On the one hand, China International Capital Corporation (hereinafter referred to as "CICC") and Shanghai International Group Co., Ltd. (hereinafter referred to as "Shanghai International") recently signed the "Memorandum of Strategic Cooperation", on the one hand, CICC as the Shanghai Jinpu Industrial Investment Fund The "fate" of shareholders of Management Co., Ltd. (hereinafter referred to as "Shanghai Jinpu") is coming to an end.
Shanghai Jinpu is the management body of the Shanghai Financial Development Investment Fund with a fundraising scale of 11 billion yuan. It is understood that the 50% equity of Shanghai Jinpu held by CICC will be sold, and the transferee is still negotiating with the price.
Earlier, Huatai Securities and Shagang Group had proposed to subscribe for equity in Shanghai Jinpu, of which Huatai planned to subscribe for 10%.
Even if the stock is completely withdrawn, the aforementioned "Memorandum" still implies that the relationship between CICC and Shanghai Financial Development Investment Fund will shift to "business partners." The "Memorandum" states that CICC will give full play to Shanghai International's leading role in industrial funds and project resources to achieve complementary advantages and win-win cooperation.
"This can reduce the impact of the withdrawal of CICC on the fund management team and project reserves to a certain extent, and create a good environment for the fund's subsequent fundraising." A person close to the Jinpu Industrial Investment Fund said.
In fact, at the end of 2009, the former Managing Director of CICC, Beduo Guang, resigned from the president of the Shanghai Financial Development Investment Fund, and was once regarded by the market as a signal that CICC might withdraw from Gimpo.
CICC withdrawal
Li Hong, Managing Director of CICC, once said: "As a shareholder of a fund management company, we do not need to invest in a financial investment fund." The other shareholder of Shanghai Financial Development Investment Fund, Shanghai International Group, in 2010 When the fund was established in June, it announced an investment of 1.5 billion yuan.
"This is unconventional. When raising funds for domestic industrial investment funds, the shareholders of the fund management company usually contribute capital as the guiding funds for the industrial funds." An official of the industrial investment fund said. Earlier, CITIC Securities, the shareholder of CITIC Industrial Fund Management Company, had invested up to 1.1 billion yuan in the first 9 billion yuan fundraising of CITIC Industrial Fund.
This laid the groundwork for CICC to "get away" from Shanghai Jinpu.
"Which one of the fund management companies holds 50% of the equity of the fund management company is under negotiation." The insider said. It is reported that Huatai Securities and Shagang Group had previously committed 2 billion and 1 billion to Shanghai Financial Development Investment Fund, respectively, and each subscribed for 10% equity of Shanghai Jinpu Company.
"But at present it seems that the division of fund management companies' shares has to be renegotiated." He emphasized. One of the reasons is that the fund is currently over-raised, and the actual committed capital contribution is close to 13.25 billion yuan. Some LPs (limited partners) have actually committed capital contributions that have changed from the original. The equity management plan of the fund management company may be adjusted.
Who will be the new shareholder of Shanghai Jinpu Company? What attracted the attention of the market was Lu Houjun, the current head of Shanghai Financial Development Fund appointed by Haitong Securities. Whether Haitong Securities has become the new shareholder of Shanghai Jinpu Company has not been confirmed by Haitong Securities.
Lu Houjun previously served as the managing partner of the "China-Belgium Direct Equity Investment Fund" in which Haitong Securities participated in the management. During five years at the helm of the China-Belgium Fund, Yunhai Metal, Chenzhou Mining and Goldwind Technology, which he led the investment, have all landed on the small and medium-sized board, and have received investment returns of nearly 5 times, 17 times and 70 times, respectively. In 2010, Zhongyuan Huadian invested by the fund has also been listed, and has achieved nearly 10 times the return on investment.
"In addition to good investment performance, the China-Belgium Fund has been funded by the Social Security Fund, and Lu Houjun took over as the person in charge of the Shanghai Financial Development Investment Fund, which can continue the cooperation between the Fund and the Social Security Fund." The above-mentioned insider said.
At the beginning of the establishment of the Shanghai Financial Development Investment Fund, attracting social security fund investment was an important task. "At the end of 2009, Bedok also went to Beijing to meet with the social security fund executives to discuss capital contributions." He said, but Shanghai International and CICC were in the fund market There are differences in such aspects as chemical operation, and fundraising progress has stalled; the two sides once negotiated to complete the respective 10 billion yuan fundraising quota. The higher the fundraiser, the greater the say in the investment management of the industrial fund.
Social Security Fund Suspension of Capital Injection
At present, the social security fund's due diligence on the Shanghai Financial Development Investment Fund has ended. However, the withdrawal of CICC has slowed the pace of the social security fund's investment in this fund.
It is understood that the Social Security Fund Investment Decision Committee is about to approve the investment assessment of CITIC Capital RMB Fund, but there is no timetable for Gimp Fund.
"The social security fund may be mainly concerned about the instability of the fund investment management team caused by the equity change of Shanghai Jinpu Company." A person close to the social security fund explained that when the social security fund chooses PE funds, the stability of the fund investment management team structure is quite value.
However, Shanghai Financial Development Investment Fund's fundraising progress and investment strategy are still in order.
Among the industry funds filed by the Shanghai Development and Reform Commission, the CCB International Urban Investment Environmental Protection Fund has received more than 2 billion in funding, ranking first; followed by the 2 billion in funding of the Blackstone China Development Investment Fund; the third is Shanghai Financial Development Investment Fund. In terms of investment project reserves, the Shanghai Financial Development Investment Fund Management Team has approached private enterprises such as Tonglian Payment and Jiangsu Jinshan Environmental Engineering Group.
"It is not ruled out that after the dust of Shanghai Jinpu's shareholding change is settled, the social security fund will still invest." The aforementioned person familiar with the situation emphasized. However, the social security due diligence on PE fund contribution usually takes half a year, which means that Shanghai Financial Development Investment Fund has to wait at least half a year before inviting the social security fund to contribute.
"Now the social security fund hopes that the PE fund can raise certain funds first, and then apply for capital contribution from the social security fund." This person familiar with the situation revealed that the move is mainly to prevent certain PE funds that are filed with the National Development and Reform Commission from using the social security fund or investing as a guise. Conduct social fundraising.
For the Shanghai Financial Development Investment Fund, which has a commitment of more than 11 billion yuan, it is no problem to reserve sufficient funds and wait for the social security fund to contribute. However, they also have to deal with a series of changes in China Gold's "withdrawal" to fund project reserves and resource cooperation.
At the ceremony of signing the "Memorandum of Strategic Cooperation" between CICC and Shanghai International, CICC personnel said: "We will increase in-depth cooperation with Shanghai Financial Development Investment Fund in financial advisory, industry fund investment project recommendation, and securities underwriting."
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