"Hefei City Angel Investment Fund Management Measures" released | mesin koin togel, kaisar888slot
Hefei City Angel Investment Fund Management Measures
Chapter 1 General Provisions
Article 1 These Measures are formulated in order to standardize the management of Hefei Angel Investment Funds (hereinafter referred to as "Angel Investment Funds"), improve the utilization efficiency of angel investment funds, cultivate and develop a number of high-tech enterprises or advanced technology service enterprises, and promote technological innovation and transformation of scientific and technological achievements.
Article 2 Angel Investment Fund is a non-profit fund established and operated by relevant municipal state-owned enterprises. It supports high-level scientific and technological talent teams to establish enterprises in Fei in the form of equity, convertible bonds, and investment through angel investment sub-funds; supports seed-stage and start-up-stage technology enterprises with independent intellectual property rights, high technological content, strong innovation capabilities, and new business models; supports college students to establish seed-stage technology enterprises; supports seed-stage technology enterprises established based on outstanding projects in various innovation and entrepreneurship competitions.
Article 3 The funding sources of angel investment funds mainly include shareholder capital investment, rollover income and other funds. Encourage and support counties (cities), development zones, scientific research institutes, new R&D institutions, incubators, etc. to establish angel investment funds.
Article 4 Angel investment funds shall be managed and operated in accordance with the principles of "state-owned capital guidance, scientific decision-making, market operation, and risk tolerance". The organizational form of the fund is corporate. Hefei Innovation Technology Venture Capital Co., Ltd. (hereinafter referred to as the "Fund Management Agency"), a subsidiary of Hefei Industrial Investment Holding (Group) Co., Ltd. (hereinafter referred to as the "Industrial Investment Group"), is responsible for the management and operation of angel investment funds.
Chapter 2 Fund Management Structure
Article 5 The Municipal State-owned Assets Supervision and Administration Commission is responsible for supervising the industrial investment group to establish and improve fund management systems and systems, guiding the industrial investment group to optimize the fund layout, regularly conducting follow-up monitoring and risk warning of fund business, and doing a good job in audit supervision and accountability for violations.
Article 6 The Industrial Investment Group is the decision-making body and responsible body for investing in angel investment funds. It is responsible for establishing and improving a unified fund management system within the group, establishing and improving investment decision-making, risk warning monitoring, risk response and reporting mechanisms, supervising the fund management institutions to carry out fund business, and establishing assessment and evaluation, incentive and restraint mechanisms for the fund management institutions, and promoting the market-oriented operation and professional management of the fund management institutions.
Article 7 The fund management agency is the decision-making body and responsible body for fund operations. It is responsible for the full-cycle management of the fund's "raising, investment, management, and withdrawal" in accordance with laws, regulations, fund charter, etc., and is responsible for the daily investment operations of the fund. It mainly carries out the following work:
(1) Establish and improve the angel investment fund management system, and clarify the processes and requirements for each link such as project development and screening, due diligence, project valuation, project establishment, investment decision-making, project execution, and post-investment management. Establish a timely exit mechanism for investment projects, build a risk management and control mechanism for investment projects, and strengthen risk prevention and control of investment projects before, during and after the event;
(2) Carry out due diligence on the project, propose due diligence opinions, and formulate fund investment and exit plans;
(3) Organize and hold expert review meetings for direct investment projects;
(4) Decision-making and implementation of investment plans in accordance with management authority; Sign investment agreements and charters;
(5) Post-investment management, supervise and guide the operation of invested enterprises, provide value-added services to invested enterprises, and conduct investment exits;
(6) Strengthen fund financial management, formulate corresponding accounting policies, accounting estimates and accounting methods, and properly prepare financial statements;
(7) Handle fund filing and information disclosure in accordance with regulations, and regularly report fund operations;
(8) Complete other tasks.
