Interim Administrative Measures for the Fund for Guiding Venture Investment in Technology-based Small and Medium-sized Enterprises

科技型中小企业创业投资引导基金管理暂行办法

 

Promulgating Institution: Ministry of Finance; Ministry of Science and Technology

Document Number: Cai Qi [2007] No. 128

Promulgating Date: 07/06/2007

Effective Date: 07/06/2007

 

颁布机关: 财政部; 科学技术部

文      号: 财企[2007]128号

颁布时间: 07/06/2007

实施时间: 07/06/2007

 

Chapter 1 General Provisions

第一章  总则

  Article 1   With a view to implementing the Several Supporting Policies of the State Council on Implementing the "Outline of the State Long- and Medium- Term Planning for the Development of Science and Technology (2006-2020)" (Guo Fa [2006] No. 6) and supporting technology-based small and medium-sized enterprises in independent innovation, these Measures are formulated in accordance with the Notice of the General Office of the State Council on Forwarding the Interim Provisions of the Ministry of Science and Technology and the Ministry of Finance on the Innovation Fund for Technology-based Small and Medium-sized Enterprises (Guo Ban Fa [1999] No. 47).

       第一条  为贯彻《国务院实施〈国家中长期科学和技术发展规划纲要(2006-2020年)〉若干配套政策》(国发[2006]6号),支持科技型中小企业自主创新,根据《国务院办公厅转发科学技术部财政部关于科技型中小企业技术创新基金的暂行规定的通知》(国办发[1999]47号),制定本办法。

  Article 2   The fund for guiding venture investment in technology-based small and medium-sized enterprises (hereinafter referred to as the Guiding Fund) shall be earmarked for guiding venture investment institutions to invest in technology-based small and medium-sized enterprises (SMEs) at their initial stage.

       第二条  科技型中小企业创业投资引导基金(以下简称引导基金)专项用于引导创业投资机构向初创期科技型中小企业投资。

  Article 3   The funding sources of the Guiding Fund shall include the innovation fund for technology-based small and medium-sized enterprises from the central finance, funds recovered from venture investment institutions supported and funds raised through social donations.

       第三条  引导基金的资金来源为,中央财政科技型中小企业技术创新基金;从所支持的创业投资机构回收的资金和社会捐赠的资金。

  Article 4   The Guiding Fund shall be operated based on the principles of market-oriented project selection, public services-oriented fund utilization and professional service delivery.

       第四条  引导基金按照项目选择市场化、资金使用公共化、提供服务专业化的原则运作。

  Article 5   The guiding methods adopted by the Guiding Fund are phased stock participation, follow-up investment, risk subsidies and investment security. 

       第五条  引导基金的引导方式为阶段参股、跟进投资、风险补助和投资保障。

  Article 6   The Ministry of Finance and the Ministry of Science and Technology shall engage experts to form a Guiding Fund review panel to assess the projects to be supported by the Guiding Fund. The Administration Center for Innovation Fund for Technology-Based Firms of the Ministry of Science and Technology (hereinafter referred to as the Innovation Fund Administration Center) shall be authorized to take charge of the daily management of the Guiding Fund.

       第六条  财政部、科技部聘请专家组成引导基金评审委员会,对引导基金支持的项目进行评审;委托科技部科技型中小企业技术创新基金管理中心(以下简称创新基金管理中心)负责引导基金的日常管理。

Chapter 2 Objects to Be Supported

第二章  支持对象

  Article 7   Objects supported by the Guiding Fund shall include: venture investment enterprises engaging in venture investment within the territory of the People's Republic of China, venture investment management enterprises, and SME service organizations with investment functions (hereinafter collectively referred to as the Venture Investment Institution) as well as technology-based SMEs at their initial stage.

       第七条  引导基金的支持对象为:在中华人民共和国境内从事创业投资的创业投资企业、创业投资管理企业、具有投资功能的中小企业服务机构(以下统称创业投资机构),及初创期科技型中小企业。

  Article 8   For the purpose of these Measures, a venture investment enterprise shall refer to a corporate enterprise or an enterprise in the form of limited partnership that has financing and investment functions and mainly engages in venture investment activities. 

