Source: WeChat account "Southern Weekend"
Author: Wu Chao
"Collective funds participating in equity investment are innovative exploration, which brings a new road to alleviate the fundraising of the venture capital industry."Said road show.Under the stage, the heads of 186 joint -stock cooperation companies in Pingshan District attended.
Zeng Yonghuan, chairman of Pingshan District Maluan Co., Ltd., introduced to reporters from the south weekend that the company has made two equity investment in the past two years.He has also recently received consultation with many peers on investment details.
After the reform and opening up, Shenzhen carried out property rights reform on rural collective economic organizations, and successively established a joint -stock cooperative company to operate independently and negatively made a profit and loss.Today, almost every village collective in Shenzhen has such a company.
The collective funds in Huang Yuming's mouth are bank deposits set by Shenzhen large and small shareholders.
In 2021, the Shenzhen State -owned Assets Supervision and Administration Commission has found that there are nearly 1,000 village collective joint -stock cooperation companies in Shenzhen, with total assets of nearly 250 billion yuan (RMB, the same below), net assets exceed 120 billion yuan, and have more than 100 million square metersProperty, annual income exceeds 22 billion yuan, has an annual profit of nearly 10 billion yuan.In the third quarter of 2021, bank deposits exceeded 80 billion yuan.
For a long time, the joint -stock cooperative company has the needs of rigid dividends. In order to stabilize, it mainly puts idle funds in banks for regular deposits or purchases bank wealth management products.Today, why do you want to make greater risk equity investment?
"less and less buying and selling the capital"
"I visited and exchanged before, and found that there was a joint -stock cooperative company in Futian District, which was already a shareholder of 13 banks." Zeng Yonghuan said.The benefits of bank deposits are low, and some joint -stock cooperative companies will take out funds and invest in water.
The regulations of the Shenzhen Special Economic Zone Stock Cooperation Company formulated in 1994 stipulated that the joint -stock cooperation company can become a limited shareholder.In other words, you can participate in other companies.For investment, whether it is a start -up project or a mature enterprise, it will be considered within the scope.
However, whether the village's collective economy can invest in foreign countries, each city policy is different.A village committee director of Foshan introduced to a reporter from the south weekend that local villages are not allowed to use idle funds to invest in external investment. They can only cooperate with other companies in the village, "for example, how many lands from the village, how much shares are the shares of the village."
In 2022, after being introduced by a friend, Zeng Yonghuan also encountered an opportunity to take a bank equity.At that time, a shareholder of a village bank in Guangzhou had a capital chain problem. The bank's equity held was auctioned, but after four streams, the price fell from more than 40 million yuan to more than 15 million yuan.
Zeng Yonghuan, who has engaged in financial work, compared the data of the bank's revenue, and felt that it was an opportunity. He hired a lawyer who had engaged in the work of accountants to help them evaluate.In the end, Zeng Yonghuan decided to take a photo of this part of the bank's equity.According to him, more than 15 million, equivalent to 1/8 of the company's bank deposit.
Although there are risks, Zeng Yonghuan believes that the previous thinking is going to change, because "the business will be less and less."
Generally speaking, major joint -stock cooperation companies will set up mechanisms. How many amounts of investment projects exceed the board, they need the consent of the board of directors and other institutions.In the company of Zeng Yonghuan, more than 1 million yuan of major issues need to invest in the company's board of directors, supervisors, collective assets committees and shareholders' congresses.
The regulations of the Shenzhen Special Economic Zone Stock Cooperation Company, which was revised in 2020, wrote that if the company is established based on all the collective property of the villagers 'group, the villagers should be based on the villagers of the villagers' group.Based on the establishment of a company based on all the collective property of the administrative village, the villagers' group should be used as the shareholders.
Usually, there will be multiple villagers in the administrative village.Zeng Yonghuan's Ma Luan Co., Ltd. belongs to the latter, and the shareholders are major villagers.In other words, no all villagers are required to vote.