Article 8 The Municipal Science and Technology Bureau, as the competent department for science and technology work in our city, provides industry guidance and support for the business development of angel investment funds, issues project declaration notices, is responsible for uniformly collecting and summarizing the sources of angel projects in counties (cities), districts, and development zones, centrally provides project sources to fund management institutions, guides and helps fund management institutions establish angel investment fund project libraries, and puts forward investment suggestions for high-level talent team projects.
Chapter 3 Support Objects and Methods
Article 9 Angel Investment Fund invests in technology-based enterprises registered and established in Hefei City. Enterprises should meet the following basic conditions:
(1) Have independent corporate legal person status;
(2) Annual sales do not exceed 20 million yuan;
(3) Scientific and technological personnel directly engaged in research and development account for more than 20% of the total number of employees, and annual funds for technology research and development account for more than 10% of sales.
(4) The fields it belongs to are in line with the industrial development plan of Hefei City, focusing on strategic emerging industries, high-tech industries, scientific and technological service industries, and the application of high and new technologies to enhance traditional industries.
Article 10 Angel investment funds will select the best to support the following technology-based enterprises that comply with the provisions of Article 9:
(1) Support high-level scientific and technological talent teams to carry high-end scientific and technological achievements and high-tech products with independent intellectual property rights, and to independently establish or jointly establish scientific and technological enterprises in our city. High-level scientific and technological talent teams generally hold no less than 20% of the company's shares;
(2) Support scientific and technological enterprises established based on outstanding projects in various innovation and entrepreneurship competitions;
(3) Support scientific and technological enterprises established by college students. For technology-based enterprises, the team sponsors should be individuals with independent intellectual property rights or innovative business models, including overseas students, full-time college students with a college degree or above, and college graduates within 5 years;
(4) Other outstanding technology-based enterprises.
Article 11 The investment operation of angel investment funds adopts the following model:
(1) Direct equity and convertible bond investment;
(2) Equity investment in angel investment sub-funds.
Angel investment funds use direct equity investment as their main operating model.
Article 12 The investment amount of an angel investment fund’s direct investment in a single enterprise shall in principle not exceed 5 million yuan, of which the amount for particularly outstanding projects may be increased to 10 million yuan upon approval. The city recommends provincial high-level talent team projects, and the investment amount shall be implemented in accordance with the "Implementation Rules of Anhui Province for Supporting High-level Scientific and Technological Talent Teams to Come to Anhui for Innovation and Entrepreneurship (Revised)" (Wanke [2018] No. 1), with a maximum of no more than 10 million yuan. The cumulative direct investment shareholding ratio of angel investment funds shall not exceed one-third, and angel investment funds shall not serve as a single major shareholder or actual controller.
Article 13: Angel investment fund management teams are encouraged to use their own funds to follow up investments at 1-10% of the investment amount of the angel investment fund.
Article 14 Angel investment funds that invest in sub-funds through equity participation cannot become the largest investor; equity participation in sub-funds is mainly in early-stage technology enterprisesThe investment direction shall be determined; the total investment in early-stage technology enterprises within the city shall not be less than twice the amount of the fund's capital contribution; the angel investment fund management team shall be encouraged to invest in the proposed equity fund at a proportion of no more than 3% of the angel investment fund's capital contribution.
Article 15: When an enterprise invested by an angel investment fund meets the reward conditions stipulated in the investment agreement within the specified period, the angel investment fund will reward the invested enterprise in accordance with the investment agreement.
Chapter 4 Project Application, Selection and Decision-making
Article 16 Angel Investment Fund Project Application and Selection
(1) Project Application. Fund management institutions conduct year-round collection and approval of angel investment fund investment projects.
(2) Due diligence. The angel investment fund management agency conducts due diligence on the initially screened application materials and plans, submits a due diligence report, and makes investment recommendations.
(3) Expert review. According to the specific project characteristics and industry, external experts in industry, investment, management, finance, law, etc. are hired to conduct an independent review based on the due diligence report of the company to be invested by the angel investment fund, and put forward review opinions and suggestions.
