Notice of the Ministry of Finance on Examining and Verifying the Exemption of State-owned Venture Capital Institutions and State-owned Venture Capital Guide Funds from State-owned Share Transfer Obligations

财政部关于豁免国有创业投资机构和国有创业投资引导基金国有股转持义务有关审核问题的通知

Promulgating Institution: Ministry of Finance

Document Number: Cai Qi [2011] No. 14

Promulgating Date:02/22/2011

Effective Date: 02/22/2011

颁布机关: 财政部

文      号: 财企[2011]14号

颁布时间: 02/22/2011

实施时间: 02/22/2011

To the relevant ministries and commissions of the State Council and the relevant institutions directly under the State Council; the finance departments (bureaus) and State-owned assets supervision and administration commissions (bureaus) of all provinces, autonomous regioans, municipalities directly under the Central Government and cities specifically designated in the State plan; China Securities Depository and Clearing Company Limited, relevant State-owned venture capital institutions and State-owned venture capital guide funds:

In accordance with the Notice of the Ministry of Finance, the State-owned Assets Supervision and Administration Commission, the China Securities Regulatory Commission and the National Council for Social Security Fund on Exempting State-owned Venture Capital Institutions and State-owned Venture Capital Guide Funds from State-owned Share Transfer Obligations (Cai Qi [2010] No. 278), we are responsible for examining and verifying the applications for exempting State-owned venture Capital institutions (hereinafter referred to as "Venture Capital Institutions") and State-owned venture capital guide funds (hereinafter referred to as "Guide Funds") from State-owned share transfer obligations. Upon consultation with the State-owned Assets Supervision and Administration Commission, the China Securities Regulatory Commission, the National Council for Social Security Fund and the National Development and Reform Commission, the issues related to the examination and verification thereof are hereby notified as follows:

    国务院有关部委,有关直属机构,各省、自治区、直辖市、计划单列市财政厅(局)、国资委(局),中国证券登记结算有限责任公司,有关国有创业投资机构、国有创业投资引导基金:

    根据《财政部国资委证监会社保基金会关于豁免国有创业投资机构和国有创业投资引导基金国有股转持义务有关问题的通知》(财企[2010]278号),我部负责审核国有创业投资机构(以下简称创投机构)和国有创业投资引导基金(以下简称引导基金)提出的豁免国有股转持义务申请。经商国资委、证监会、社保基金会、发展改革委,现就审核中涉及的有关问题补充通知如下:

1. Requirements for record-filing and annual inspection of Venture Capital Institutions

A Venture Capital Institution shall complete the formalities for record-filing according to the conditions and procedures as set forth in the Interim Measures on the Administration of Venture Capital Institutions (Decree No. 39 of National Development and Reform Commission and other nine departments) and must pass the annual inspection of the record-filing administrative department in the latest year (except for the newly recorded Venture Capital Institutions applying for exemption from State-owned share transfer obligations in the current year.

       一、创投机构备案及年检要求

    创投机构应遵照《创业投资企业管理暂行办法》(发展改革委等10部门令第39号)规定的条件和程序完成备案,且最近一年必须通过备案管理部门的年度检查(申请豁免转持义务当年新备案的国有创业投资机构除外)。

2. Confirmation of investment time points

Where a Venture Capital Institution invests in an unlisted small and medium-sized enterprise, the investment time point shall be, after the investment of the Institution, the date when the invested enterprise obtains the business license for legal person issued by the administrative department for industry and commerce or the notice on change registration approved by the administrative department for industry and commerce. Where the same Venture Capital Institution invests in an unlisted small and medium-sized enterprise for several times, the first time shall be regarded as the initial investment, and its following investments be confirmed based on the initial Investment time point.

