Foreign PE is full of expectation for the national treatment of gem

21st century economic reporter Onghaihua foreign PE calls for "national treatment" foreign PE is expected to enjoy foreign LP RMB funds in the domestic "national treatment." "These foreign PE want to set up the renminbi fund in the investment time does not follow the foreign capital to approve and treat, to this question we also take the positive attitude, carries on the research."　　Recently, Cao Wenxian, deputy director of the National Development and Reform Commission financial department, said at a meeting.　　At present, the key is to have foreign investment in the renminbi fund is not a pure domestic enterprises, qiming founding partner Shiping that the domestic foreign LP RMB Fund should be liberalized, so that more foreign funds come in to invest in entrepreneurial projects. At the same time, with the introduction of domestic gem, the original design in the overseas listing structure of enterprises, many are in want to return to the gem. "Some of our semiconductor companies also have this idea.　　"Zhongxiaolin, a partner in the ROC, told reporters.　　In fact, when foreign PE investment, most of the dollar funds to the offshore model to invest, such as IT companies and new media projects, more use of "Sina model", "they want to return to the domestic gem listing, will face a certain degree of difficulty." In the face of the overseas IPO market downturn, domestic gem hot background, "returnees" or continue to overseas listing structure?　　This is a difficult choice for foreign PE.　　Overseas red-chip listed "returnees" in 2001 from the United States to return to Silicon Valley "returnees" Biao, is the founder of the China-Asia Microelectronics Co., Ltd. to achieve the domestic listing structure of the "returnees." At that time was based on the U.S. listing framework to do, is set up in Cayman's listed subject, but now want to be listed in the country.　　A year ago Biao to reporters that the domestic listing for the company's business development will be more helpful, because the market is in the country.　　And let Biao generate interest is the domestic gem launch.　　In fact, founded in 2001, Huayi Microelectronics, video display equipment in the video processing chip has been quite performance in the television market, its customers cover most of the domestic mainstream TV manufacturers, such as Changhong, Skyworth, TCL, Hisense and so on, 2007 sales income of more than 200 million yuan.　　At the same time, China-Asia microelectronics in February 2002 completed the first round of private placement, Jardine Venture investment 2 million U.S. dollars. In the ensuing 2004, the second round of the 10 million-dollar financing was completed by China-Asia Microelectronics.　　At the end of 2007, in the third round of financing, the introduction of the state-owned capital shares of the Jianghan century Fund and the Pudong Science Commission's Eye investment, both invested more than 20 million yuan.　　It is the completion of the third round of financing, so that the Chinese-Asian microelectronics listed structure of the "returnees". Reporter learned that at present, China-Asia Microelectronics domestic listing framework is being set up, the preliminary design is located in the Cayman Company's foreign shareholders in Hong Kong to establish a company, and then invest in the domestic listed main companies, while domestic shareholders to increase capital, to achieve the investment ratio of the parties, the domestic Chinese microelectronics to become a Sino Then in the domestic gemListed。 "But there is no idea of the fast, now has not completed the reform, belongs to the gem."　　"July 31, people close to the Chinese-Asian microelectronics said.　　At the same time, a planned listing to the United States Nasdaq companies also envisage a return to the domestic gem. "We consulted some investment banks in the country, and the return was no problem.　　"The company's people told reporters that foreign shareholders of the overseas structure as long as the translation to domestic companies can be completed."　　However, in accordance with domestic securities laws and regulations, the major shareholders of the listed companies must not have a major change in a year, or else to wait another year. According to the requirements of returnees, major shareholders of the listed companies are often subject to significant changes.　　LUN, a partner at law firm Dai Zhiwen, said simply put, return to the domestic listing, as long as the offshore fund's shares from abroad to the territory can be, but the biggest problem is that the overseas structure in the direct turn back, assets are often not listed in the domestic companies, such as intangible assets still outside the country and so on. This involves the overseas Red chips mode listing structure, need to build another structure in China. "At the same time, according to the requirements of domestic listing, such as the main business to be clear, have independent assets, there are 3 years of performance, and overseas structures have or this or that problem, so the return is more complex."　　"In fact, the 263 network communications company, which was originally planned to be listed overseas, has not been approved by the SEC for its April 14 initial application," he said. Shiping, founder of Qiming Venture, who has been involved in domestic equity investment for many years, said, "It is difficult to come back and there is no convenient mechanism at home." "The previous 30 projects, most of which have been invested by Qiming, are listed overseas," or follow overseas. "Foreign PE gem" but we are looking forward to the gem.　　"Shiping said that after the launch of the Gem, qiming venture will increase the investment in domestic and foreign joint ventures, and domestic withdrawal mainly." It is reported that Qiming venture investment in the Sino-foreign joint ventures only two or three, "the few will consider in the domestic gem."　　At the same time, Rich Asia Fund partners Xuhang also told reporters, the rich will soon have gem listing projects. In fact, foreign PE enthusiasm has been very unusual. "At present many foreign law firms are talking about the gem, and they realise it could be China's Nasdaq.　　