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Huang Qifan: Give Full Play to the Role of Guidance Fund, Promote the Better Industrial Development of Chongqing

On June 30, Mayor of Chongqing Huang Qifan made a statement in the special debriefing on industry-led private equity fund: we should bring the important role of industry-led private equity into full play, define the orientation and opportunity of fund investment, lay stress on the legitimate operation of fund and promote the better industrial development of Chongqing.
After listening to the speech delivered by representatives of industry-led fund companies and GP principals of 18 special funds, Huang Qifan said, the industry-led private equity fund established in Chongqing last year is one of the important achievements in key reform defined by Chongqing Municipal Party Committee. It took less than one year to witness the successful operation of various funds. The funds can give full play to the decisive role of market in resource allocation, promote the reform of institutional mechanism for governmental resource allocation, propel industrial restructuring, give fuller play to the positive effect exerted by financial support fund on industrial development, maintain or increase the value of financial fund and effectively guard against corruption.
According to Huang Qifan, Chongqing financial fund has invested industry-led private equity fund for consecutive 5 years. During the recruitment of new special fund every year, investment will be further made for greater development. The funds which fail to give full play to the guiding role of investment will be abandoned. A virtuous cycle will take shape by virtue of incentive mechanism. What deserves to be mentioned is that the capital source of industry-led private equity fund dominated by government should be in strict compliance with laws and regulations. No “fund with high interest” should be raised for special funds; no private “financing through crowd funding” should be conducted; debt-to-equity swap, equity-to-debt swap, trust capita and so called “channel” business of bank capital are all forbidden. Meanwhile, the funds should be used for legitimate purposes. Special funds cannot apply raised capital to speculate in second-level stock market (including real estate and foreign exchange), and usurious loan is strictly forbidden.
Huang Qifan said, industry-led private equity fund should be invested in five key stages during the development of enterprises, including the Angel Investment at initial state, the venture capital investment at fast-growing stage, the technical transformation investment at mature stage, the acquisition and reorganization investment in time of business crisis, and the investment made in the industrialization of scientific achievements. There are several priorities in the investment of industry-led private equity fund: to be the incubator of listed companies; to promote the listing of companies and to participate in the private placement and acquisition of listed enterprises; to play an active role in promoting the development of Chongqing top 10 strategic emerging industries and “1+5” service trade; to take tremendous efforts in scientific achievements industrialization and capitalization; to facilitate public start-ups and innovation; to develop some market-oriented projects in education, health care and culture; and to develop some traditional industries with market and profitability. Only when we pinpoint the right orientation of investment and get involved at critical moment, can we provide timely help for enterprises and get considerable reward.
   

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