A venture investment enterprise applying for the support of the Guiding Fund shall satisfy the following conditions: 

(1) the enterprise shall have been registered with an administration for industry and commerce; 

(2) the paid-in capital (or contributed amount) of the enterprise shall be more than RMB 100 million, or the first batch of contribution to the enterprise exceeds RMB 30 million, the investors promise to contribute a total of over RMB 100 million within five (5) years after registration, and all of the investors contribute in the monetary form; 

(3) the enterprise shall have a definite investment area, and have made an aggregated investment of over RMB 50 million in technology-based SMEs; 

(4) the enterprise shall have at least three (3) full-time senior management personnel with more than five (5) years of experience in venture investment or relevant business; 

(5) the enterprise shall have at least three (3) successful cases of investment in technology-based SMEs, i.e. achieving an annual average rate of return not lower than 20% from the equity acquired by the investment, or the revenue from equity transfer exceeding the original investment by more than 20%; 

(6) the enterprise shall have standardized management and operation, and have a set of strict and reasonable investment decision-making procedures and risk control mechanism; 

(7) the enterprise shall have a sound internal financial management system and accounting methods in accordance with State provisions on enterprise finance and accounting systems; and 

(8) the enterprise shall not make investment in liquid securities, futures and real estate or sectors restricted by State policies.

       第八条  本办法所称的创业投资企业,是指具有融资和投资功能,主要从事创业投资活动的公司制企业或有限合伙制企业。申请引导基金支持的创业投资企业应当具备下列条件:

    (一)经工商行政管理部门登记;

    (二)实收资本(或出资额)在10000万元人民币以上,或者出资人首期出资在3000万元人民币以上,且承诺在注册后5年内总出资额达到10000万元人民币以上,所有投资者以货币形式出资;

    (三)有明确的投资领域,并对科技型中小企业投资累计5000万元以上;

    (四)有至少3名具备5年以上创业投资或相关业务经验的专职高级管理人员;

    (五)有至少3个对科技型中小企业投资的成功案例,即投资所形成的股权年平均收益率不低于20%,或股权转让收入高于原始投资20%以上;

    (六)管理和运作规范,具有严格合理的投资决策程序和风险控制机制;

    (七)按照国家企业财务、会计制度规定,有健全的内部财务管理制度和会计核算办法;

    (八)不投资于流动性证券、期货、房地产业以及国家政策限制类行业。

  Article 9   For the purpose of these Measures, a venture investment management enterprise shall refer to a corporate enterprise or an enterprise in the form of limited partnership incorporated by professional investment managers that provide investment management services for investors. 

A venture investment management enterprise applying for the support of the Guiding Fund shall satisfy the following conditions: 

(1) the enterprise shall comply with Item (1), Item (4), Item (5), Item (6) and Item (7) of Article 8 of these Measures; 

(2) the paid-in capital (or contributed amount) of the enterprise shall be more than RMB 1 million; and 

(3) the value of venture capital managed by the enterprise shall be more than RMB 50 million;

       第九条  本办法所称的创业投资管理企业,是指由职业投资管理人组建的为投资者提供投资管理服务的公司制企业或有限合伙制企业。申请引导基金支持的创业投资管理企业应具备下列条件:

    (一)符合本办法第八条第(一)、第(四)、第(五)、第(六)、第(七)项条件;

    (二)实收资本(或出资额)在100万元人民币以上;

    (三)管理的创业资本在5000万元人民币以上;

  Article 10   For the purpose of these Measures, SME service organizations with investment functions shall refer to incubators for technology-based SMEs, venture service centers and other SME service organizations with investment functions that provide venture guidance, technical services and financing services for technology-based SMEs at their initial stage. 

A SME service organization applying for the support of the Guiding Fund shall satisfy the following conditions: 

(1) the organization shall comply with Item (5), Item (6) and Item (7) of Article 8 of these Measures; 

(2) the organization shall have the legal person status as an enterprise or institution; 

(3) the organization shall have at least two (2) full-time management persons with more than three (3) years of experience in venture investment or relevant business; 

(4) the organization shall have a minimum of fifty (50) technology-based SMEs at their initial stage under its guidance (subject to the execution of the Service Agreement); 

(5) the organization is capable of providing permanent business premises for technology-based SMEs at their initial stage; and 

(6) the organization shall have an aggregate of over RMB 5 million of investment in technology-based SMEs at their initial stage or investment under entrusted management.

