quazararcade| The China Foundation Association for Infrastructure Development launched a thunderous attack! 96 private equity institutions were publicly cancelled because they had "no cancellations under management for 12 months"

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The "running away" of Zhejiang Ruifengda assets actual controller has attracted the attention of all parties. The regulator acted quickly, and the CSRC decided to file a case for investigation and deal with it strictly in accordance with the law. Regulators' supervision of the private equity industry has been continuously strengthened. On May 11, China International Association launched a thunderstorm and cancelled the qualifications of managers of 96 private equity firms in one fell swoop. According to the type of cancellation, all of them were written off without management for 12 months. The website of the China Foundation Association has also updated its content at the same time, and the type of cancellation has been added to the "12-month unmanaged cancellation".

In this regard, some private equity people said that in recent years, there are not a small number of private equity fund shell companies without real operation, which also increases the difficulty of supervision to a certain extent, which aims to eliminate the weak and stay strong and promote the healthy development of the industry.

Ninety-six private equity companies were cancelled because they had no management for 12 months.

The "running away" of Zhejiang Ruifengda assets has attracted attention, and regulators have moved quickly to step up regulation of some "potential risks." for example, on May 11, the China International Association published the names of 96 cancelled private equity fund managers. The cancellation type of these cancelled private equity firms is "12-month unmanaged cancellation", and this is the first time that the China International Association has cancelled the registration qualifications of private equity managers with "12-month unmanaged cancellation". The China Foundation Association website has also updated the "logout type" synchronously, adding "12-month unmanaged cancellation".

It is understood that the type of cancellation of "12 months without management" is established in accordance with the relevant provisions of the measures for the Registration and filing of Private Investment funds. Private equity fund managers do not put on record new private equity funds within 12 months after liquidation, and the association cancels the registration of private equity fund managers, which stipulates that private equity funds that are not independently issued within 12 months after registration are stipulated. Or the non-filing of new private equity funds within 12 months after the liquidation of all registered private equity funds is one of the cases in which the association publicly cancels the registration of private equity fund managers.

It is worth noting that in April, CICC sent a notice to managers who had not managed funds for 12 months to remind private fund managers to cancel their registration for 12 months. If there is no exhibition plan for private equity managers, the association reminds relevant institutions to take the initiative to cancel the registration of private equity fund managers in a timely manner. According to the website of the China Foundation Association, a total of 22470 private equity fund managers have been cancelled as of May 12 this year, of which a total of 764 have been written off this year. It is worth noting that this year's first batch of 96 "12-month write-off" private equity fund managers, a total of 29, the rest are private equity venture capital fund managers.

In this regard, Ma Cheng, chairman of Jize Investment in Shenzhen, told reporters that this is a step for the new management to further strengthen the supervision of various investment institutions and further strengthen and enlarge institutional investors. In recent years, there are not a small number of private equity companies without real operation, and there are some non-compliant private equity funds in publicity, information disclosure and other aspects, which also increases the difficulty of supervision to a certain extent. The purpose of this strong supervision is to eliminate the weak and stay strong and promote the healthy development of the private equity industry as a whole.

Raise the entry threshold for private equity funds

From the point of view of the type of private placement cancellation that has been cancelled this time, it is "12 months without management cancellation". The reporter looked through the data of these private equity firms that had been disqualified as private equity managers and found that few private equity firms have been registered for 12 months, and most of them have filed a private equity product. For example, the registration of the private equity manager of Shanghai Xuantai assets has been cancelled. 14 products, including Xuantai No. 3, East Wu Dingli No. 53, Soochow Futures Xuantai Hengchang No. 1, Soochow Futures Yueguang Fisherman No. 2, Soochow Futures-Li Tang No. 1 and Xuantai No. 1, have been liquidated before. most of these products were filed during 2016.

The manager of Beijing Wanyin Huafu assets was disqualified, and the company's three private equity products, including Huafu Ruicheng multi-strategy hedge fund, Huafu Convergence value growth No. 1, and Huafu Fuyuan sharing No. 1 graded private equity fund, had also been liquidated before; the same is true of Qianyang assets in Shanghai, when the company's qualification as a manager was cancelled, the company's four private equity products had also been liquidated.

As regulators put forward normative requirements for the raising, investment, operation and management of private securities investment funds, the entry threshold of private securities funds is also raised accordingly. Recently, the China Foundation Association issued 42 guidelines for the operation of private securities investment funds, covering the raising, investment and operation of private securities funds, including strengthening fund-raising requirements, defining the initial raising and survival scale of private equity funds, strengthening investor appropriateness requirements, and defining early warning stop line arrangements. In particular, it is clear about the initial offering of private equity funds, which makes the previously popular "mystery"QuazararcadeThere is no room for operation of your shell product.

For the survival scale of private equity funds, the operational guidelines have been fully evaluated and adjusted to reduce the minimum survival size to 5 million yuan. It is clear that funds with a long-term scale of less than 5 million yuan should stop applying for purchase. After triggering to stop the purchase and before entering the liquidation procedure, increase the buffer period: if the net asset value of the fund is still less than 5 million yuan for 120 consecutive trading days after stopping the purchase, it shall enter the liquidation procedure and give a certain transitional period. The "private offering shell", which was once speculated to more than one million a few years ago, has been cancelled in bulk, which is really sighing.