Sequoia China and other foreign investment ventures in the absence of gem

Mu Yifan CBN reporter learned that Sequoia China, Techventures, Jingwei Chong cast, the Northern Lights and other active in the market of foreign investors, none of the projects appear in the list of 108 companies.　　There have been market rumors that the strong network in the first batch of the declaration list, the company received 37.35 million U.S. dollars in 2009 financing, including Orchid Asia 30 million U.S. dollars, fortune investment 50 million yuan. Most of the investment activities of foreign PE in China take the "two out" "Red chip Mode". has always been, but also the advantages of foreign PE.　　Although theoretically feasible, but in the short term, companies that have designed an overseas listing structure to "return" to the gem may "face a certain degree of difficulty". On the one hand, the National Board of Foreign exchange of 142th, in fact, foreign PE itself to raise yuan investment path "blocked", at present, foreign PE can only through the establishment of "Sino-foreign joint venture investment enterprise", and then the joint venture for the platform to launch renminbi funds, such as last week, Shanghai Pudong, such as black stone 7 foreign PE,　　But these foreign PE domestic LP (limited partner, refers to the fund investor and the foreign LP's benefit distribution involves the complex legal question, some has not promulgated the relevant rules in the domestic at all; on the other hand, the State Council 10th text and foreign PE good "two out" of the red chip listing mode dragged into the "indefinite" stage of approval. A foreign PE partner to CBN reporter "Big sigh Bitter Sutra": To raise RMB funds at home, not to talk about the administrative approval process, foreign professional third-party institutions, such as private banks for each PE and LP bridge, to solve the negotiations and the agreement information asymmetry, but there is no such institutions in China;　　Some domestic VC and LP's agreement terms are also very "not understand", for example, the valuation of an investment project should be how high, in the country is the partners in charge of the venture, but foreign companies to issue independent audit report to the third party, although the entry nonconformity, but if all according to domestic custom to operate, foreign LP is recognized? "We're under a lot of pressure. "The partner said, on the one hand, is still groping, how in the end how to operate a renminbi fund in the country, on the other hand, the financial crisis caused foreign capital liquidity tightening, foreign LP is very optimistic about domestic investment opportunities, very concerned about when these projects exit," We have to talk to LP, take the　　It's no good to have a project without quitting. More and more foreign PE began to narrow their distance with the gem. Last week, 7 foreign PE also signed a settlement in Shanghai Pudong, a high-profile announcement in the domestic capital market gold, Carlyle, KKR and so on are deliberately follow its footsteps.　　The access to certain areas of the Fund and the complexity of approval procedures have also hampered their investment efficiency. At present, the legal basis for the establishment of RMB funds by foreign investment ventures is mainly the circular of the Ministry of Commerce on the examination and approval of foreign-invested venture capital enterprises and venture capital Management enterprises, as well as the notice of the Ministry of Commerce on Decentralization of investment-oriented companies for the delegation of foreign investment. The exit and so on are faced with some problems, such as industry restrictions, if the investment enterprises in the foreign investment directory of restricted industries, even in the renminbi, but also to obtain the approval of the Ministry of Commerce.