PY0320240002PanyuDistrictDevelopmentandReformBureauofGuangzhouMunicipalityPanyuDistrictFinanceBureauofGuangzhouMunicipalityDocumentPanyuDistrictBureauofScience,Industry,CommerceandInformationTechnologyofGuangzhouMunicipalityPanFaGaiGuiZi[2024]No.1NoticeofPanyuDistrictDevelopmentandReformBureau,PanyuDistrictFinanceBureau,PanyuDistrictBureauofScience,Industry,CommerceandInformationTechnologyontheReleaseoftheMeasuresfortheAdministrationoftheVentureCapitalGuidingFundforStrategicEmergingIndustriesinPanyuDistrictGovernmentsofalltowns,subdistrictoffices,andrelevantinstitutionsofPanyuDistrict,TheMeasuresfortheAdministrationoftheVentureCapitalGuidingFundforStrategicEmergingIndustriesinPanyuDistrictisherebyissuedtoyouforyourcomplianceandimplementation.ProblemsencounteredintheimplementationshallbedirectlyreportedtotheDevelopmentandReformBureau,theFinanceBureau,andtheBureauofScience,Industry,CommerceandInformationTechnologyofPanyuDistrict.Appendix:TheMeasuresfortheAdministrationoftheVentureCapitalGuidingFundforStrategicEmergingIndustriesinPanyuDistrictPanyuDistrictDevelopmentandReformBureauPanyuDistrictFinanceBureauPanyuDistrictBureauofScience,Industry,CommerceandInformationTechnologyFebruary7,2024AppendixTheMeasuresfortheAdministrationoftheVentureCapitalGuidingFundforStrategicEmergingIndustriesinPanyuDistrictChapterIGeneralProvisionsArticle1InordertofullyleveragefiscalfundstoguideanddriveanddevelopmentofthestrategicemergingindustriesinPanyuDistrict,andtofurtherregulatetheoperationandmanagementoftheVentureCapitalGuidingFundforStrategicEmergingIndustriesinPanyuDistrict(hereinafterreferredtoasthe“GuidingFund”),thesemeasuresareformulatedbasedonthelocalconditionsinPanyuDistrict,inlinewithrelevantdocumentssuchastheInterimMeasuresfortheAdministrationofGovernmentInvestmentFunds(CaiYu[2015]No.210),theInterimMeasuresfortheAdministrationofGovernment-SponsoredIndustryInvestmentFunds(FaGaiCaiJinGui[2016]No.2800),andtheMeasuresfortheAdministrationofGovernmentInvestmentFundsofGuangzhouMunicipality(SuiCaiGuiZi[2020]No.2).Article2Theterm“GuidingFund”,asusedintheseMeasures,referstoapolicy-orientedparentfundestablishedbyPanyuDistrictPeople’sGovernmentandoperatedinaccordancewithmarketprinciples.Themanagementofentrustedmanagement,applicationandapproval,investmentoperations,exits,supervision,andinspectionoftheGuidingFundaresubjecttotheseMeasures.Article3Followingtheprinciplesof“governmentguiding,marketoperation,scientificpolicy-makingandriskprecaution”,theGuidingFund,throughequityinvestmentmanagementinstitutions,shallestablishsubsidiaryfundsbymeansofequityparticipationfromtheparentfund,guidingsocialcapitaltoinvestinstrategicemergingindustries.Article4TheplannedtotalscaleoftheGuidingFundisonebillionRMB,withadurationof20years.Fullcontributionswillbemadeininstallmentsfromthedistrict’sfiscalrevenueandtheannualcontributionamountshallbedynamicallyadjustedbasedonthedecisionsoftheDistrictGovernmentandthearrangementsofthefinancialbudget.TheprincipalandinvestmentreturnsrecoveredfromtheexitofinvestmentsinsubsidiaryfundsshallbereinvestedintotherollingcycleoftheGuidingFundforcontinuousutilization.Article5Theorganizationalstructureofsubsidiaryfundsmaybedeterminedbasedonpracticalconsiderationsandmayadopteitheralimitedpartnershiporcorporatesystem.Underthelimitedpartnershipstructure,theGuidingFundshallcontributeasalimitedpartner(LP)tothesubsidiaryfund;underthecorporatesystem,theGuidingFundshallparticipateinthesubsidiaryfundasashareholder.Article6Theinitiation,investmentmanagement,performanceincentives,amongothers,ofsubsidiaryfundsshalloperateindependentlyinaccordancewithmarketprinciples,andholdtheirownresponsibilitiesovergainsandlosses.Article7PanyuDistrictDevelopmentandReformBureaushallguidetheentrustedmanagementinstitutionsoftheGuidingFundinorganizingprojectapplication,duediligence,equitynegotiations,expertreviews,andotherrelatedtasks.BasedontheselectionresultsoftheentrustedmanagementinstitutionsoftheGuidingFund,incollaborationwiththeDistrictFinanceBureauandtheDistrictScience,Industry,Commerce,andInformationTechnologyBureau,theDistrictDevelopmentandReformBureaushallformulateanannualinvestmentplanfortheGuidingFundandsubmitittotheDistrictGovernment.Additionally,theyshallorganizeandimplementperformancemanagementoftheGuidingFund’soperationsandsupervisetheimplementationofrelevantpolicyobjectives.TheDistrictFinanceBureauandtheDevelopmentandReformBureaushalljointlyissuefundingplans,allocatefiscalfundsasrequiredbyregulations,and,incoordinationwiththeDistrictDevelopmentandReformBureau,superviseandinspecttheinvestmentoperationsoftheGuidingFundandtheutilizationofitsfunds,aswellasconductperformanceevaluations.ChapterIIEntrustedManagementInstitutionsArticle8PanyuDistrictDevelopmentandReformBureau,inconjunctionwiththeDistrictFinanceBureauandtheDistrictBureauofScience,Industry,Commerce,andInformationTechnology,shallselectanddeterminetheentrustedmanagementinstitutionsoftheGuidingFundinaccordancewithregulationsandenterintoentrustedmanagementagreements.TheentrustedmanagementinstitutionsoftheGuidingFundshallmanagetheGuidingFundinaccordancewithrelevantlaws,regulations,rules,therequirementsoftheDistrictGovernment,andtheprovisionsoftheentrustedmanagementagreement.Article9TheentrustedmanagementinstitutionsoftheGuidingFundshallgenerallybeequityinvestmentmanagementinstitutionsandshallmeetthefollowingcriteria:(1)Theyshallbecompaniesenjoyingthestatusofalegalperson,andhaveobtainedthequalificationasprivateequityfundmanagersfromtheAssetManagementAssociationofChina;(2)Theirpaid-inregisteredcapitalshallnotbelessthanRMB100million;(3)Theyshallhaveatleastfiveemployeeswithoverthreeyearsofexperienceininvestmentfundmanagementandqualificationsforfundpractitioners;(4)Theyshallhavesoundinvestmentfundmanagementsystemsandriskcontrolmechanisms;(5)Theyshallhaveexperienceinparticipatingintheestablishmentandmanagementofinvestmentfundsasinvestors,andhavesuccessfulexperienceinmanaginggovernment-sponsoredguidingfunds;(6)Theyshallhavemaintainedafavorablefinancialconditionforatleastthelastthreeyears,withnosignificantrecordsofadministrativeorjudicialpenaltiesimposedbycompetentadministrativeorjudicialauthorities,andstrictlymanagegovernmentinvestmentfundsinaccordancewithentrustedmanagementagreements;(7)Theyshallcomplywithotherprovisionsoflaws,regulations,andrulesatthenational,provincial,andmunicipallevels.Article10TheentrustedmanagementinstitutionsoftheGuidingFundshall,accordingtotheauthorization,fulfillthefollowingresponsibilitieswithinthescopeofdelegatedauthority:(1)Theyshallconductcompliancereviews,duediligence,equitynegotiations,expertreviews,amongothers,fortheinstitutionsapplyingfortheGuidingFund,andsignrelevantlegaldocumentssuchasPartnershipAgreementorArticlesofAssociation;(2)TheyshallrepresenttheGuidingFundtoexercisetherightsandobligationsofinvestorsinthesubsidiaryfundswithinthelimitsoftheircontributions,andstrictlycomplywithrelevantlaws,regulations,andrulessuchasthePartnershipEnterpriseLawofthePeople’sRepublicofChinaortheCompanyLawofthePeople’sRepublicofChinatoeffectivelyfulfillpost-investmentmanagementoftheGuidingFund;(3)Theyshallestablishandimproveinternaldecision-makingandriskcontrolmechanisms,andberesponsiblefortheefficientandsecureoperationoffiscalfunds;(4)TheyshallsubmitwrittenreportstotheDistrictDevelopmentandReformBureau,theFinanceBureau,andtheScience,Industry,Commerce,andInformationTechnologyBureauontheoperationandmanagementofthefund,andprojectinvestmentsonaquarterlybasis;reportandresolveothersignificantissuesthatmayadverselyaffectthesecurityoffiscalfundsandgovernmentcredibilityinatimelymanner;(5)PriortoApril30thofeachyear,theyshallsubmitawrittenself-assessmentreportdetailingthefundmanagementstatusfortheprecedingfiscalyeartotheDistrictDevelopmentandReformBureau,theDistrictFinanceBureau,andtheDistrictScience,Industry,Commerce,andInformationTechnologyBureau.(6)TheyshallberesponsiblefortheexitoftheGuidingFundtoensurethesaferecoveryoffiscalfundsinaccordancewiththeseMeasuresandtheprovisionsoftheentrustedmanagementagreement.(7)Theyshallfulfillotherresponsibilitiesasstipulatedbylaws,regulations,rules,andothernormativedocuments.Article11TheentrustedmanagementinstitutionsoftheGuidingFundshallselectacommercialbankwithcustodyqualificationstoactasthecustodian,establishaseparateaccountfortheGuidingFundinaccordancewithregulations,toprovidededicatedmanagementfortheGuidingFund.Thecustodianbankshallberesponsibleforaccountmanagement,fundsettlement,assetcustody,andotherrelatedmattersinaccordancewiththecustodianagreement,andshalldynamicallysuperviseinvestmentactivities.Thecustodianbankshallmeetthefollowingconditions:(1)Itshallbeapprovedandrecognizedbytherelevantnationalauthoritiesashavingthequalificationsforfundcustody;(2)Itshallhavemaintainedafavorablefinancialconditionforatleastthepastthreeyears,withnosignificantrecordsofadministrativeorjudicialpenaltiesimposedbycompetentadministrativeorjudicialauthorities.ChapterIIIInvestmentFieldsArticle12ThemaininvestmentfieldsofthesubsidiaryfundsestablishedbytheGuidingFundprimarilyincludeintelligentandnewenergyvehicles,next-generationinformationtechnology,smartequipmentandrobotics,newenergyandenergyconservation,environmentalprotection,biomedicineandhealth,railtransit,newmaterialsandfinechemicals,fashionandcreativeindustries,digitalcreativity,quantumtechnology,blockchain,terahertz,naturalgashydrates,nanotechnology,aswellasstrategicemergingindustrysectorsexplicitlyidentifiedbynational,provincial,andmunicipalauthorities.Thefocusisoninvestinginearly-stageandearly-to-mid-stageinnovativeenterprises.Article13TheamountreinvestedinPanyuDistrictbythesubsidiaryfundswithinfiveyearsafterthedisbursementoftheGuidingFundshallnotbelessthan1.5timestheactualpaid-incapitaloftheGuidingFund.ThefollowingsituationsshallbeconsideredasinvestmentinenterpriseswithintheadministrativeregionofPanyuDistrict:(1)IfthesubsidiaryfundsorotherfundsmanagedbythesubsidiaryfundmanagementinstitutiondirectlyinvestinlegalentitiesinPanyuDistrict,theamountshallbecalculatedbasedontheactualpaid-incapitaloftheinvestedenterprisebythesubsidiaryfundsorotherfundsmanagedbythesubsidiaryfundmanagementinstitution.(2)IfthelegalentitiesinvestedbythesubsidiaryfundsorotherfundsmanagedbythesubsidiaryfundmanagementinstitutionrelocatetoPanyuDistrictandengageinsubstantivebusinessactivities,theamountshallbecalculatedas1.5timestheactualpaid-incapitaloftherelocatedenterprisebythesubsidiaryfundsorotherfundsmanagedbythesubsidiaryfundmanagementinstitution.(3)IfthesubsidiaryfundsorotherfundsmanagedbythesubsidiaryfundmanagementinstitutioninvestinenterprisesrecommendedbytheinvestmentpromotiondepartmentofPanyuDistrict,andtheenterpriseestablishesalegalsubsidiarycompanyinPanyuDistrictthroughinvestmentpromotionandengagesinsubstantivebusinessactivities,theamountshallbecalculatedbasedontheactualpaid-incapitaloftheinvestedenterpriseinthesubsidiarycompany,notexceedingtheinvestmentamountofthesubsidiaryfundsorotherfundsmanagedbythesubsidiaryfundmanagementinstitutionintheenterprise.Article14TheGuidingFundanditssubsidiaryfundsestablishedshallnotengageinthefollowingbusinesses:(1)Theyshallnotengageinguarantees,mortgages,entrustedloans,orotherbusinessesasidefromfinancingguarantees;(2)Theyshallnotinvestinsecondarymarketstocks,futures,realestate,securitiesinvestmentfunds,corporatebondsbelowAAArating,trustproducts,non-principal-guaranteedwealthmanagementproducts,insuranceplans,orotherfinancialderivatives;(3)Theyshallnotprovidesponsorshipordonationstoanythirdparty;(4)Theyshallnotacceptorindirectlyacceptdeposits,orprovideloansandinterbanklendingtothirdparties;(5)TheyshallnotundertakeinvestmentswithunlimitedjointandseveralliabilityoutsideofPanyuDistrict;(6)Theyshallnotissuetrustsorcollectivewealthmanagementproductstoraisefunds;(7)Theyshallnotengageinotherbusinessesprohibitedbylaws,regulations,orrules.ChapterIVApplicantInstitutionsArticle15Theapplicantinstitutionsshallprimarilybeequityinvestment(includingventurecapital)managementinstitutionswithindependentlegalpersonality,responsibleforraisingsocialcapitalandmanagingsubsidiaryfundsinaccordancewithlawsandregulations.Inadditiontomeetingtherelevantlegalrequirements,theapplicantinstitutionsshallalsomeetthefollowingconditions:(1)Thepaid-incapitalshallnotbelessthanRMB10million,andshallbepaidincurrencyform;(2)TheyshallhavecompletedtheregistrationproceduresasmanagerswiththeAssetManagementAssociationofChinaorhavecompletedfilingprocedureswithcorrespondingventurecapitalregistrationmanagementdepartments;(3)Theyshallhaveatleastthreefull-timeseniormanagementpersonnelwithoverthreeyearsofexperienceinequityinvestmentorrelatedbusinesses.Theinstitutionitself,itsprincipalresponsibleperson,ormajorshareholdersholdingmorethan30%ofthesharesshallhaveparticipatedinatleastfivesuccessfulinvestmentcasesandatleastoneexitcase;(4)Theyshallhavestandardizedmanagementandoperations,withastrictandrationalinvestmentdecision-makingprocessandriskcontrolmechanisms.