境内私募股权基金的架构
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Pure Domestic Nature (Free Downstream Investments) FX Conversion Issues Difficult to Achieve Pass‐through Arrangement
FIP
Limited Partnership No Prior MOFCOM Approval Subject to Catalogue for Downstream Investment Purpose Tax Issues
GAO Chao & GE Yin
China Legal Education & Career Seminar Series
Contents
Common Structures Legal Updates Development Trends
Common Structures
FIVCEs Pure Domestic Funds (managed by onshore foreign manager) FIPs Parallel Onshore/Offshore Funds Shanghai Pilot Equity Investment FIEs
PRC Partnerships with Foreign Partners
Foreign enterprises/individuals Entirely foreign‐invested or a mix Foreign‐invested holding companies and foreign‐invested VCs treated as foreign investors when they establish/invest in PRC partnerships
FIVCE
Legal / Non‐Legal Person No “Limited Partnership” Allowed Limited Investment Scope (High Tech) FX Conversion Clearance Restrictions
Pure Domestic Fund
Shanghai “QFLP” Measures
Fund Manager FIEs (i.e. Fund Manager) Equity Investment FIEs (i.e. Fund) No Mention of “Quota” Similar Rules Expected in Beijing
Trend
Shanghai Pilot Equity Investment FIEs What’s Next?
Contacts
GAO Chao Han Yi Law Offices Tel: 86‐139‐1748‐2906 GE Yin CliffordChance LLP Tel: 86‐21‐2320 7202
Parallel Onshore/Offshore Funds
Funds in Parallel Structure Acting in “Concert”
Shanghai Pilot Equity Investment FIE
“Qualified ”Domestic Treatment Foreign LPs FX Conversion Issues
January 11
12
FIPE Measures
Regulatory Framework
Administrative Measures by wenku.baidu.comtate Council, effective in March 2010 Administrative Provisions by SAIC, effective in March 2010 Partnership Law of the PRC (amended in 2006)
FIP
Limited Partnership No Prior MOFCOM Approval Subject to Catalogue for Downstream Investment Purpose Tax Issues
GAO Chao & GE Yin
China Legal Education & Career Seminar Series
Contents
Common Structures Legal Updates Development Trends
Common Structures
FIVCEs Pure Domestic Funds (managed by onshore foreign manager) FIPs Parallel Onshore/Offshore Funds Shanghai Pilot Equity Investment FIEs
PRC Partnerships with Foreign Partners
Foreign enterprises/individuals Entirely foreign‐invested or a mix Foreign‐invested holding companies and foreign‐invested VCs treated as foreign investors when they establish/invest in PRC partnerships
FIVCE
Legal / Non‐Legal Person No “Limited Partnership” Allowed Limited Investment Scope (High Tech) FX Conversion Clearance Restrictions
Pure Domestic Fund
Shanghai “QFLP” Measures
Fund Manager FIEs (i.e. Fund Manager) Equity Investment FIEs (i.e. Fund) No Mention of “Quota” Similar Rules Expected in Beijing
Trend
Shanghai Pilot Equity Investment FIEs What’s Next?
Contacts
GAO Chao Han Yi Law Offices Tel: 86‐139‐1748‐2906 GE Yin CliffordChance LLP Tel: 86‐21‐2320 7202
Parallel Onshore/Offshore Funds
Funds in Parallel Structure Acting in “Concert”
Shanghai Pilot Equity Investment FIE
“Qualified ”Domestic Treatment Foreign LPs FX Conversion Issues
January 11
12
FIPE Measures
Regulatory Framework
Administrative Measures by wenku.baidu.comtate Council, effective in March 2010 Administrative Provisions by SAIC, effective in March 2010 Partnership Law of the PRC (amended in 2006)