Notice of the Ministry of Finance on Further Clarifying the Asset Management Issues concerning the Direct Equity Investment by State-owned Financial Enterprises

财政部关于进一步明确国有金融企业直接股权投资有关资产管理问题的通知

Promulgating Institution:Ministry of Finance

Document Number: Cai Jin [2014] No.31

Promulgating Date: 06/06/2014

Effective Date: 07/06/2014

颁布机关: 财政部

文      号:财金[2014]31号

颁布时间:06/06/2014

实施时间: 07/06/2014

To all financial enterprises under central management, the finance departments (bureaus) of all provinces, autonomous regions, municipalities directly under the Central Government and cities separately designated in the State plan, and the Finance Bureau of the Xinjiang Production and Construction Corps,

    各中央管理金融企业，各省、自治区、直辖市、计划单列市财政厅（局），新疆生产建设兵团财务局：

With a view to further specifying the asset management issues involved in the direct equity investment by State-owned and State-controlled financial enterprises (hereinafter referred to as the "State-owned Financial Enterprise"), regulating the management of relevant equity assets, clarifying investment responsibilities, and ensuring the security and value preservation and appreciation of State-owned financial assets, this Notice is hereby given as follows on the asset management issues involved in the direct equity investment by State-owned Financial Enterprises in accordance with relevant laws and administrative regulations of the State:

    为进一步明确国有及国有控股金融企业（以下简称国有金融企业）直接股权投资行为中涉及的资产管理事宜，规范相关股权资产的管理，厘清投资责任，确保国有金融资产安全和保值增值，根据国家有关法律、行政法规，现就国有金融企业开展直接股权投资涉及的有关资产管理问题通知如下：

1. This Notice shall apply to State-owned Financial Enterprises, including all State-owned enterprises, State-owned financial holding companies, State-owned guarantee companies and other State-owned enterprises in the financial sector that have obtained the financial business permit.

       一、本通知适用于国有金融企业，包括所有获得金融业务许可证的国有企业、国有金融控股公司、国有担保公司以及其他金融类国有企业。

For the purpose of this Notice, direct equity investment shall refer to the activities that meet the following requirements: a State-owned Financial Enterprise, pursuant to the Company Law of the People's Republic of China, relevant laws and regulations on industry regulation, as well as other applicable provisions, uses its proprietary funds and other funds from legitimate sources to invest in an enterprise's equities that are not publicly offered and listed; and, such investment is a financial investment made by the State-owned Financial Enterprise not for the purpose of long-term holding and not for the purpose of becoming the controlling shareholder of the invested enterprise.

    本通知所称直接股权投资，是指国有金融企业依据《中华人民共和国公司法》、相关行业监管法律法规等规定，以自有资金和其他合法来源资金，通过对非公开发行上市企业股权进行的不以长期持有为目的、非控股财务投资的行为。

For the purpose of this Notice, investment institutions shall refer to the institutions duly registered within and outside the territory of China that engage in direct equity investment, and professional service agencies shall refer to the agencies recognized by relevant State departments that hold corresponding professional qualifications and provide investment consulting, financial audit, asset valuation, legal advice and other services for investment in the non-listed equities of enterprises.

    本通知所称投资机构，是指在中国境内外依法注册登记，从事直接股权投资的机构；所称专业服务机构，是指经国家有关部门认可，具有相应专业资质，为投资非上市企业股权提供投资咨询、财务审计、资产评估和法律意见等服务的机构。

2. To make direct equity investment, a State-owned Financial Enterprise shall comply with laws and administrative regulations, follow the principle of sound and safe investment, take into overall consideration benefits and risks, and establish comprehensive decision-making procedures for prudent operations. Direct equity investment projects shall be in compliance with the industrial, investment and macro-control policies of the State.

       二、国有金融企业开展直接股权投资业务，应当遵守法律、行政法规的规定，遵循稳健、安全原则，综合考虑效益和风险，建立完备的决策程序，审慎运作。直接股权投资项目应当符合国家产业、投资、宏观调控政策。

3. To make direct equity investment, a State-owned Financial Enterprise may set up internal investment management teams in accordance with regulatory provisions, or entrust external investment institutions with management and operation. Both internal investment management teams and external investment institutions entrusted shall satisfy the qualification conditions required by regulatory authorities, establish robust management systems, decision-making processes and internal control systems, and have in place asset custody and risk isolation mechanisms.

       三、国有金融企业开展直接股权投资业务，可以按照监管规定组建内部投资管理团队实施，也可以通过委托外部投资机构管理运作。内部投资管理团队和受托外部投资机构应当符合监管部门要求的资质条件，建立完善的管理制度、决策流程和内控体系，设立资产托管和风险隔离机制。

4. A State-owned Financial Enterprise that makes direct equity investment through internal investment management teams shall, in accordance with the requirements on risk control, standardize and improve the decision-making process and authorization mechanism, specify the decision-making and approval authority of the general meeting (shareholders' meeting), the board of directors and the management, and properly make relevant institutional arrangements according to investment methods, objectives, size and other factors.

       四、国有金融企业通过内部投资管理团队开展直接股权投资业务的，应当按照风险控制的要求，规范完善决策程序和授权机制，确定股东（大）会、董事会和经营管理层的决策及批准权限，并根据投资方式、目标和规模等因素，做好相关制度安排。

5. To make direct equity investment, a State-owned Financial Enterprise may engage duly qualified professional service agencies to provide due diligence investigation and valuation, investment consulting, legal advice and other professional services, and to investigate and evaluate the business qualifications, equity structure, financial situations, legal risks, etc. of the enterprise to be invested in.