       二、投资时点确认

    创投机构投资于未上市中小企业,其投资时点以创投机构投资后,被投资企业取得工商行政管理部门核发的法人营业执照或工商核准变更登记通知书的日期为准。同一创投机构对未上市中小企业进行多轮投资的,第一次投资为初始投资,其后续投资均按初始投资的时点进行确认。

3. Identification of the scale of invested enterprises

The scale of an invested enterprise shall be indentified based on the relevant indicators at the end of the previous year of the initial investment time point of the Venture Capital Institution. The number of employees shall be verified by the labor and social security department or social insurance fund management entity at or above the county level at the place where the invested enterprise is located; the annual sales (turnover) and total assets shall be determined based on the data in the annual consolidated financial statements of an accounting firm.

       三、被投资企业规模认定

    被投资企业规模按照创投机构初始投资时点之上一年度末的相关指标进行认定。职工人数由被投资企业所在地县级以上劳动和社会保障部门或社会保险基金管理单位核定;年销售(营业额)和资产总额均须以会计师事务所审计的年度合并会计报表数据为准。

4. Return or de-freezing of State-owned shares

Where a Venture Capital Institution has transferred State-owned shares in accordance with the Implementation Measures for Domestic Securities Markets to Transfer some of the State-owned Shares to Finance the National Social Security Fund (Cai Qi [2009] No.94), the Venture Capital Institution may return the shares after being examined and verified by the Ministry of Finance and the National Council for Social Security Fund to be qualified for exemption from transfer policies.

Returned State-owned shares include: (1) the State-owned shares transferred by the Venture Capital Institution to the National Council for Social Security Fund; and (2) the relevant interests derived from the State-owned shares as a result of the profit distribution or capital stock transferred from capital reserves of the listed company during the period when such shares are held by the National Council for Social Security Fund, including bonus shares, capital stock transferred from capital reserves, cash dividends etc.

Where a Venture Capital Institution or its State-owned investors have performed the State-owned share transfer obligations in a cash alternative way set forth in the document (Cai Qi [2009] No. 94), the Venture Capital Institution or its investors may return the shares after being examined and verified by the Ministry of Finance and the National Council for Social Security Fund to be qualified for exemption from transfer policies. The returned funds shall be determined based on the amount of money paid by the Venture Capital Institution or its State-owned investors into the Central Treasury.

In accordance with the provisions of the official document (Cai Qi [2009] No.94), where the State-owned shares of listed companies held by a wholly State-owned Venture Capital Institution have been frozen, but not yet transferred, the Venture Capital Institution shall, pursuant to the relevant requirements of the Notice of the Ministry of Finance, the State-owned Assets Supervision and Administration Commission, the China Securities Regulatory Commission and the National Council for Social Security Fund on Accelerating State-owned Share Transfer (Cai Qi [2010] No. 393), change to register the State-owned shares under the account of the National Council for Social Security Fund for transferred shares, and then apply for the return of the State-owned shares in accordance with the provisions of the document (Cai Qi [2010] No. 278) and this Notice.Where the State-owned shares of list companies held by a wholly State-owned Venture Capital Institution have been frozen, but not yet transferred, the Institution may directly apply for the de-freezing of the shares with our Ministry, and defreeze the State-owned shares after being examined and verified to be qualified for exemption from transfer policies. De-frozen State-owned shares include: (1) the State-owned shares that have been frozen in the account of a Venture Capital Institution due to State-owned share transfer policies; and (2) the relevant interests derived from the State-owned shares as a result of the profit distribution or capital stock transferred from capital reserves of listed companies during the period when such shares are frozen, including bonus shares, capital stock transferred from capital reserves, and etc.

The Capital Institution shall apply for the return or de-freezing of the State-owned shares with the Ministry of Finance before October 31, 2011, otherwise, no application will be accepted.