       第十条  本办法所称的具有投资功能的中小企业服务机构,是指主要从事为初创期科技型中小企业提供创业辅导、技术服务和融资服务,且具有投资能力的科技企业孵化器、创业服务中心等中小企业服务机构。申请引导基金支持的中小企业服务机构需具备以下条件:

    (一)符合本办法第八条第(五)、第(六)、第(七)项条件;

    (二)具有企业或事业法人资格;

    (三)有至少2名具备3年以上创业投资或相关业务经验的专职管理人员。

    (四)正在辅导的初创期科技型中小企业不低于50家(以签订《服务协议》为准);

    (五)能够向初创期科技型中小企业提供固定的经营场地;

    (六)对初创期科技型中小企业的投资或委托管理的投资累计在500万元人民币以上。

  Article 11   For the purpose of these Measures, 

a technology-based SME at its initial stage shall refer to a non-listed company founded not earlier than five (5) years ago that mainly engages in the research, development, production and services with respect to high and new technology products. To be entitled to the support of the Guiding Fund, a technology-based SME at its initial stage shall satisfy the following conditions: 

(1) the SME shall have the enterprise legal person status; 

(2) the SME shall have no more than 300 workers and staff members, among which more than 30% shall be science and technology personnel with an associate diploma or above and more than 10% shall be science and technology personnel directly engaging in research and development (R&D); and

(3) the SME shall have an annual sales volume of below RMB 30 million, and a net assets of below RMB 20 million, with the expenses for the R&D of high and new technologies accounting for more than 5% of the sales volume.

       第十一条  本办法所称的初创期科技型中小企业,是指主要从事高新技术产品研究、开发、生产和服务,成立期限在5年以内的非上市公司。享受引导基金支持的初创期科技型中小企业,应当具备下列条件:

    (一)具有企业法人资格;

    (二)职工人数在300人以下,具有大专以上学历的科技人员占职工总数的比例在30%以上,直接从事研究开发的科技人员占职工总数比例在10%以上;

    (三)年销售额在3000万元人民币以下,净资产在2000万元人民币以下,每年用于高新技术研究开发的经费占销售额的5%以上。

Chapter 3 Phased Stock Participation

第三章  阶段参股

  Article 12   Phased stock participation shall refer to the investment by the Guiding Fund in the equity of venture investment enterprises and exit within a predetermined period. Stage stock participation is mainly intended to support the founding of new venture investment enterprises.

       第十二条  阶段参股是指引导基金向创业投资企业进行股权投资,并在约定的期限内退出。主要支持发起设立新的创业投资企业。

  Article 13   Venture Investment Institutions satisfying the conditions specified in these Measures may apply for phased stock participation when initiating the setup of new venture investment enterprises as promoters.

       第十三条  符合本办法规定条件的创业投资机构作为发起人发起设立新的创业投资企业时,可以申请阶段参股。

  Article 14   The Guiding Fund may not contribute over 25% of the paid-in capital (or contribution amount) of a venture investment enterprise, or become the majority shareholder.

       第十四条  引导基金的参股比例最高不超过创业投资企业实收资本(或出资额)的25%,且不能成为第一大股东。

  Article 15   The equity acquired through investment by the Guiding Fund may be purchased by other shareholders or investors at any time. Where such equity is purchased within three (3) years after investment by the Guiding Fund, the transfer price shall be the original amount of investment made by the Guiding Fund; where such equity is purchased over three (3) years after investment by the Guiding Fund, the transfer price shall be the sum of the return calculated by the benchmark interest rate for 1-year loans announced by the People's Bank of China and the original amount of investment made by the Guiding Fund.

       第十五条  引导基金投资形成的股权,其他股东或投资者可以随时购买。自引导基金投入后3年内购买的,转让价格为引导基金原始投资额;超过3年的,转让价格为引导基金原始投资额与按照转让时中国人民银行公布的1年期贷款基准利率计算的收益之和。

  Article 16   Venture investment enterprises applying for stock participation by the Guiding Fund shall clarify the following issues in the Investor Agreement and the Enterprise Articles of Association: 

(1) that the Guiding Fund may exit at any time when there is a transferee; 

(2) that the stock participation period of the Guiding Fund is typically no longer than five (5) years; 

(3) that during the stock participation period of the Guiding Fund, the total investment in technology-based SMEs at their initial stage may not be less than twice the contribution amount of the Guiding Fund; 

(4) that the Guiding Fund shall not participate in daily operation and management, but shall have the right to supervise investments in technology-based SMEs at their initial stage. 