       五、国有金融企业开展直接股权投资，可以聘请符合相关资质条件的专业服务机构，提供尽职调查和估值、投资咨询及法律咨询等专业服务，对拟投资企业的经营资质、股权结构、财务状况、法律风险等进行清查、评价。

6. To make direct equity investment, a State-owned Financial Enterprise shall, based on the specific circumstances of the proposed investment project, adopt internationally accepted valuation approaches to assess the investment value of the enterprise to be invested in, so as to arrive at prudent and reasonable valuation results. Valuation approaches include: book value approach, replacement cost approach, market comparison approach, discounted cash flow approach, transaction multiple approach, etc.

       六、国有金融企业开展直接股权投资，应当根据拟投资项目的具体情况，采用国际通用的估值方法，对拟投资企业的投资价值进行评估，得出审慎合理的估值结果。估值方法包括：账面价值法、重置成本法、市场比较法、现金流量折现法以及倍数法等。

The State-owned Financial Enterprise may, according to the principles of cost-effectiveness and efficiency, independently decide whether to engage a professional agency to conduct asset valuation of the enterprise to be invested in. The State-owned Financial Enterprise shall go through internal record-filing procedures with regard to asset valuation results.

    国有金融企业可以按照成本效益和效率原则，自主确定是否聘请专业机构对拟投资企业进行资产评估，资产评估结果由企业履行内部备案程序。

The State-owned Financial Enterprise shall refer to the valuation or assessment results to determine the reserve price of the enterprise to be invested in, and use the same as reference in investment decision-making.

    国有金融企业应参照估值结果或评估结果确定拟投资企业的底价，供投资决策参考。

7. To make direct equity investment, a State-owned Financial Enterprise shall prepare an investment project analysis report based on the results of due diligence investigation, industry analysis, financial analysis and valuation or assessment, and go through investment decision-making procedures according to its articles of association, management agreements and other relevant provisions. When reviewing the investment plan, the decision-making level of the State-owned Financial Enterprise shall focus on the investment cost and expected returns of the project, valuation or assessment results, the ability to control risks and other factors, and make a decision after overall consideration in light of its own market positioning and business conditions.

       七、国有金融企业开展直接股权投资，应当根据尽职调查情况、行业分析、财务分析、估值或评估结果，撰写投资项目分析报告，并按公司章程、管理协议等有关规定履行投资决策程序。决策层在对投资方案进行审核时，应着重考虑项目的投资成本、估值或评估结果、项目的预计收益、风险的可控性等因素，并结合自身的市场定位和经营情况统筹决策。

8. To make direct equity investment, a State-owned Financial Enterprise shall strengthen post-investment management of the relevant project, fully exercise its shareholders' rights, and raise the core competitiveness and market value of the enterprise invested by providing the said enterprise with integrated value-added services.

       八、国有金融企业开展直接股权投资，应当加强项目投后管理，充分行使股东权利，通过向被投资企业提供综合增值服务，提高企业核心竞争力和市场价值。

Equity assets formed by direct equity investment over which the State-owned Financial Enterprise has no controlling power are not within the scope of registration of the property rights of the State-owned assets of financial enterprises. Nevertheless, the State-owned Financial Enterprise shall establish a sound equity registration ledger account system, and properly perform relevant management tasks.

    进行直接股权投资所形成的不享有控股权的股权类资产，不属于金融类企业国有资产产权登记的范围，但国有金融企业应当建立完备的股权登记台账制度，并做好管理工作。

9. To make direct equity investment, a State-owned Financial Enterprise shall establish an effective exit mechanism which shall include exit methods such as public offering and listing, merger, acquisition and reorganization, transfer by agreement, equity repurchase, etc.

       九、国有金融企业开展直接股权投资，应当建立有效的退出机制，包括：公开发行上市、并购重组、协议转让、股权回购等方式。

Where the State-owned Financial Enterprise exits its investment by way of transfer by agreement or equity repurchase according to the price and conditions under the relevant investment agreement, the general meeting (shareholders' meeting), the board of directors or other bodies of the State-owned Financial Enterprise shall independently make relevant decisions according to the articles of association, and go through equity transfer procedures. Where the State-owned Financial Enterprise transfers the equity by other means, relevant provisions on the management of State-owned financial assets shall apply.

    按照投资协议约定的价格和条件、以协议转让或股权回购方式退出的，按照公司章程的有关规定，由国有金融企业股东（大）会、董事会或其他机构自行决策，并办理股权转让手续；以其他方式进行股权转让的，遵照国有金融资产管理相关规定执行。

10. A State-owned Financial Enterprise that intends to exit its investment after the public offering and listing of the invested enterprise shall perform the obligations to reduce and transfer its holdings of State-owned shares pursuant to relevant provisions of the State. The State-owned Financial Enterprise shall apply to relevant departments for exemption pursuant to pertinent provisions if it is eligible for being exempted from the obligations of transferring the holdings of State-owned shares.

       十、国有金融企业所投资企业通过公开发行上市方式退出的，应按国家有关规定履行国有股减转持义务。可豁免国有股转持义务的，应按相关规定向有关部门提出豁免申请。

11. State-owned Financial Enterprises shall strengthen the management of direct equity investment pursuant to this Notice. Finance departments of all regions may formulate relevant detailed rules of implementation pursuant to this Notice.

       十一、国有金融企业应当根据本通知要求，加强对直接股权投资业务的管理。各地方财政部门可依据本通知制定相关实施细则。

12. This Notice shall come into effect 30 days after the date of printing and distribution.

       十二、本通知自印发之日起30日后施行。

Ministry of Finance

    财政部

June 6, 2014

    2014年6月6日