(5)Theyshallcomplywithnationalcorporatefinancialandaccountingsystemregulations,havingsoundinternalfinancialmanagementsystemsandaccountingmethods,andmaintainingafavorablefinancialconditionforatleastthepastthreeyears;(6)Thefundmanager,itsdirectors,supervisors,seniormanagementpersonnel,andotherpractitionersshallhavehadnomajorviolationsoflawsinthepastthreeyears;(7)Theyshallhaveappropriatebusinesspremises,safetyprecautions,andotherfacilitiesrelatedtofundmanagementoperations;(8)TheyshallhavereservedatleastthreeprojectstobeputintoPanyuDistrictthatmeetthecriteriaintheapplicationfield;(9)Theyshallcontributenolessthan1%ofthesizeofthesubsidiaryfund.ChapterVApprovalProceduresArticle16TheGuidingFundshallselectqualifiedcooperativeinstitutions(referringtosubsidiaryfundmanagementinstitutions)fromtheapplicantinstitutionsandestablishsubsidiaryfundsinaccordancewiththefollowingprocedures:(1)IssuanceofGuidelines:PanyuDistrictDevelopmentandReformBureaushallformulateandpublishannualapplicationguidelinesbasedontheworkarrangementsoftheDistrictGovernmentandtheactualneedsofindustrialdevelopment;(2)SubmissionofMaterials:ApplicantinstitutionsshallcompileapplicationmaterialsinaccordancewiththeapplicationguidelinesandtheprovisionsintheseMeasures,andsubmitthemtotheentrustedmanagementinstitutionoftheGuidingFund.(3)Review:TheentrustedmanagementinstitutionoftheGuidingFundshallconductcompliancereviews,duediligence,equitynegotiation,andexpertreviewsinaccordancewiththerequirementsoftheseMeasures,formulatealistofcooperativeinstitutions,andsubmitinvestmentproposalsoftheGuidingFundtotheDistrictDevelopmentandReformBureau.(4)Publicity:AfterconsultingtheDistrictFinanceBureauandtheBureauofScience,Industry,Commerce,andInformationTechnology,theDistrictDevelopmentandReformBureaushallpublishthelistofproposedcooperativeinstitutionsandtheinvestmentproposalsoftheGuidingFundforaperiodof10workingdays.Anyissuesidentifiedduringthepublicityperiodshallbeverifiedandaddressedaccordingly.(5)FinalDecision:Afternoobjectionsareraisedduringthepublicityperiodorifobjections,uponverification,arefoundtobeunsubstantiated,theDistrictDevelopmentandReformBureauwillformulatetheinvestmentplanoftheGuidingFundandsubmitittotheDistrictGovernmentforafinaldecision.UponapprovalbytheDistrictGovernment,theDevelopmentandReformBureauwillissueanofficialapprovaltotheentrustedmanagementinstitutionoftheGuidingFund.(6)AgreementSigning:InaccordancewiththeapprovedinvestmentplanoftheGuidingFundbytheDistrictDevelopmentandReformBureau,theentrustedmanagementinstitutionoftheGuidingFundshallnegotiatewiththesubsidiaryfundmanagementinstitutionandsignrelevantlegaldocumentssuchasthePartnershipAgreementorArticlesofAssociationaccordingtointernalcompanyprocedures.(7)FundDisbursement:Fortheestablishmentofasubsidiaryfundwithadditionalfinancialcontributionsfromthegovernment,theentrustedmanagementinstitutionoftheGuidingFundshallsubmitacontributionrequesttotheDistrictDevelopmentandReformBureau.TheDistrictDevelopmentandReformBureau,inconjunctionwiththeFinanceBureau,willdisbursetheadditionalfinancialcontributionstotheentrustedmanagementinstitutionoftheGuidingFund,whichshallsupervisethesubsidiaryfundtocompletefundraisingandestablishmentwithintheprescribedtimeframeandfulfilltheproceduresfortheinvestmentoftheGuidingFundinaccordancewithrelevantregulations.FortheestablishmentofasubsidiaryfundusingexistingfundsoftheGuidingFund,theentrustedmanagementinstitutionoftheGuidingFundshallhandletheprocessaccordingtorelevantregulations.