Interim measures for the administration of Shaoxing venture capital guiding funds

Chapter I. GENERAL PROVISIONS

The first one is to speed up the establishment and perfection of Shaoxing venture capital system, we should firmly promote the strategy of "pioneering and enriching the city", and standardize the use and management of Shaoxing venture capital guiding Fund (hereinafter referred to as guiding fund), give full play to the promotion and support of the guiding fund, according to the interim measures for the management of venture capital Enterprises (National Development and Reform Commission and other ten ministries (2005) 39th order) and "Science and technology SME venture capital Guidance fund Management interim Measures" (Ministry of Finance, Ministry of Science and Technology financial (2007)128 document) relevant provisions, combined with Shaoxing practical, the formulation of these measures.

The venture capital enterprise referred to in these measures refers to an enterprise which is mainly engaged in the equity investment of a start-up enterprise and provides an entrepreneurial service and a business enterprise which is developed or is relatively mature after the investment of the venture company and obtains the value added income through the equity transfer.

"Start-up Enterprises" in these measures refer to those unlisted companies registered in Shaoxing area, mainly engaged in the research, development, production and service of High-tech products, with a period of 5 years and the following conditions:

(i) have an independent enterprise legal personality;

(b) The number of workers in the 300 people, with college education and technical personnel accounted for more than 30% of the total number of workers, directly engaged in research and development of scientific and technological personnel accounted for the proportion of the total number of workers in more than 10%;

(iii) Annual sales of 30 million yuan below the net assets of 20 million yuan below, each year for High-tech research and development of funds accounted for more than 5% of sales;

(iv) Sound financial management system, accounting standards;

(five) by the relevant government departments identified as growth of High-tech enterprises.

The third guiding fund is a special government fund which is specially used to support the development of venture capital, which is of policy, guidance and non-profit. The guiding fund aims at promoting the establishment and development of venture capital enterprises, and directing the social funds to gather in the field of venture investment.

Article IV Guiding Fund management principles:

(a) To follow the principles of openness, fairness and impartiality;

(ii) Support projects should conform to Shaoxing economic and social development planning and industrial development policies, the capital operation of the implementation of project selection marketization, the use of public funds, the provision of service specialization mode;

(iii) to guide the fund to follow the principle of holding shares;

(iv) Compliance with relevant laws, regulations and financial accounting systems.

Fifth set up a Guide Fund Management Committee (hereinafter referred to as the Fund), is responsible for guiding the Fund's major issues of decision-making and coordination, and to guide the fund investment and the quality of capital operations supervision, but not directly involved in the operation of the Guide fund. Its specific affairs by the Shaoxing Administrative Institutions Asset Management Center (hereinafter referred to as the fund management Body) is responsible for the management.

Sixth in order to guarantee the safety of funds, the Fund management institution shall choose a commercial bank as the fund custodian Bank to guide the funds, to guide the fund keeping, allocating, clearing and daily supervision. The Bank shall issue a supervision report to the Fund Management Committee on a monthly basis.

Seventh guide The Fund to guide the main use of the stage of equity participation, follow-up investment and risk subsidies, the same enterprise (or project) in principle, only a way to guide.

Eighth, the total size of the Guide fund is 200 million yuan, of which: 50% for stage participation, 30% for follow-up investment, 20% for risk subsidy. The scale of funds can be adjusted in the light of the actual year.

Nineth the source of funds to guide the fund mainly includes the following aspects:

(a) city budget arrangements;

(ii) The existing supporting enterprise development of the relevant financial special funds integration;

(iii) Other funds that can be used to guide venture capital investment.

Tenth after the development of the Fund to a certain stage, through the transfer of state-owned shares and the expansion of shares, and other means to absorb financial institutions or other social funds to inject funds to achieve the guiding fund further amplification effect. The investment dividend and exit income obtained after the Guide fund exit are mainly used to guide the fund's rolling development.

11th venture Capital Enterprises shall not invest in liquidity securities, futures, real estate industry and national policy-restricting industries. The key support target of the fund is the venture capital enterprise which is registered in the area of Shaoxing city, such as investment electronic information, biomedicine, new energy, material and high-efficiency agriculture, which accords with Shaoxing High-tech industry development planning.

