"If it's not complete FTA cross-border equity investment the first single record change system, how to do this, we actually did not end in mind." Hony investment (HonyCapital) Shanghai company deputy general manager Shen Shunhui said with emotion.
He said the FTA cross-border equity investment the first single, February of this year Hirotake investment by Shanghai FTA cross-border investment platform, outward investment is 186000000 yuan RMB (matching $30000000), combined with Suning Appliance joint acquisition of PPTV. This is the foreign investment of Shanghai free trade zone of private equity fund is the first single.
Since then, the record swap operation path FTA cross-border investment project is spreading quickly. Exclusive reporter was informed, now has more than 5 pen cross-border investment projects in the free trade zone CMC completed registration.
Shen Shunhui said, to complete the FTA cross-border investment project filing swap operation is not easy. A part of any record of operational process errors, will lead to naught.
Thanks to the free trade area of cross-border equity investment the first single, Hirotake investment meticulously cross-border investment fund management headquarters is quietly emerging rudiment.
Record swap four steps
9 at the end of last year, China FTA (Shanghai) was founded. At the same time, the relevant departments in Shanghai free trade zone "quick establishment of foreign investment enterprises for the record management approach" and "overseas investment projects for the record management approach".
Generally speaking, as long as it does not involve the overseas securities investment, endanger national security properties, amount not to exceed $300000000 foreign investment projects, the relevant enterprises only need to complete the project for the record in the Department of FTA CMC, can direct outward authority to apply for foreign exchange.
However, the first 3 months of the two policies, one of the few really dare to try the PE mechanism. Investigate its reason, no one knows how cross-border investment projects for the record the swap operation.
Shen Shunhui said, Hirotake investment has become the first "eat crab" PE agencies, because they understand that the end of last year economic development bureau, the free trade zone CMC fiscal and Financial Services Bureau and the Shanghai City Administration of industry and commerce registration department and other departments jointly study the private equity fund in the FTA to participate in overseas investment implementation.
Hony investment inside also has done the worst, if PPTV investment projects for the record exchange process does not operate, will apply for cross-border investment project examination and approval of the exchange.
Head of a PE Fund said, previous approval in cross-border investment projects exchange period, PE funds are usually required to submit the overseas investment project overall transaction structure, project investment risk evaluation report and other data, the approval process long, tedious, and occasionally even commercial secrets leak.
However, Hirotake investment communication and free trade zone CMC period, both for the design of the FTA cross-border investment projects for the record the swap operation route, only at the technical level, namely the project archival information is complete; money exchange to overseas architecture compliance; how to do the relevant departments in the matter, afterwards supervision, prevent the flow of funds for the project in addition to swap investment products etc.. And investment in the PPTV project internal transaction architecture and related terms, free trade zone CMC almost did not interfere.
Shen Shunhui discloses, after repeated communication, record swap operation path Hirotake investment designed for cross-border investment in the PPTV project, mainly divided into four steps: the first is Hirotake investment fund management companies in the free trade area, namely the Hirotake investment (Shanghai) Co., Ltd; followed by Hongyi investment to initiate a fund company in the FTA, as free trade zone cross border investment main body.
"According to the free trade the two policy related to China cross-border investment rules, all of the money to participate in overseas investment fund companies through the exchange, so the two relatively independent of the fund management company and the fund company is essential." He explained.
The third step is to apply for free trade zone CMC Hirotake investment and cross-border investment PPTV project data record, as long as get relevant filing documents, Hirotake investment will be able to operate the fourth step, the outer tube bureau for the exchange to complete cross-border investment PPTV project.
The reporter understands, the record from PPTV to swap Hirotake investment, investment in just 5 trading days.
However, the PE fund manager thinks, this does not mean that the FTA cross-border investment record exchange process to Everything is going smoothly., of which there are some details of the operation needs to be reconsidered. For example, cross-border investment tax paid during the funds, including round-trip foreign withholding tax, PE in the FTA to participate in overseas equity investment do enjoy 15% income tax concessions, needs the relevant departments to give operational guidelines; and PE funds to participate in overseas equity investment projects, often require the fund manager (GP) must be to throw a sum of money (as a liability for the overseas investment projects, the business of personal) FTA on foreign direct investment rules for the operation, still need to be clarified.
"If the development of these operating rules of relevant departments, we will follow up." Shen Shunhui said, but the main concern at present Hony investment is to promote more cross-border investment projects completed registration swap.
Twenty-first Century economic report the reporter understands, the recent Hony investment in a period of 4 days, the completion of the FTA cross-border investment projects for the record of the exchange second single - investment in the United States STX company.
"In fact, Hirotake's investment in the next big game." The PE fund manager said, swap system record in FTA cross-border investment benefit, Hirotake investment plans to further improve its cross-border investment fund management headquarters functions, the realization of domestic and foreign funds two-way cross-border flow of investment.
PE Easy Access cross-border investment
In 2011 September, Hirotake invested in Shanghai initiated the establishment of cross-border investment fund management