First try Shanghai Auto 500 million set equity investment fund

Shanghai Auto (600104. SH) yesterday announced that wholly-owned "Shanghai Automobile Equity Investment Co., Ltd." (provisional name, hereinafter referred to as "SAIC Investment"), registered capital of 500 million yuan.　　The move means that the first PE-led industrial group in the Shanghai state-funded system has emerged. Shanghai Automotive finance Director Peak, in an interview with the first financial daily, said: "The main will be to invest in vehicles upstream and downstream and new energy fields, other areas will depend on the situation, not as the dominant." In recent years, PE investment has become the focus of the state-owned system enterprises. Last August, the Shanghai municipality on strengthening financial services to promote economic restructuring and economic Restructuring of Shanghai (hereinafter referred to as the "opinion") pointed out: to encourage Chinese and foreign equity investment fund management companies and the city industry leading enterprises, independent innovation and High-tech development of special funds and other aspects of cooperation, A professional investment fund is launched in the city to establish a range of specialized areas in line with the direction of industrial development planning. In this "opinion" under the guidance of Shanghai leading enterprises have set foot on the road of PE. "The early development of technology-based SMEs mainly rely on PE and VC, rather than bank credit." Now PE and VC policy although some open, but it still has difficulty raising funds, "Fang Xinghai, director-General of the Shanghai Financial Office, said in an interview," Shanghai has explicitly encouraged municipal industrial, commercial and transportation leading enterprises, the use of capital investment in PE and VC, this is a major breakthrough. "In fact, as early as last February, Fosun High-tech Group has established a joint venture with Carlyle Group to establish the first foreign-funded equity fund in China." "At present, PE has enjoyed a lot of encouragement policy in tax revenue."　　Peak said that this is the basic reason why Shanghai Auto chooses to drive upstream and downstream industry resources through PE mode. Take Shanghai Pudong as an example, give the support policy to the equity investment enterprise that settled in Pudong. The institutions themselves, in addition to the entry procedures and other concessions, the registration of enterprises in the Pudong new area in accordance with the proportion of registered capital to 3 million ~1500 million of start-up costs. And the enterprise executives to return a tax 40% of the way to reward, to the middle of the enterprise return a tax 20%. Second, through industrial policy support, to encourage investment in the Pudong New area to invest in the state-owned enterprises, the investment in High-tech Enterprises also enjoy High-tech enterprises related concessions. The industrial position and resource advantage of Shanghai automobile determines that PE will become its new interest point.