Chapter II participation in the stage

The 12th stage of equity participation is to guide the fund to venture capital investment enterprises, and in the agreed period of exit. The leading fund mainly supports the launching of new venture capital enterprises.

13th a venture capital enterprise applies for the stage of participating in the Fund, the following conditions shall be met:

(a) have an independent enterprise legal personality, enterprises for the company's organizational structure;

(b) The paid-in capital (or capital contribution) is more than RMB 80 million or above, or the initial contribution of the investor is more than 30 million yuan, and all the investors promise to reach more than 80 million yuan in paid-in capital (or capital contribution amount) within 3 years after registration, all of them contribute in monetary form;

(iii) There is a clear area of investment;

(d) At least 3 full-time senior managers with more than 5 years of venture capital or related business experience;

(e) There are at least 3 successful cases of investment in venture capital, that is, the annual average yield of the investment is not less than 10%, or the transfer income of equity is higher than 10% of the original investment;

(vi) The management operation Standard, has the strict reasonable investment decision-making procedure and the risk control mechanism;

(vii) Sound financial management system, accounting standards;

(eight) in accordance with the "Venture capital Enterprise management interim measures" other relevant provisions.

14th a venture capital enterprise, which complies with the provisions of article 13th of these measures, may apply for the stage of equity participation when initiating the establishment of a new venture capital enterprise in Shaoxing District.

15th The Fund Management organization establishes the Appraisal Committee, is responsible for the venture capital Enterprise's stage participation application and the Guidance fund support plan appraises. The members of the Review Committee are composed of representatives from relevant government departments, the self-regulatory organizations of the venture capital industry and social experts, and the composition shall be singular. Among them, the venture capital profession self-discipline organization's representative as well as the social expert must not be less than half.

16th the support item approved by the Assessment Committee shall be published in the relevant media by installments, and the announcement date of the project within two weeks after the publication of the notice.

17th through the Evaluation Committee review, and the media publicity of the Support project, the Fund after the approval of the implementation of the CMC.

The 18th Article Guide Fund's participation ratio highest does not exceed the VC enterprise Paid-in Capital (or the capital contribution amount) 25%, and cannot become the first big shareholder. The period of participation of the guiding Fund is generally not more than 5 years.

19th The venture capital enterprises that guide the Fund to participate in the investment should follow the following principles:

(a) The investment object should in principle be the enterprise registered in the area of Shaoxing city, and the Fund of the enterprise in Shaoxing urban area should not be less than 70%;

(b) Investment targets are limited to unlisted start-ups. However, after the IPO of the unlisted enterprise, the non-transfer part of the shares held by the venture capital Enterprise and its placing part are not limited.

(iii) The cumulative investment in a single start-up enterprise shall not exceed 20% of the registered capital of the venture capital enterprise and shall not in principle hold the invested enterprise;

(iv) The investment object does not belong to a partnership or a limited partnership;

(e) shall not invest in other venture capital enterprises.

20th the Fund Management institution shall entrust the social intermediary agencies to carry out annual special audits of venture capital enterprises and strengthen the supervision of the venture capital enterprises participating in the Guiding Fund.

21st the transfer of the equity interest formed by the investment of the Fund shall not be less than the original investment of the Guiding Fund, and the transferring price shall not be less than the sum of the income of the original investment of the Guiding Fund and the benchmark interest rate of the loan at the time of the transfer announced by the PBC.

Chapter III Follow-up investment

22nd, the follow-up investment refers to the investment projects selected by the venture capital enterprises (start-up Enterprises), which guide the fund to jointly carry out equity investment with venture capital enterprises.

23rd a venture capital enterprise may apply for follow-up investment within one year of selecting an investment project or actually completing an investment.

24th The venture capital enterprise which is followed up shall be recorded in accordance with the relevant provisions of the interim measures for the administration of venture capital enterprises. The investment mode of venture capital enterprises should be cash capital.

25th the fund management body should follow up the following items of investment Project review, and put forward to follow up the proportion and amount of investment.

(a) The business license of the invested enterprise, the tax registration certificate and the articles of Association of the Enterprise;

(b) The annual financial statements and audit reports of the invested enterprises (except for newly established enterprises);

(iii) Investment Enterprise Assets Assessment Report (except for newly established enterprises);

(iv) Investment decision making report (copy) approved by venture capital enterprises;

(e) Investment proposals or investment analysis reports prepared by venture capital enterprises;

(vi) "Investment intention book" signed by Venture Capital Enterprises and invested enterprises or their shareholders;

(vii) Other materials to be provided.