The Innovation Fund Administration Center may organize social intermediaries to conduct annual special auditing of venture investment enterprises. The Guiding Fund shall be entitled to exit where the Venture Investment Institution fails to invest in technology-based SMEs at their initial stage as agreed upon in the Investor Agreement and the Enterprise Articles of Associations; and

(5) where a venture investment enterprise under the equity participation scheme is liquidated, after creditors are repaid in accordance with legal procedures, the remaining assets shall first be used to pay off the Guiding Fund.

       第十六条  申请引导基金参股的创业投资企业应当在《投资人协议》和《企业章程》中明确下列事项:

    (一)在有受让方的情况下,引导基金可以随时退出;

    (二)引导基金参股期限一般不超过5年;

    (三)在引导基金参股期内,对初创期科技型中小企业的投资总额不低于引导基金出资额的2倍;

    (四)引导基金不参与日常经营和管理,但对初创期科技型中小企业的投资情况拥有监督权。创新基金管理中心可以组织社会中介机构对创业投资企业进行年度专项审计。创业投资机构未按《投资人协议》和《企业章程》约定向初创期科技型中小企业投资的,引导基金有权退出;

    (五)参股创业投资企业发生清算时,按照法律程序清偿债权人的债权后,剩余财产首先清偿引导基金。

Chapter 4 Follow-up Investment

第四章  跟进投资

  Article 17   Follow-up investment shall refer to the investment mode where the Guiding Fund co-invests with a Venture Investment Institution in technology-based SMEs at their initial stage as selected by the Venture Investment Institution for investment.

       第十七条  跟进投资是指对创业投资机构选定投资的初创期科技型中小企业,引导基金与创业投资机构共同投资。

  Article 18   A Venture Investment Institution may apply for follow-up investment after selection of the project to be invested in or within one (1) year from completion of the investment. 

       第十八条  创业投资机构在选定投资项目后或实际完成投资1年内,可以申请跟进投资。

  Article 19   The Guiding Fund shall make follow-up investment at a proportion of lower than 50% of the actual amount of investment made by the Venture Investment Institution, and the investment in each project may not exceed RMB 3 million.

       第十九条  引导基金按创业投资机构实际投资额50%以下的比例跟进投资,每个项目不超过300万元人民币。

  Article 20   The equity formed by the follow-up investment by the Guiding Fund shall be entrusted to the co-investing Venture Investment Institution for management.  

The Innovation Fund Administration Center shall execute with the co-investing Venture Investment Institutions the Agreement on Equity Custodian, to specify the rights, responsibilities and obligations of both parties, as well as the conditions and/or time for equity withdrawal.

       第二十条  引导基金跟进投资形成的股权委托共同投资的创业投资机构管理。

    创新基金管理中心应当与共同投资的创业投资机构签订《股权托管协议》,明确双方的权利、责任、义务、股权退出的条件或时间等。

  Article 21   The Guiding Fund shall pay the management fee and performance bonus to co-investing Venture Investment Institutions equaling to 50% of the investment return, with the remaining investment return being retained by the Guiding Fund.

       第二十一条  引导基金按照投资收益的50%向共同投资的创业投资机构支付管理费和效益奖励,剩余的投资收益由引导基金收回。

  Article 22   The equity formed by investment made by the Guiding Fund shall typically exit within five (5) years. Equity withdrawal shall be implemented by the co-investing Venture Investment Institutions.

       第二十二条  引导基金投资形成的股权一般在5年内退出。股权退出由共同投资的创业投资机构负责实施。

  Article 23   Co-investing Venture Investment Institutions may not withdraw their equity in the invested enterprises prior to the Guiding Fund.

       第二十三条  共同投资的创业投资机构不得先于引导基金退出其在被投资企业的股权。

Chapter 5 Risk Subsidies

第五章  风险补助

  Article 24   Risk subsidies shall refer to the granting of subsidies by the Guiding Fund to the Venture Investment Institutions that have already invested in technology-based SMEs at their initial stages.

