Our province has released "20 Measures" for fund investment, lowering the threshold for participation in new and old kinetic energy conversion funds
As a major measure to promote the transformation of new and old kinetic energy, the New and Old Kinetic Energy Conversion Fund has attracted considerable attention from its establishment to operation. On July 18th, the reporter learned from the provincial government press conference that our province has recently issued the "Opinions on Further Promoting the Accelerated Investment of Shandong Province's New and Old Kinetic Energy Conversion Fund", which further lowers the investment threshold and involves multiple aspects such as fund size, fund registration location, return investment ratio, and guiding fund investment.
The Shandong Province New and Old Energy Conversion Fund has achieved phased results in its establishment over the past year, with a total of 48 funds approved and a subscribed scale of 274.5 billion yuan, achieving full coverage of the "Top Ten" industries. In order to further accelerate fund investment and better leverage fund benefits, our province recently officially issued and implemented the "Opinions", proposing 20 policy measures from four aspects: reforming the fund management system, lowering the threshold for fund establishment, improving the efficiency of fund utilization, and optimizing the environment for fund development, "said Li Feng, Deputy Director of the Provincial Department of Finance.
In terms of reforming the fund establishment mechanism, the "Opinions" propose to give full play to the decisive role of the market and the independent decision-making power of Shandong New Energy Fund Management Co., Ltd. in determining cooperative institutions, establishing funds, and other matters. In terms of reforming the fund operation mechanism, we will shift from "entrusted management" to "direct capital injection", and guide the provincial financial contribution of the fund to be used as the registered capital of the New Energy Fund Company, specifically for the establishment of the Shandong Province New and Old Energy Conversion Fund. In terms of reforming fund performance evaluation, establish a hierarchical evaluation system for funds.
In order to enhance the attractiveness and competitiveness of funds, the "Opinions" relax the design of the fund system based on the principle of "reducing if possible and releasing if possible". For example, lowering the threshold for fund application and adjusting the scale of infrastructure, industry, and venture capital funds to no less than 3 billion yuan, 1 billion yuan, and 200 million yuan respectively; Adjust the paid in registered capital of the fund management institution to no less than 10 million yuan.
Relax the restrictions on fund reinvestment and adjust the proportion of fund investment in Shandong from no less than 60% or 70% of the fund size to no less than 1.5 times the amount invested by the guiding fund. Increase the proportion of guiding fund contributions and adjust the proportion of guiding fund contributions to industrial funds from 20% to generally not exceeding 25%. To support the implementation of rural revitalization and strategic ocean management, funds in the fields of modern and efficient agriculture, modern ocean industry, and various venture capital funds can be guided to contribute up to 30% of the total, and the proportion of joint investment by provincial, municipal, and county governments can be relaxed to 50%.
The Opinion will also adjust the original three-tier structure to a two-tier structure of "guidance fund sub fund", and the leverage ratio will be reasonably determined according to market conditions. At the same time, the operation mode of the innovation fund is to tailor project funds for major industrial projects identified by the provincial party committee and government as "double recruitment and double introduction". The provincial guidance fund, in conjunction with the city and county guidance fund, cooperates with social capital to support project implementation and achieve precise support from the fund for projects.
In terms of improving the efficiency of fund utilization, the "Opinions" will increase the guidance of fund profitability, and guide funds to transfer all appreciation income for projects invested in within the province within one year of fund registration; Within 2 years of fund registration, the fund management institution will be rewarded based on the progress and amount of fund investment, with a maximum reward of 2 million yuan; Within 3 years of fund registration, the equity or shares held by the guiding fund can be transferred based on the original capital contribution.
In order to optimize the development environment of funds and encourage bold innovation, the "Opinions" also propose to establish a due diligence exemption mechanism. For investments that have made decisions according to the prescribed procedures, if investment losses are caused by force majeure, policy changes, or market (operational) risks, the decision-making body, supervisory department, and guiding fund management agency will not be held responsible. (Reporter Dai Lingling, Intern Li Kexin)
Information source: Dazhong Daily
Editor He Yang of this website/Organizing