According to Zeng Yonghuan, the investment finally received the consent of the board of directors of the villagers' group stock company. "As a chairman, it is a professional manager, the investment has benefits, and I will not have a commission."
When filing at the street office, Zeng Yonghuan also encountered doubts about leading leaders: Why do you want to shoot your equity, you have to shoot?After Zeng Yonghuan explained, he also got the first of the street office.
However, the assessment of the chairman of the joint -stock cooperative company is not based on the amount of profit, and many chairmen are worried about risks and easily dare not invest.
Zeng Yonghuan introduced that a person in charge of a company in Shenzhen recently came to consult. A bank talked about the transfer of equity with them.Tedicated. "
"Investment must be carried out under the premise of satisfying the rigid dividends." Yu Yin is the chairman of a Shenzhen company's shareholder company. Earlier, the government department was connected. Their company invested in the equity of a bank. "If you invest alone,It is basically impossible. I am not born in this major, I don’t understand. "
What is even more worried about Yu Yin is to invest after the shareholders' consent. However, once failure, he will still face the pressure from the villagers.There are always explanations, there are sayings. "
Wang Yang has worked at a private equity fund company in Guangzhou for many years. He analyzed the reporter from the southern weekend that the joint -stock cooperative company invested separately and lacked a complete risk control mechanism. "We have more than 30 people to do compliance.Work, then make investment decisions. "
First Holding Fund Management Company
Considering that self -investment is not professional enough, a share cooperative company in Shenzhen also set up a fund management company.
The State -owned Assets Supervision and Administration Commission of Shenzhen Longgang District, in 2017, Nanling Co., Ltd. established the province's first village collective economic holding fund management company -Nanling Equity Investment Fund Management Co., Ltd. (hereinafter referred to as "Nanling Fund" "To.
In the following year, Nanling Co., Ltd. cooperated with Jiangsu's optical cable enterprise Hengtong Group and government guidance funds to set up Shenzhen's first village collective industrial investment fund.
According to Shenzhen News Network, the fund size is 300 million yuan, which mainly invested in technology -based enterprises in Shenzhen.industry.The fund is managed by Nanling Fund.
Public information shows that the projects invested by Nanling Fund are not only involved in Shenzhen, Guangzhou, Beijing and other places.In 2022, Haichuang Pharmaceutical, which was invested by Nanling Fund, was listed on the science and technology board.
"We operate according to market -oriented, and there is no difference between other private equity funds." A executive of Nangling Fund Company introduced to the southern weekend reporter that because the projects are relatively early, it has not reached the exit period, so there is no profitability., But if you look at the project valuation, investment is making money.
Zhang Yubiao, Secretary of the Party Committee of Nanling Village Community, said in an interview with the media, "The village mainly sends them bullets to them. We often have different views on the project. They will talk about accurate and risks./P>
In terms of the private equity market, the scale of Nanling Fund management is relatively small.With the intensification of market competition, it is a problem to invest in good projects.
Wang Yang introduced to the reporter from the south weekend that good projects generally choose the funder, and there is no need for pure financial investors. It depends on you to bring them to themWhat come.More common methods can only start from small projects, or follow more famous institutions.
The above -mentioned executives of the above -mentioned Nanling Fund are still in the early days of entrepreneurship. They have no profit and other assessment requirements, but the pressure of long -term performance is still there. It must be listed and profitable.Coupled with the long project return cycle, it may be as long as ten years, and risks are prone to occur.
Since the establishment of the Nanling Fund, there is no second fund management company among Shenzhen Co., Ltd..
The risk management and control mechanism needs to be improved
The report released by KPMG China shows that due to the slowdown in economic growth and changes in the international situation, the fundraising market was cold in 2022.
In the same year, the number and amount of the newly established fund were declining.The size of the newly established fund was 707.1 billion US dollars, a year -on -year decrease of 12%; the number of newly established funds was 8,730, a year -on -year decrease of 10%.In addition, the total investment scale of China's PE/VC market was 115.5 billion US dollars, a year -on -year decrease of 32%.