       第二十四条  风险补助是指引导基金对已投资于初创期科技型中小企业的创业投资机构予以一定的补助。

  Article 25   A Venture Investment Institution may apply for risk subsidies upon completion of the investment.

       第二十五条  创业投资机构在完成投资后,可以申请风险补助。

  Article 26   The Guiding Fund shall grant risk subsidies of up to 5% of the actual amount of investment made by a Venture Investment Institution, subject to a maximum of RMB 5 million.

       第二十六条  引导基金按照最高不超过创业投资机构实际投资额的5%给予风险补助,补助金额最高不超过500万元人民币。

  Article 27   Risk subsidies shall be used to make up for losses incurred from venture investment.

       第二十七条  风险补助资金用于弥补创业投资损失。

Chapter 6 Investment Security

第六章  投资保障

  Article 28   Investment security shall refer to the subsidies that, after a Venture Investment Institution has determined as a "guided enterprise" a technology-based SME at its initial engaging in the R&D of high and new technologies and with investment potential, are granted by the Guiding Fund thereto. 

Investment security shall be implemented in two stages. 

After the Venture Investment Institution has signed the Letter of Investment Intent with the "guided enterprise", the Guiding Fund shall grant a pre-investment subsidy to the "guided enterprise"; after the Venture Investment Institution has completed the investment, the Guiding Fund shall grant a post-investment subsidy to the "guided enterprise".

       第二十八条  投资保障是指创业投资机构将正在进行高新技术研发、有投资潜力的初创期科技型中小企业确定为“辅导企业”后,引导基金对“辅导企业”给予资助。

    投资保障分两个阶段进行。在创业投资机构与“辅导企业”签订《投资意向书》后,引导基金对“辅导企业”给予投资前资助;在创业投资机构完成投资后,引导基金对“辅导企业”给予投资后资助。

  Article 29   A Venture Investment Institution may apply for pre-investment subsidy along with the "guided enterprise".

       第二十九条  创业投资机构可以与“辅导企业”共同提出投资前资助申请。

  Article 30   Where a pre-investment subsidy is applied for, a Venture Investment Institution shall sign the Letter of Investment Intent with the "guided enterprise", and issue the Guidance Commitments to clarify the following matters: 

(1) the essential contents of venture guidance to be provided by the Venture Investment Institution for the "guided enterprise" for free upon receipt of the subsidy from the Guiding Fund. The guidance period shall typically last for one (1) year, and may not exceed two (2) years; 

(2) the conditions that the "guided enterprise" shall satisfy during the guidance period for investment by the Venture Investment Institution; and

(3) liabilities of the Venture Investment Institution and the "guided enterprise", in the case of a breach of contract.

       第三十条  申请投资前资助的,创业投资机构应当与“辅导企业”签订《投资意向书》,并出具《辅导承诺书》,明确以下事项:

    (一)获得引导基金资助后,由创业投资机构向“辅导企业”提供无偿创业辅导的主要内容。辅导期一般为1年,最长不超过2年;

    (二)辅导期内“辅导企业”应达到的符合创业投资机构投资的条件;

    (三)创业投资机构与“辅导企业”双方违约责任的追究。

  Article 31   Where the provisions of Article 30 of these Measures are complied with, the Guiding Fund may grant a pre-investment subsidy to the "guided enterprise", subject to a maximum of RMB 1 million. The subsidy shall mainly be used to subsidize the expenses of the "guided enterprise" on the R&D of high and new technologies.

       第三十一条  符合本办法第三十条规定的,引导基金可以给予“辅导企业”投资前资助,资助金额最高不超过100万元人民币。资助资金主要用于补助“辅导企业”高新技术研发的费用支出。

  Article 32   After a Venture Investment Institution has made investment following venture guidance, the Venture Investment Institution and the "guided enterprise" may together apply for a post-investment subsidy. The Guiding Fund may, based on the actual circumstances, grant a post-investment subsidy of no more than RMB 2 million to the "guided enterprise". The subsidy shall mainly be used to subsidize the expenses of the "guided enterprise" on the industrialization of high and new technology products.

