment operation of the guidance fund, the progress of the project and the use of funds.

Each fiscal year within four months after the end of the fund managers should be submitted to the joint meeting office and the various contributors to the annual work of the guidance fund and the annual report audited by the accounting firm.

Article 31  Guiding fund managers to strengthen the special sub-fund supervision. Closely track its business and financial situation, to prevent risks, and regularly report to the Joint Conference Office and the various contributors to the special sub-fund operation, assets and liabilities, investment gains and losses, and may affect the rights and interests of investors in other major situations.

Article 32  Guiding the operation and management of the fund, the sub-fund invested in enterprises such as major defaults, operating anomalies, significant investment losses, into difficult to reverse the predicament, the operation of the suspension of major matters, the fund manager should be found within five working days after the report to the joint meeting.

Article 33  Guiding the fund investment and cooperation of the special sub-fund managers should establish a disclosure system for major matters, regularly submitted to the guiding fund managers of the special sub-fund operating reports, audited financial reports, etc., the guiding fund managers depending on the needs of the work of the specialized agencies can be entrusted to audit the special sub-fund. Specialized sub-funds can be audited by professional organizations.

 

Chapter VIII  By Rules

 

Article 34  This method is governed by the Fourth Division of Kokdara City Finance Bureau. Division Kokdara City Finance Bureau is responsible for the interpretation.

Article 35  These measures shall come into force 30 days after the date of publication.