       四、国有股的回拨或解冻

    创投机构已按《境内证券市场转持部分国有股充实全国社会保障基金实施办法》(财企[2009]94号)实施国有股转持,经财政部会同社保基金会审核符合豁免转持政策的,实行回拨处理。回拨的国有股权包括:(1)由该创投机构转持至社保基金会的国有股;(2)社保基金会持股期内因上市公司利润分配或资本公积转增等原因,由该部分国有股派生的相关权益,包括送股、转增股本及现金分红等。

    创投机构或其国有出资人已按财企[2009]94号文件规定以现金替代方式履行国有股转持义务,经财政部会同社保基金会审核符合豁免转持政策的,实行回拨处理。回拨资金额按照创投机构或其国有出资人缴入中央金库的资金额确定。

    按照财企[2009]94号文件规定,国有全资创投机构所持上市公司国有股被冻结但尚未被转持的,须先按照《财政部国资委证监会社保基金会关于加快推进国有股转持工作的通知》(财企[2010]393号)的有关要求,将国有股变更登记到社保基金会转持股票账户后,再按财企]2010]278号文件和本通知的规定申请办理国有股回拨手续。国有控股创投机构所持上市公司国有股被冻结但尚未被转持的,可直接向我部提出解冻申请,经我部审核符合豁免转持政策的,实行解冻处理。解冻的国有股包括:(1)创投机构股票账户中因实施国有股转持政策而被冻结的国有股;(2)该部分国有股被冻结期间因上市公司利润分配或资本公积转增等原因,由该部分国有股派生的部分权益,包括送股、转增股本等。

    创投机构应于2011年10月31日前向我部提出回拨或解冻的申请,逾期将不予受理。

5. Application documents

(1) Where a Venture Capital Institution applies for exemption from State-owned share transfer obligations before the proposed initial public offering and listing of the invested enterprise, it shall provide the following documents:

<1>. Application report;

An application report shall be issued in the form of red header document, given the reference number and stamped with the official seal of the Venture Capital Institution. The main contents of a report shall include: the basic information of the Venture Capital Institution, the completion of record-filing and the annual inspection by the concerned record-filing administrative department of the Venture Capital Institution in accordance with the conditions and procedures as set forth in the Interim Measures on the Administration of Venture Capital Institutions, the major investments on the invested enterprise, the relevant information of the invested enterprise at the time of initial investment of the Venture Capital Institution (including the establishment time of the enterprise, number and quality of the shareholders, name of the enterprise while being invested, total assets at the end of the previous year, revenue, number of the employees and etc.), the shareholding reform and equity structure of the invested enterprise (including the State-owned shareholders and the shareholdings thereof), the public offering plan of the invested enterprise, the State-owned share transfer plan, and the number of the State-owned shares held by the Venture Capital Institution to be transferred.

<2>. The photocopy of the business license and the Articles of Association of a Venture Capital Institution;

<3>. The notice of the record-filing administrative department on approving the documents for record-filing and the annual inspection of the latest year of a Venture Capital Institution;

<4>. The photocopy of business license (or notice issued by the administrative department for industry and commerce on approving the changed registration) and the Articles of Association of an invested enterprise after the initial investment of the Venture Capital Institution;

<5>. The certificate for the number of the employees of an invested enterprise at the end of the previous year of the initial investment time point of the Venture Capital Institution issued by the labor and social security department or the social insurance fund management entity at or above the county level at the place where the invested enterprise is located;

<6>. The annual audit report of an invested enterprise at the end of the previous year of the initial investment time point of the Venture Capital Institution issued by an accounting firm;

<7>. The approval document for the administration of State-owned shares of an invested enterprise issued by the State-owned assets administration department at or above the provincial level;

<8>. The resolution of shareholders' meeting and share issuance scheme of an invested enterprise related to public offering; and

<9>. Other relevant documents.