       第三十二条  经过创业辅导,创业投资机构实施投资后,创业投资机构与“辅导企业”可以共同申请投资后资助。引导基金可以根据情况,给予“辅导企业”最高不超过200万元人民币的投资后资助。资助资金主要用于补助“辅导企业”高新技术产品产业化的费用支出。

  Article 33   Where no investment is made at the end of the guidance period, the Venture Investment Institution concerned and the "guided enterprise" shall each submit a special report to state the reasons. Where the Letter of Investment Intent and the Guidance Commitments fail to be performed due to reasons other than force majeure, the Innovation Fund Administration Center shall recover the pre-investment subsidy pursuant to the law, and publish a list of Venture Investment Institutions and "guided enterprises" in breach of contracts on relevant media.

       第三十三条  对辅导期结束未实施投资的,创业投资机构和“辅导企业”应分别提交专项报告,说明原因。对不属于不可抗力而未按《投资意向书》和《辅导承诺书》履约的,由创新基金管理中心依法收回投资前资助资金,并在有关媒体上公布违约的创业投资机构和“辅导企业”名单。

Chapter 7 Administration and Supervision

第七章  管理与监督

  Article 34   The Ministry of Finance and the Ministry of Science and Technology shall perform the following duties: 

(1) to formulate the rules and procedures for reviewing Guiding Fund projects; 

(2) to engage relevant experts to form the Guiding Fund review panel; 

(3) to decide on the projects to be supported according to the review results given by the Guiding Fund review panel; 

(4) to guide and supervise the daily management of the Guiding Fund by the Innovation Fund Administration Center; and 

(5) to entrust a third-party institution to assess the operation of the Guiding Fund, and evaluate the business performance of Venture Investment Institutions supported by the Guiding Fund.

       第三十四条  财政部、科技部履行下列职责:

    (一)制订引导基金项目评审规程;

    (二)聘请有关专家组成引导基金评审委员会;

    (三)根据引导基金评审委员会评审结果,审定所要支持的项目;

    (四)指导、监督创新基金管理中心对引导基金的日常管理工作;

    (五)委托第三方机构,对引导基金的运作情况进行评估,对获得引导基金支持的创业投资机构的经营业绩进行评价。

  Article 35   The Guiding Fund review panel shall perform the following duty: 

to review Guiding Fund projects in an open, fair and impartial manner, according to the review criteria and review rules and procedures.

       第三十五条  引导基金评审委员会履行下列职责:

    依据评审标准和评审规程公开、公平、公正地对引导基金项目进行评审。

  Article 36   The Innovation Fund Administration Center shall perform the following duties: 

(1) to accept and carry out preliminary review on projects applying for the Guiding Fund, and issue preliminary review opinions to the Guiding Fund review panel; 

(2) to manage the equity formed by investment by the Guiding Fund and effect the withdrawal of such equity as the contributor representative of the Guiding Fund, as authorized by the Ministry of Finance and the Ministry of Science and Technology; and 

(3) to supervise and inspect the implementation of the projects supported by the Guiding Fund, regularly report supervision and inspection results to the Ministry of Finance and the Ministry of Science and Technology, and put forward suggestions regarding on the supervision and inspection results.

       第三十六条  创新基金管理中心履行下列职责:

    (一)对申请引导基金的项目进行受理和初审,向引导基金评审委员会提出初审意见;

    (二)受财政部、科技部委托,作为引导基金出资人代表,管理引导基金投资形成的股权,负责实施引导基金投资形成的股权退出工作;

    (三)监督检查引导基金所支持项目的实施情况,定期向财政部、科技部报告监督检查情况,并对监督检查结果提出处理建议。

  Article 37   Supported projects as reviewed by the Guiding Fund review panel shall be publicized on relevant media for a period of two (2) weeks. The Guiding Fund shall no longer support any project in which problems are uncovered during the said period.

       第三十七条  经引导基金评审委员会评审的支持项目,在有关媒体上公示,公示期为2周。对公示中发现问题的项目,引导基金不予支持。

Chapter 8 Supplementary Provisions

第八章  附则

  Article 38   The administrative measures for Guiding Fund projects shall be separately formulated by the Ministry of Science and Technology in conjunction with the Ministry of Finance.

       第三十八条  引导基金项目管理办法由科技部会同财政部另行制定。

  Article 39   These Measures shall be interpreted by the Ministry of Finance and the Ministry of Science and Technology.

       第三十九条  本办法由财政部会同科技部负责解释。