Legal Trends in the Private Equity Fund Industry (January 2025/Issue 83)
2025-02-13 15:47:12
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Yang Chunbao, Sun Zhen, Li Jiaxin
Legal Service Trends of State owned Assets and Funds Research Center The seminar on compliance operation of state-owned
Legal Service Trends of State owned Assets
and Funds Research Center
The seminar on compliance operation of
state-owned assets
and funds was successfully held
On January 7, 2025, the "Compliance Operation Seminar for State owned Assets and Funds" jointly organized by Beijing Dacheng (Shanghai) Law Firm and Weike Xianxian was successfully held in Shanghai. This seminar is supported by the Shanghai Enterprise Legal Advisor Association and the Shanghai International Equity Investment Fund Association. Lawyer Yang Chunbao gave a keynote speech on "How to Strictly Select GP for State owned LP", and Lawyer Di Chaoping gave a special presentation on "Legal Issues of State owned LP Exit". Lawyer Chen Feng and Lawyer Xu Jinke jointly unveiled the plaque for the "Dacheng Shanghai State owned Fund Research Center" and announced the official establishment of the center. The in-depth practical dialogue among the four roundtable guests pushed the seminar to a climax.
Yang Chunbao's legal team was invited to conduct comprehensive medical examinations and assist in risk control for two distressed funds managed by a private equity fund manager.
The team of lawyers Yang Chunbao and Zheng Gang assisted a well-known private equity fund manager in establishing a special M&A fund and completing the merger.
The team of lawyers Yang Chunbao and Yang Lu provided legal opinions to a private fund manager regarding the compliance of the funds they manage and investors, in order to meet the listing compliance requirements of the companies they invest in.
Various announcements
and notices of the association
Private fund managers voluntarily cancel registration process
released
On January 24, 2025, the China Securities Investment Fund Industry Association (hereinafter referred to as the "Association") issued the "Yitu Tong" and Supporting Instructions for the Business Process of Active Cancellation of Registration by Private Fund Managers ", which clarifies the four major steps for active cancellation of registration:
1) Clearing managed funds: including fund liquidation or change of manager;
2) Application for withdrawal: Submit the withdrawal application through email and system;
3) Submit a cancellation registration application: Apply through the AMBERS system and have it verified by the association;
Business change or cancellation: Complete name change or entity cancellation.
Legal and Regulatory Developments
The General Office of the State Council issues guidance
on the high-quality development of government investment funds
On January 2, 2025, the General Office of the State Council issued the "Guiding Opinions on Promoting the High Quality Development of Government Investment Funds", proposing eight measures including improving hierarchical and classified management, optimizing exit mechanisms, and strengthening risk prevention and control, to promote the professionalization and market-oriented operation of government investment funds.
Six ministries jointly promote the entry of medium
and long-term funds into the market
On January 11, 2025, six departments including the Central Financial Office and the China Securities Regulatory Commission jointly issued the "Implementation Plan for Promoting the Entry of Medium - and Long Term Funds into the Market", which clearly supports innovative product types and investment strategies of private securities investment funds.
Revision of Filing Rules for Asset Management Business
of Futures Companies
On January 17, 2025, the China Futures Association revised and released the "Rules for the Filing and Management of Asset Management Business of Futures Companies", which standardized the requirements for the registration and filing of private equity asset management plans of futures companies, as well as the appointment of investment managers.
According to statistics from MAX, a private equity platform under Qingke Entrepreneurship, there were a total of 339 investment, listing, and merger and acquisition events in China from December 28, 2024 to January 24, 2025, involving a total amount of 98.7 billion yuan. Among them:
·Investment events: 217 (with 174 disclosed amounts totaling 34.235 billion yuan);
·Mergers and acquisitions: 105 cases (total amount of 52.141 billion yuan);
·Listing events: 17 (total financing of 12.324 billion yuan).
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