(4) Decision-making approval. Direct investment projects of more than 2 million yuan (exclusive) and the establishment of sub-funds shall be reported to the Industrial Investment Group by the fund management institution for decision-making; direct investment projects of less than 2 million yuan shall be independently decided by the investment committee of the fund management institution.
(5) Project filing. Fund management institutions shall report the investment status and exit status of angel investment funds to the Municipal State-owned Assets Supervision and Administration Commission, the Municipal High-Quality Development Guidance Fund Company, and the Industrial Investment Group for filing within 15 days after the end of each quarter.
Article 17 The project application, selection and decision-making of the high-level talent team of the Angel Investment Fund shall be implemented in accordance with the "Implementation Rules for the Project Management of the High-level Talent Team of the Hefei Angel Investment Fund". The Municipal Science and Technology Bureau is responsible for organizing project application and recommendation, and the Industrial Investment Group will make the decision.
Chapter 5 Risk Control
Article 18 Angel investment funds shall comply with relevant regulations, establish and improve internal control and supervision systems, establish investment decision-making and risk restraint mechanisms, strengthen post-investment management, and effectively prevent risks that may arise during the operation of the fund.
Article 19 In principle, angel investment funds invest externally with their own funds, and are not allowed to make new external investments when there are no sources of funds; angel investment funds and other municipal state-owned capital or funds implement differentiated investment strategies and, in principle, do not invest in the same project at the same time.
The operation of idle funds of angel investment funds adheres to the principles of compliance, stability and efficiency, and is not allowed to engage in external guarantees, mortgages and other businesses; it is not allowed to invest in secondary market stocks, futures, real estate, securities investment funds and other financial derivatives; it is not allowed to provide sponsorship or donations to any third party (except for approved public welfare donations); it is not allowed to absorb deposits or absorb deposits in disguised form, or provide loans and fund lending to third parties; it is not allowed to make external investments that bear unlimited joint liability, etc.
The idle funds of angel investment funds can be used to purchase treasury bonds, structured deposits and other fixed-income bank financial products.
Article 20 The investor of the enterprise invested by the angel investment fund shall stipulate in the investment agreement and articles of association that when the investment enterprise goes bankrupt or liquidates, the angel investment fund shall have priority in repayment.
Article 21 Angel investment funds shall choose commercial banks with relevant qualifications to custody their funds. The custodian bank is responsible for account management, fund settlement, asset custody and other matters in accordance with the custody agreement, implements dynamic supervision of investment activities, and submits fund operation status and custody reports to the fund management agency.
Article 22 Angel investment funds shall withdraw 5% of the investment income from annual exit projects as a risk reserve to make up for possible losses.
Chapter 6 Fund Withdrawal and Termination
Article 23 For equity investment by angel investment funds, the shareholding period shall in principle not exceed 5 years, and the longest period shall not exceed 7 years. In principle, the term of convertible bond investment shall not exceed 3 years, and the maximum period shall not exceed 5 years. At the end of the 3-year period, an evaluation will be conducted to determine whether to extend the period to 5 years or convert it to equity investment.
Article 24 With reference to the relevant provisions of the "Interim Measures for the Management of Venture Capital Enterprises" (Order No. 39 of the National Development and Reform Commission and other 10 departments), equity projects invested by angel investment funds can realize investment exit through equity listing transfer, equity agreement transfer, repurchase and liquidation. In the case of a transferee, the fund can exit at any time.
Article 25: In order to support entrepreneurial teams in innovation and entrepreneurship, angel investment funds encourage and support entrepreneurial teams to repurchase the equity formed by fund investment. The entrepreneurial team's repurchase of equity shall be carried out in accordance with the exit conditions and price specified in the investment agreement.
Article 26 If an angel investment fund withdraws through transfer (including repurchase, the same below), it may stipulate the transfer method, transfer conditions, transfer price, transfer objects and other matters in the investment agreement, and report it to the Industrial Investment Group for filing.