26th for complying with the conditions of the follow-up investment projects, the fund management agencies in the confirmation of venture capital enterprises have fully funded, according to the agreement of the Parties to deal with the investment procedures for follow-up investments, and reported to the Fund's CMC for the record.

27th Guide The fund according to the actual investment of venture capital enterprises under 30% of the proportion of the following investment, capital contribution to cash capital, investment price and venture capital Enterprise Investment Price is the same, each project in principle not exceeding 3 million yuan.

28th Guide the fund to follow up the investment in the formation of equity entrusted to the joint venture investment enterprise management. The Fund management institution shall sign the equity Trusteeship Agreement with the venture capital enterprise which is jointly invested, and define the rights, obligations and the conditions or time of the withdrawal of the equity.

The guiding fund pays the management fee and the benefit reward according to 50% of the investment income to the venture capital enterprise, and the residual income is recovered by the Guide fund.

The 29th article guides the fund to take the follow-up investment way to form the stock right generally to withdraw in 5 years.

30th a joint venture investment enterprise shall not withdraw its stake in the invested enterprise prior to directing the fund.

31st is followed up venture capital enterprises, start-up enterprises and other shareholders to buy guidance funds to follow up the investment of the formation of equity, the transfer price can be no less than the original investment of the Guide fund and according to the transfer of the People's Bank of China announced at the same time loan benchmark interest rate and determine the proceeds. Under the same conditions to be followed up venture capital enterprises have preferential rights.

Be followed up venture capital enterprises, other investors other than the venture capital to buy a guide fund to follow up the investment in the formation of equity, in accordance with the above principles, the transfer of public means.

Fourth Chapter risk Subsidy

32nd, the risk subsidy refers to the guidance fund to the venture capital Enterprise's venture capital loss to give certain subsidy.

33rd venture Capital Enterprises in the scope of Shaoxing urban venture capital loss, can apply for risk subsidy.

34th the venture capital enterprise applies for the risk subsidy, it shall submit the application according to the requirement and provide the relevant supporting material for the project investment.

(a) The Investment enterprise Summary form, including the name of the invested enterprise, industry field, organization form, investment amount, investment time, proportion of share, etc.

(b) The relevant supporting documents of the invested enterprises, including copies of business licenses and tax registration certificates, the accounting statements of the last one months (balance sheet, Profit and loss statement) and the proof of funds in place;

(iii) Investment decision making report (copy) and Investment analysis report prepared by venture capital enterprises;

(iv) The investment intention book and the capital contribution certificate signed by the venture capital Enterprise and the invested enterprise;

(e) documents filed by venture capital Enterprises with the authority of management;

(vi) Other materials to be provided.

35th The Fund Management organization shall organize the relevant experts to carry out material audit and on-the-spot examination for the project of risk subsidy, and propose the amount of the risk subsidy, and apply it to the Fund Committee for approval.

36th Guide the Fund in accordance with the maximum of 5% of the actual investment of venture capital enterprises to give a risk subsidy, the maximum grant amount of not more than 5 million yuan.

Fifth Chapter Guide Fund supervision

37th the Fund Management Committee and related departments should strengthen the supervision and guidance to guide the fund, according to the public principle, to guide the Fund policy objectives, policy results and assets of the assessment.

The Fund management body shall accept the supervision and guidance of the Fund's CMC and related departments and report regularly on its operation.

38th the Fund management agencies shall, at the end of each quarter, submit to the Fund's Administrative Committee and relevant departments the use of funds for the Guidance Fund, and within 4 months after the end of each fiscal year, furnish the annual accounting statements audited by the CPA.

39th the Municipal Finance Bureau is responsible for the annual performance assessment of the fund management institutions (the assessment method is separately formulated).

40th article of this method implementation process if discovers the venture capital enterprise to have the false investment to obtain the risk subsidy behavior, the relevant department will be traced according to law.

Sixth Chapter Annex

41st article this method by the Municipal Finance Bureau is responsible for explanation.

42nd The measures shall be implemented from the date of promulgation.