The strong funding Shenzhen Co., Ltd. has become a potential source of fundraising.The joint -stock cooperative company's own investment, or the establishment of a fund management company, is an individual behavior.In the past two years, Shenzhen's state -owned asset -owned system is promoting a joint -stock cooperative company to enter the equity investment market.
At the beginning of 2023, Luohu District held a signing ceremony of the equity investment fund with Shengao New Investment.11 stock cooperation companies including Caiwu Wai contributed more than 100 million yuan, and Luohu Investment Holding Company invested 20 million yuan to set up the city's first "urban state -owned enterprise+shareholder cooperation company" equity investment fund with Shenzhen Gao New Investment, with a total scale of 1.7100 million yuan.
Among them, Luohu Investment Holdings is a state -owned enterprise in the district, and Shenzhen High -tech Investment is a municipal -owned state -owned enterprise.
Shen Gao's information provided by the reporters from the Southern Weekend shows that Shen Gao's new investment will be used as GP, Caiwuwei and other shareholders are LP.The fund is durable for 7 years, of which the investment period is 5 years and the exit period is 2 years.
Industrial and commercial information shows that 10 of the 11 joint -stock cooperative companies have invested more than 3 million yuan and the most one invested 20 million yuan.
In 2022, Shenzhen Pingshan District also adopted a similar approach.In March 2023, Huang Yuming, director of the SASAC of Pingshan District, introduced in an interview with the media, "At that time, the district production investment company was used as the initiator.Revised. "
Zeng Yonghuan introduced that their joint -stock cooperation company also participated in it and invested in glory projects.
At the end of 2022, Luohu also revised the fund investment risk compensation mechanism.The joint -stock cooperative company invested in the establishment or management of the establishment or management of the state -owned enterprises in the urban area for more than one year. According to the actual investment period and investment amount, it will give an annualized 1%annual support and no more than 1 million yuan.5 years long.
In addition, when the joint -stock cooperation company withdraws from the fund project, investment losses have occurred. On the basis of deducting the support funds obtained, a one -time investment loss is given by 50%of the risk compensation.
Although the government has some guarantees, once the project has not been successfully listed, or the company fails, the company has a loss risk of losses.In addition, none of Shenzhen has measures in every district.Yu Yin told the Southern Weekend reporter that the company did not have so much money to vote, and she did not dare to take great risks. She would not consider this form at the moment.
Shen Gao's new investment responded to the Southern Weekend reporter that the fund will be managed in accordance with market -oriented methods, and they have not provided measures similar to the bottom -up guarantee.In February 2023, the Shenzhen Industry and Information Technology Bureau and other departments jointly issued several measures on further supporting small and medium -sized enterprises' rescue and high -quality development.The document reads that it is necessary to attract the shareholders' rich funds to enter the field of venture capital venture capital.
However, after leisure funds entered the field of venture capital venture capital, how to balance the risk of losses. After losses, how the liability is evaluated, Shenzhen has not introduced guidance.
Beijing Guantao Zhongmao (Shenzhen) Law Firm Lawyer Cai Guojian is from Baoan, Shenzhen. He has long been engaged in investment and acquisitions business for a long time. He is also a shareholder of a joint -stock cooperative company.He told the reporter from the southern weekend that "If the investment company's investment losses, whoever is responsible, there is no legal specification and a corporate articles of association for the time being."
At the same time, whether the joint -stock cooperation company should intervene in the equity investment market, there are different voices in Shenzhen.A Shenzhen official who often dealt with a joint -stock cooperative company told Southern Weekend reporters that the form of cooperation between state -owned enterprises and joint -stock cooperation companies is not a way of marketization.Shenzhen's private investment funds are active and lacking projects.
The official website of the Longhua District Government shows that as of the end of February 2023, there were 3,555 private equity fund managers registered in the district of Shenzhen.Beijing Shanghai.
On May 9, 2023, in response to the issue of shareholding company engaged in equity investment, a reporter from the Southern Weekend sent an interview letter to the Shenzhen State -owned Assets Supervision and Administration Commission.As of press time, no reply was received.