"Dai Zhiwen said.　　Cao Wenxian, deputy director of the recent "2009 Shanghai International Venture capital and private Equity investment forum" also said that the international venture capital market for China, private equity investment market is still very optimistic. Despite the outbreak of the international financial crisis, but we still see foreign VC, PE and LP, want to enter the Chinese market more and more, all kinds of VC, PE meetings, foreign participation is very enthusiastic.　　"A reporter obtained a research data show that foreign PE in domestic investment projects, most of the gem in line with the listing requirements." The report, "Investment in key investments in industry and enterprise research", shows that in 2004-2008 years and five years, foreign investmentVC participation in the support of the Chinese enterprises listed 84 overseas, accounting for the total number of overseas listed companies 21%. The report combs the investment of foreign capital in the 2004-2008 years and five years, and 146 foreign investment projects have 1005, involving 787 companies. "It can be said that foreign investment ventures have been stockpiling a relatively rich market resources."　　"and compared with VC, foreign investment in the Internet, semiconductors, media, education and training and health of biotechnology 5 industries, the number of investments in the lead." The difference between the projects invested in foreign investment for five years and the distribution of the industry between the domestic and medium-sized plates, "we find more than half of the projects invested by foreign investment focused on the broad it field." Among the listed companies, 74% are concentrated in the traditional industries. In fact, the above 5 major industries, is also the domestic gem of the future major listed resources industry. And through the comparison, foreign investment venture at that time invested in the Internet enterprises, in the overseas listing of the 15 Internet enterprises, 12 are in line with the domestic gem listing financial requirements, "5 of the 42 listed companies in the industry, 30 are in line with the domestic gem financial conditions." Zhongxiaolin also said that the company's investment projects are mostly technological innovation projects, including biotechnology, environmental protection and new energy companies, etc., in line with the gem listing requirements.　　such as the investment in Jiangxi, the nature of the state won the National Science and Technology Second prize, and high-speed growth, now ready to board the GEM, another investment in Hefei Sunshine Power is also doing this preparation work. At the same time, the launch of the gem, but also let foreign PE to the renminbi fund preparation work more actively, began to layout investment gem project.　　As early as 2008, Sequoia Capital in China set up a 1 billion-scale renminbi fund.　　Call for national treatment before, the State administration of foreign exchange of 142th text in fact, foreign PE investment path "blocked".　　August 29, 2008, Safe issued the "on the improvement of foreign investment enterprises foreign Exchange capital payment settlement management related business operation issues notice." According to article 142th of article III, "Foreign investment enterprise Capital settlement of the renminbi funds, should be approved by the government approval department within the scope of business, in addition to other provisions, foreign exchange of renminbi funds shall not be used for domestic equity investment."　　"For foreign PE, the dollar comes in can not be replaced at any time, but in accordance with the individual investment projects, to be approved before settlement." The article 142th stipulates: "The investment foreign Investment enterprise approved by the competent department of Commerce is engaged in the domestic equity investment, and the domestic transfer of its capital shall be processed only after the approval of the Foreign exchange Bureau." "At present, foreign PE set up RMB fund mainly has 2 kinds of models, one is the domestic LP funds to set up renminbi fund, foreign PE is only management side, such as Sequoia's renminbi fund." "But this approach must have domestic partners. The second is to set up a Sino-foreign joint venture in cooperation with foreign fundsRenminbi fund. However, because this kind of RMB fund is still in the foreign investment background, the investment enterprise or the Sino-foreign joint ventures, "still has to approve, the operation is more troublesome, this way has no meaning."　　"In fact, at present, there are three main types of domestic LP, one is Social security funds, the second is the local government's guidance fund, the Guide fund scale is limited, and there are 1:3 amplification requirements, there are generally more than 60% of the proportion of investment in local projects, the third is private enterprise funds, such LP relatively immature.　　Shiping said, in the domestic LP immature background, foreign LP can be "national treatment" into domestic investment, will have a very great significance to the mainland enterprises. "Foreign LP comes in the words of hundreds of millions of U.S. dollars, the domestic only hundreds of millions of yuan, the size of a big difference."　　"Zhongxiaolin also said that the foreign LP should be liberalized, in its entry into the domestic renminbi funds should be treated in accordance with pure domestic capital treatment," the need for venture capital more large, and the fund is mostly technology companies to invest.　　It is reported that the National Development and Reform Commission is currently on the national Treatment of Foreign LP research. Cao Wenxian in the above forum revealed that this year, "The two sessions" during the National Political Consultative Conference on the proposal to actively support foreign investment into the domestic market, and even some people can learn from qualified foreign investors system, allowing foreign capital to do domestic RMB funds LP, enjoy national treatment.