(2) Where a Venture Capital Institution applies for return or de-freezing of State-owned shares (cash) after the State-owned shares have been transferred or frozen, it shall provide the following documents:

<1>. Application report;

An application report shall be issued in the form of red header document, given the reference number and stamped with the official seal of the Venture Capital Institution. The main contents of a report shall include the basic information of the Venture Capital Institution, the completion of record-filing and the annual inspection by the concerned record-filing administrative department of the Venture Capital Institution in accordance with the conditions and procedures as set forth in the Interim Measures on the Administration of Venture Capital Institutions, the major investments on the invested enterprise, the relevant information of the invested enterprise at the time of initial investment of the Venture Capital Institution (including the establishment time of the enterprise, number and quality of the shareholders, name of the enterprise while being invested, total assets at the end of the previous year, revenue, number of the employees and etc. ), the shareholding reform and equity structure of the invested enterprise (including the State-owned shareholders and the shareholdings thereof), the publicly issued shares of the invested enterprise and the listing thereof , the transferred or frozen State-owned shares of the Venture Capital Institution, the profit distribution or capital stock transferred from capital reserves of listed companies during the period when the State-owned shares are held by the National Council for Social Security Fund or are frozen, and the number of the State-owned shares (cash) subject to the application for return or de-freezing.

<2>. The photocopy of business license and the Articles of Association of a Venture Capital Institution;

<3>. The notice of the record-filing administrative department on approving the documents for record-filing and the annual inspection of the latest year of a Venture Capital Institution;

<4>. The photocopy of business license (or notice issued by the administrative department for industry and commerce on approving the changed registration) and the Articles of Association of an invested enterprise after the initial investment of the Venture Capital Institution;

<5>. The certificate for the number of the employees of an invested enterprise at the end of the previous year of the initial investment time point of the Venture Capital Institution issued by the labor and social security department or the social insurance fund management entity at or above the county level at the place where the invested enterprise is located;

<6>. The annual audit report of an invested enterprise at the end of the previous year of the initial investment time point of the Venture Capital Institution issued by an accounting firm;

<7>. The resolution and implementation announcement of an invested enterprise on profit distribution, capital stock transferred from capital reserves and etc;

<8>. The photocopy of the stock account card of a Venture Capital Institution, photocopy of the general payment form for a Venture Capital Institution or other State-owned investors to turn over capital, and photocopy of the bank account to receive the returned capital (only limited to the shares that are clawed back d in cash); and

<9>. Other relevant information.

The documents submitted by a Venture Capital Institution, if involving any relevant information of listed companies, shall comply with the relevant laws, regulation and rules related to the information disclosure of listed companies and the requirements of the Notice of the General Office of the State Council on Forwarding the Opinions of the China Securities Regulatory Commission and Other Departments on Cracking Down on, as well as Preventing and Controlling the Inside Trading of Capital Markets (Guo Ban Fa [2010] No. 55), and avoid involving any non-public information of listed companies to ensure the fairness of the information disclosure of listed companies.

       五、申报资料

    (一)被投资企业拟首次公开发行股票并上市前,创投机构申请豁免国有股转持义务,应当提供以下资料:

    1.申请报告。由创投机构以红头文件形式出具,编文号并加盖创投机构公章。主要内容包括:创投机构基本情况,按照《创业投资企业管理暂行办法》规定条件和程序完成备案及经备案管理部门年度检查情况,对被投资企业进行投资的主要情况,创投机构初始投资时被投资企业的有关情况(包括企业设立时间、股东人数及性质、投资时企业名称、上一年度末资产总额、营业收入、职工人数等),被投资企业股份制改制情况及股本结构(包括国有股东及持股情况),被投资企业公开发行股票预案,国有股转持预案及创投机构所持国有股拟转持数量等。

    2.创投机构营业执照复印件及章程。

    3.创业投资企业备案管理部门同意创投机构备案的文件及近一年年检结果的通知。

    4.创投机构初始投资完成后被投资企业营业执照复印件(或工商行政管理部门出具的工商核准变更登记通知书)及公司章程。

    5.被投资企业所在地县级以上劳动和社会保障部门或社会保险基金管理单位出具的创投机构初始投资时点之上一年度末被投资企业职工人数证明。

    6.会计师事务所出具的创投机构初始投资时点之上一年度末被投资企业年度审计报告。

    7.省级以上国有资产管理部门出具的被投资企业国有股权管理批复文件。

    8.被投资企业关于公开发行股票的股东大会决议及股份发行方案。

    9、其他说明材料。

    (二)已实施国有股转持或国有股已被冻结,创投机构申请国有股(现金)回拨或解冻,应当提供以下资料:

    1.申请报告。由创投机构以红头文件形式出具,编文号并加盖创投机构公章。主要内容包括:创投机构基本情况,按照《创业投资企业管理暂行办法》规定条件和程序完成备案及经备案管理部门年度检查情况,对被投资企业进行投资的主要情况,创投机构初始投资时被投资企业的有关情况(包括企业设立时间、股东人数及性质、投资时企业名称、上一年度末资产总额、营业收入、职工人数等),被投资企业股份制改制情况及股本结构(包括国有股东及持股情况),被投资企业公开发行股票及上市情况,创投机构国有股转持或被冻结情况,社保基金会持股或国有股被冻结期间上市公司利润分配或资本公积转增等情况,申请回拨或解冻的国有股(现金)数量等。

    2.创投机构营业执照复印件及章程。

    3.创业投资企业备案管理部门同意创投机构备案的文件及近一年年检结果的通知。

    4.创投机构初始投资完成后被投资企业营业执照复印件(或工商行政管理部门出具的工商核准变更登记通知书)及公司章程。

    5.被投资企业所在地县级以上劳动和社会保障部门或社会保险基金管理单位出具的创投机构初始投资时点之上一年度末被投资企业职工人数证明。

    6.会计师事务所出具的创投机构初始投资时点之上一年度末被投资企业年度审计报告。

    7.被投资企业关于利润分配和资本公积转增等方案的决议及实施公告。

    8.创投机构股票账户卡复印件,创投机构或其国有出资人上缴资金的一般缴款书复印件和承接回拨资金的银行账户复印件(仅限于涉及现金回拨情形)。

    9.其他说明材料。

    创投机构提交的有关资料,如涉及上市公司相关信息的,应当符合上市公司信息披露相关法律法规和规则以及《国务院办公厅转发证监会等部门关于依法打击和防控资本市场内幕交易意见的通知》(国办发[2010]55号)的要求,避免涉及上市公司未公开信息,确保上市公司信息披露的公平性。

6. Requirements for examination and verification of Guide Funds

The accreditation of Guide Funds shall be examined and approved by the Ministry of Finance and the National Development and Reform Commission in accordance with the Guiding Opinions on the Standard Establishment and Operation of Venture Capital Guide Funds (Guo Ban Fa [2008] No. 116) with the relevant explanatory documents provide by Guide Funds. The other conditions and procedures for exemption of Guide Funds from State-owned share transfer obligations shall be implemented by reference to the relevant requirements for Venture Capital Institutions.

       六、引导基金审核要求

    引导基金的资质认定,由我部会同发展改革委按照《关于创业投资引导基金规范设立与运作的指导意见》(国办发[2008]116号)有关规定进行审定,引导基金应提供相关说明材料。引导基金申请豁免的其他条件及程序,均比照对创投机构的相关要求办理。

7. Submission of documents

The Enterprises Department of the Ministry of Finance shall be responsible for examining and verifying the exemption of Venture Capital Institutions and Guide Funds from State-owned shares transfer obligations. Venture Capital Institutions and Guide Funds may directly submit the application documents (in duplicate) to the address: Third Enterprise Division, Enterprises Department, Ministry of Finance, SanLiHe, XiCheng District, Beijing, 100820, Tel: 010 -68552428.

Ministry of Finance

February 22, 2011

       七、资料报送

    财政部企业司具体负责豁免创投机构和引导基金国有股转持义务的审核工作，创投机构和引导基金可将申请资料（一式两份）直接寄送至:北京市西城区三里河财政部企业司企业三处，邮编:100820，联系电话:010-68552428。

    财政部

    二○一一年二月二十二日