Article 27 The withdrawal of angel investment fund equity projects shall be decided by the fund management agency in accordance with legal provisions, company articles of association and internal decision-making procedures, and shall review and make a written resolution on important matters such as the transfer method, transfer price, and price collection of the equity transfer project.
Article 28: When an angel investment fund equity project withdraws, if the transfer matters are agreed in advance in the investment agreement and the registration is performed in accordance with regulations, the decision may be made in accordance with the law in accordance with the prior agreement.
Article 29 If the fund management institution has not agreed on the equity transfer price in advance, when making decisions on equity transfer, the price shall be based on the evaluation report or valuation report issued by an independent intermediary agency with relevant qualifications (the evaluation report or valuation report shall be reported to the Industrial Investment Group for filing in accordance with regulations). If the exit method has not been agreed in advance, or the agreement is unclear, the transaction shall be carried out in accordance with the "Hefei Municipal Enterprise State-owned Assets Transaction Supervision and Administration Measures", except where there are special provisions in laws, regulations and these Measures.
Article 30 In the case of convertible bond investment, the fund can be withdrawn early upon application by the enterprise. When the fund withdraws, if the exit price is stipulated in the investment agreement, the agreement shall be followed; if there is no stipulation in the investment agreement, the sum of principal and interest shall be calculated based on the loan market quotation rate for the same period announced by the National Interbank Funding Center.
Article 31 After the angel investment fund is terminated, liquidation shall be organized under the supervision of the investor, and the liquidation proceeds shall be recovered by the investor.
Chapter 7 Fund Income Distribution and Assessment
Article 32 The fund management institution shall withdraw management fees for the current year based on 2% of the investment balance of the angel investment fund in previous years and 2% of the current year’s investment amount. Management fees are mainly used for expenditures such as project library construction, due diligence, project review, post-investment management, and project exit.
Article 33 Angel investment funds shall withdraw 5% of the investment income from the annual exit projects as risk reserves, and 40% of the remaining aggregate investment income shall be withdrawn as rewards to the fund management institution, and 60% shall be used as rollover income of the angel investment fund.
Article 34 Fund management agencies shall regularly conduct dynamic analysis and self-evaluation of the operation of angel investment funds; promptly report major events during the operation; and report to the Municipal State-owned Assets Supervision and Administration Commission, Municipal Science and Technology Bureau, Municipal Finance Bureau, and Municipal Financial Bureau within 4 months after the end of each year.Other departments shall submit annual fund operation reports and submit audited annual financial reports.
Article 35 The Industrial Investment Group shall conduct annual assessments of the fund management institutions. Angel investment funds should increase their support for high-level talent team projects and incorporate support into the fund's annual assessment. The assessment of the fund follows the rules of the angel investment market, focusing on the innovation, growth, transformation of scientific and technological achievements of the invested companies, and the cultivation of scientific and technological entrepreneurial talents. It also focuses on the assessment of project collection, screening, due diligence, review, timely reporting of major matters, compliance and other processes.
Article 36: Establish a risk tolerance mechanism for angel investment funds to allow the fund to suffer a maximum loss of no more than 40%. The excess will be made up to the limit of the reward funds allocated by the fund management institution.
Article 37 The Municipal State-owned Assets Supervision and Administration Commission and the Municipal Finance Bureau shall work together with the Industrial Investment Group to conduct performance evaluations on the operation of angel investment funds on an annual basis.
Chapter 8 Supplementary Provisions
Article 38 The Municipal State-owned Assets Supervision and Administration Commission is responsible for the interpretation and revision of these Measures.
Article 39 These Measures shall come into effect from the date of issuance and shall be valid until December 31, 2025. If there are other provisions in laws and policies, such provisions shall prevail.
Text source: Official website of the State-owned Assets Supervision and Administration Commission of Hefei Municipal People’s Government
