The State Council issued a document! ,Evening heavy news

Release time:Jun 19, 2024 18:31 PM

According to the Chinese government website on June 19, the General Office of the State Council recently issued a notice on "Several Policy Measures to Promote the High-Quality Development of Venture Capital."

The "Policy Measures" clearly state that to promote the high-quality development of venture capital, we must fully implement the spirit of the 20th National Congress of the Communist Party of China, fully, accurately and comprehensively implement the new development concept, focus on promoting high-quality development, and further improve the policy environment and management system around the entire chain of venture capital "fundraising, investment, management and exit". We must actively support venture capital to become bigger and stronger, give full play to the important role of venture capital in supporting scientific and technological innovation, and guide venture capital to stabilize and increase investment in key areas in accordance with the principles of marketization and rule of law. We must strengthen the position of enterprises as the main body of innovation, promote the growth of technology-based enterprises, and provide strong support for cultivating and developing new quality productivity, achieving high-level scientific and technological self-reliance, and shaping new development momentum and new advantages.

Increase efforts to cultivate professional venture capital institutions in high-tech sub-sectors

Support insurance institutions to invest in venture capital funds in accordance with market principles

Encourage qualified venture capital institutions to issue corporate bonds and debt financing instruments

Encourage the launch of more equity-debt hybrid venture capital fund products

Establish green channels for listing financing, bond issuance, mergers and acquisitions and restructuring for technology-based enterprises that have made breakthroughs in key core technologies

Support qualified listed companies to raise funds through issuing stocks or convertible bonds to acquire technology-based enterprises

The "Policy Measures" make clear arrangements on cultivating diversified venture capital entities, broadening venture capital funding sources through multiple channels, strengthening government guidance and differentiated supervision of venture capital, improving venture capital exit mechanisms, and optimizing the venture capital market environment.

In terms of cultivating diversified venture capital entities, the Policy Measures propose to accelerate the cultivation of high-quality venture capital institutions. Key industry enterprises, scientific research institutions, and innovation and entrepreneurship platform institutions are encouraged to participate in venture capital, with a focus on cultivating a group of outstanding venture capital institutions, and supporting small and medium-sized venture capital institutions to improve their development level. Venture capital institutions are guided to operate in a standardized manner, and their comprehensive service capabilities such as equity investment, industry guidance, and strategic consulting are enhanced. Venture capital institutions that carry out private investment fund business in accordance with regulations shall perform registration and filing procedures in accordance with laws and regulations. Entities that have not registered and filed shall invest with their own funds.

Support the development of professional venture capital institutions. Increase efforts to cultivate professional venture capital institutions in high-tech sub-sectors, guide and drive the development of a number of specialized and innovative "little giant" enterprises, and promote the competitiveness of small and medium-sized enterprises. Focus on new fields and new tracks, increase policy support for venture capital institutions that invest in original and leading technological innovations, and guide venture capital to give full play to the role of investing in early, small, and hard technologies.

Regarding the expansion of venture capital funding sources through multiple channels, the Policy Measures clearly state that long-term funds are encouraged to be invested in venture capital. Insurance institutions are supported to invest in venture capital funds in accordance with market principles. If the underlying assets of venture capital funds invested by insurance funds are the equity of unlisted companies in strategic emerging industries, the risk factors of the underlying assets shall be subject to the relevant requirements of the insurance company's solvency supervision rules. Qualified venture capital institutions are encouraged to issue corporate bonds and debt financing instruments to enhance their ability to raise long-term and stable funds.

Support asset management institutions to increase their investment in venture capital. Support asset management institutions to develop long-term investment products that are compatible with venture capital. Support private asset management products to invest in venture capital funds under the premise of compliance with laws and regulations and strict risk control. Encourage asset management institutions to provide and improve comprehensive financial services such as equity investment, bond investment, stock investment and asset service trusts in response to the operating characteristics and financial needs of technology-based enterprises at different growth stages.

Expand the scope of the pilot program for direct equity investment by financial asset investment companies. Support financial asset investment companies to steadily expand the scope of pilot areas based on the experience of direct equity investment in Shanghai, give full play to the professional advantages of financial asset investment companies in venture capital, equity investment, corporate restructuring, etc., and increase support for scientific and technological innovation.

Enrich the types of venture capital fund products. Encourage the launch of more equity-debt hybrid venture capital fund products to better match the characteristics of long-term fund allocation and risk preferences, and invest in the field of technological innovation through various means such as preferred stocks, convertible bonds, and warrants. Actively develop venture capital mother funds and contractual venture capital funds.

Implement the "Technology Industry Financial Integration Special Project"

In terms of strengthening government guidance and differentiated supervision of venture capital, the Policy Measures proposes to establish a mechanism for connecting venture capital with innovative and entrepreneurial projects. Implement the "Technology Industry and Finance Integration Special Project", carry out roadshows of science and technology plan results, "One Month One Chain" for specialized, refined and new small and medium-sized enterprises, and organize the selection of qualified technology-based enterprises, specialized, refined and new small and medium-sized enterprises, as well as enterprises and projects that drive more employment, and strengthen the connection with venture capital institutions.

Implement differentiated supervision that is consistent with the characteristics of venture capital funds. Refine the regulatory requirements of the "Regulations on the Supervision and Administration of Private Investment Funds" and implement differentiated regulatory policies for venture capital funds from other private funds in terms of registration and filing, fund raising, investment operations, risk monitoring, on-site inspections, etc., to support the standardized development of venture capital funds.

In terms of improving the exit mechanism for venture capital, the Policy Measures propose to broaden the exit channels for venture capital. Give full play to the functions of the Shanghai and Shenzhen Stock Exchanges' main boards, the Science and Technology Innovation Board, the Growth Enterprise Market, the National Equities Exchange and Quotations, regional equity markets and their "specialized, refined and innovative" special boards to broaden the exit channels for mergers and acquisitions. For technology-based enterprises that have made breakthroughs in key core technologies, establish green channels for listing financing, bond issuance, and mergers and acquisitions, and improve the quality and efficiency of the issuance review of the National Equities Exchange and Quotations. Implement the overseas listing registration management system and smooth the exit channels for foreign currency venture capital funds.

Optimize the exit policy for venture capital funds. Accelerate the solution to the equity exit problem of enterprises invested by bank and insurance asset management products. Support the development of merger and acquisition funds and venture capital secondary market funds, optimize the business process and pricing mechanism of private equity fund share transfer, and promote the coordinated development of regional equity markets and venture capital funds. Promote the pilot program of physical distribution of stocks.

In addition, the Policy Measures stated that the environment for venture capital market should be optimized. A good financial ecology supporting technological innovation should be created. Under the premise of compliance with laws and regulations and controllable risks, banks and venture capital institutions should be supported to strengthen cooperation and carry out businesses such as "external direct investment in loans". Policy provisions such as the scope of application, term, and investment ratio of M&A loans should be studied and improved, and M&A loans in the field of technological innovation should be expanded. Qualified listed companies should be supported to raise funds through the issuance of stocks or convertible bonds to acquire technology-based enterprises.

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