(8)Post-investmentManagement:TheentrustedmanagementinstitutionoftheGuidingFundshallformulatedetailedguidelinesforpost-investmentmanagementinaccordancewithrelevantlaws,regulations,rules,andprovisionsoftheseMeasurestoensurethatsubsidiaryfundsareprimarilyinvestedinspecificindustrialsectors,therebysafeguardingthesecureoperationoffiscalfunds.(9)ExitandRecovery:Uponexitfromasubsidiaryfund,theentrustedmanagementinstitutionoftheGuidingFundshallpromptlyhandleproceduressuchascommercialregistrationchangesinaccordancewiththeprovisionsoftheseMeasuresandtheentrustedmanagementagreement.Thefunds(includingreturns)recovereduponexitshallbefullytransferredtothedesignatedaccountoftheGuidingFund.TheyshallbeutilizedinaccordancewiththerelevantregulationsstipulatedinArticle4andArticle16(7)oftheseMeasures,contributingtothecontinuousoperationoftheGuidingFund.ChapterVIInvestmentManagementArticle17EachsubsidiaryfundshallraiseatotalfundamountnotlessthanRMB50million.Inprinciple,theGuidingFund’scontributiontoasubsidiaryfundshallnotexceed20%,orexceedRMB50million,andshallnotbecomethelargestcontributororshareholder.Thecumulativeinvestmentamountbyasubsidiaryfundinasingleenterpriseshallnotexceed20%ofthepaid-inscaleofthesubsidiaryfund.Article18ApartfromtheGuidingFund,othercontributorstothesubsidiaryfundshallbequalifiedinstitutionalinvestorswithacertainriskidentificationabilityandrisktolerancecapability.Theprimaryinitiatorofthesubsidiaryfundshallhaveapaid-incapitalofnotlessthanRMB10million,andthesinglecontributor’sinvestmentshallnotbelessthanonemillionRMB.Allcontributorsshallcontributeincurrencyform,whichmaybepaidininstallments.However,theinitialcapitalcontributionshallbepaidwithinoneyearafterthesigningoflegaldocumentssuchasthePartnershipAgreementorArticlesofAssociationandshallnotbelessthanRMB50million.Afterthecompletionofcommercialregistrationproceduresforthesubsidiaryfund,theentrustedmanagementinstitutionoftheGuidingFundshall,withinthecontributionperiodstipulatedintheaforementionedagreements,bethelasttopaythefundsaccordingtotheproportionofcontributionsfromothercontributors.Upontheexpirationofthecontributionperiod,theGuidingFundshallnolongerprovidefunds,andthecumulativecontributionamountshallbedeterminedasthepaid-incapital.Article19Thesubsidiaryfundmanagementinstitutionshallextractacertainpercentageofmanagementfeesaccordingtomarketrules.ThemanagementfeesshallbejointlypaidtothesubsidiaryfundmanagementinstitutionbytheentrustedmanagementinstitutionoftheGuidingFundandothercontributorsinaccordancewiththePartnershipAgreementorArticlesofAssociationofthesubsidiaryfund.TheentrustedmanagementinstitutionshallallocateaportionofthemanagementfeesfromtheamountcontributedbytheGuidingFund.Generallytheannualmanagementfeeshallnotexceed2.5%oftheactualpaid-incapitalofthesubsidiaryfund,withspecificstandardsspecifiedinthepartnershipagreementorentrustedmanagementagreement.Article20Thecustodianbankshallaccepttheentrustmentofthesubsidiaryfundmanagerandsignacustodyagreementtomanagetheseparateaccountaccordingtotheagreement.ThecustodianbankshallallocateinvestmentfundsbasedonthecompliancereviewreportissuedbytheentrustedmanagementinstitutionoftheGuidingFund.ChapterVIIWithdrawalandTerminationArticle21Theperiodofcontinuousexistenceofthesubsidiaryfundshallgenerallynotexceed10years.Article22IfthesubsidiaryfundhasfulfilledtherequirementsofArticles12and13oftheseMeasures,andthereisatransferee,theGuidingFundmaytimelywithdrawfromthesubsidiaryfund,andothercontributorsshallhavepriorityinreceivingthesharesoftheGuidingFundunderthesameconditions.IfthesubsidiaryfundhasmadeaprofitbeforetheGuidingFundwithdraws,theGuidingFundshall,afterreceivingcorrespondingdividendsaccordingtothecontributionshares,withdrawasfollows:(1)ForsharesheldbytheGuidingFund’sentrustedmanagementinstitutionforaperiodnotexceedingfiveyears(includingfiveyears),ifthecumulativedividendsarenotlessthantheinterestcalculatedbasedontheone-yearLPR(LoanPrimeRate),thetransferpriceshallbedeterminedwithreferencetotheoriginalinvestmentamountoftheGuidingFund.Ifthecumulativedividendsarelessthantheinterestcalculatedbasedontheone-yearLPR,thetransferpriceshallbenolessthanthesumoftheoriginalinvestmentamountplusthedifferencebetweentheinterestcalculatedbasedontheone-yearLPRandthecumulativedividends.Theone-yearLPRreferredtoaboveshallbebasedonthelatestvaluepublishedbythePeople’sBankofChinaatthetimewhentheGuidingFundwithdrawsfromthesubsidiaryfund;(2)ForsharesheldbytheGuidingFund’sentrustedmanagementinstitutionformorethanfiveyears,theGuidingFundshallwithdrawafterdeterminingthetransferpricebasedonmarketprinciples.InvestorsotherthancontributorstothesubsidiaryfundmaypurchasesharesheldbytheGuidingFund’sentrustedmanagementinstitutioninaccordancewiththeprincipleofnotlessthanthedeterminedtransferpricementionedabove,throughpublicmeans.Article23Whenthesubsidiaryfundundergoesliquidation(includingdissolutionandbankruptcy),debtsandtaxesowedtocreditorsshallbesettledaccordingtolegalprocedures,andtheremainingassetsshallbedistributedonaproratabasisaccordingtotheprincipleofequalrightsforequalshares.TheGuidingFundshallbearlimitedliabilitybasedonitscontribution.Article24TheentrustedmanagementinstitutionoftheGuidingFundshallstipulateinlegaldocumentssuchasthePartnershipAgreementorArticlesofAssociationthat,intheeventofanyofthefollowingcircumstances,theGuidingFundmayunilaterallywithdrawwithouttheconsentofothercontributorsandmayrequestthemainsponsorormajorshareholderofthesubsidiaryfund,thesubsidiaryfundmanagementinstitution,anditsactualcontrollertorepurchasetheGuidingFundshares.Therepurchasepriceshallbetheoriginalinvestmentamountplusinterest(calculatedbasedonthedifferenceintimebetweenthecapitalcontributionoftheGuidingFundandthewithdrawal,andatafloatingrateof10%abovetheLPRforperiodsexceedingfiveyears):(1)ThesubsidiaryfundhasnotengagedininvestmentactivitieswithinoneyearoftheGuidingFund’scapitalallocationtothesubsidiaryfund’sinvestmentaccount;(2)FailuretomeettherequirementsstipulatedinArticles12and13oftheseMeasures(exceptincaseswheretheentrustedmanagementinstitutionoftheGuidingFundassessesthatthereturnsfrommarket-basedexitaresuperiortounilateralwithdrawalandchoosesmarket-basedexit);(3)Theinvestmentfieldanddirectionofthesubsidiaryfundarenotinlinewithpolicyobjectives;(4)Substantialchangesoccurinthesubsidiaryfundmanagementinstitution;(5)Substantialchangesoccurinthesubsidiaryfund;(6)Othercircumstancesthatdonotcomplywiththeprovisionsofthesignedlegaldocuments.Article25TerminationoftheGuidingFund.FollowingtheterminationoftheGuidingFund,theentrustedmanagementinstitutionoftheGuidingFundshall,undertheoversightoftheDistrictDevelopmentandReformBureau,facilitatetheliquidationprocess.Governmentfundsshallbepromptlyandfullydepositedintothenationaltreasuryinaccordancewiththerelevantregulationsofthefiscaltreasurymanagementsystem.IncomebelongingtothegovernmentshallbepromptlyandfullyturnedovertothefinancedepartmentbytheDistrictDevelopmentandReformBureauasnon-taxrevenue.ChapterVIIIIncentiveandConstraintMechanismsArticle26TheentrustedmanagementinstitutionoftheGuidingFundshallcollectroutinemanagementfeesforthemanagementoftheentrustedGuidingFund.TheDistrictDevelopmentandReformBureau,togetherwiththeDistrictFinanceBureauandtheDistrictScience,Industry,Commerce,andInformationTechnologyBureau,shallassesstheentrustedmanagementinstitutionoftheGuidingFundannuallybasedoninvestmentareas,reinvestmentratio,informationdisclosure,riskcontrol,andcapitalutilizationefficiency.Themanagementfeerateshallbedeterminedbasedontheassessmentresults.ThemanagementfeeshallbeallocatedfromtheexistingfundsoftheGuidingFund,calculatedonamonthlybasis,andpaidannuallyfortheexpensesincurredintheprecedingfiscalyear.TheentrustedmanagementinstitutionoftheGuidingFundshallsubmitanannualmanagementfeepaymentapplicationtotheDistrictDevelopmentandReformBureaubasedontheannualassessmentresultsandtheprovisionsoftheentrustedmanagementagreement.UponapprovalbytheDistrictDevelopmentandReformBureau,themanagementfeeshallbewithdrawnfromthespecialaccountoftheGuidingFund.SpecificassessmentmethodsshallbeformulatedbytheDistrictDevelopmentandReformBureau,togetherwiththeDistrictFinanceBureauandtheDistrictScience,Industry,Commerce,andInformationTechnologyBureau.Thespecificmanagementfeeratestandardsareasfollows:(1)Iftheassessmentresultisratedasexcellent,themanagementfeerateshallbedeterminedasfollowsbasedonthemonthlycumulativeamountoftheGuidingFund’suncollectedcapital(calculatedbasedontheamountanddateofpaymenttotheinvestedunitfromthecustodyaccount):Foramountof100millionyuanorless,therateis1.2%;foramountbetween100millionyuanand500millionyuan(including500millionyuan),therateis1%;foramountover500millionyuan,therateis0.8%,decreasinginversely.Theannualmanagementfeeshallnotexceedfivemillionyuan.(2)Iftheassessmentresultisratedasqualified,themanagementfeerateshallbedeterminedasfollowsbasedonthemonthlycumulativeamountoftheGuidingFund’suncollectedcapital(calculatedbasedontheamountanddateofpaymenttotheinvestedunitfromthecustodyaccount):Foramountof100millionyuanorless,therateis1%;foramountbetween100millionyuanand500millionyuan(including500millionyuan),therateis0.8%;foramountover500millionyuan,therateis0.6%,decreasinginversely.Theannualmanagementfeeshallnotexceedfivemillionyuan.(3)Iftheassessmentresultisratedasunqualified,theannualmanagementfeeshallbehalvedcomparedtothemanagementfeeforaqualifiedassessmentresult,andtheannualmanagementfeeshallnotexceed2.5millionyuan.Article27Toensureadherencetopolicyguidance,theentrustedmanagementinstitutionoftheGuidingFundandthesubsidiaryfundmanagershall,inthelegaldocumentssuchasthePartnershipAgreementorArticlesofAssociation,stipulatethatrepresentativesorobserversdispatchedbytheentrustedmanagementinstitutionoftheGuidingFundshallattendtheinvestmentdecision-makingcommitteeofthesubsidiaryfund.Theyshallrefrainfromparticipatingintheoperationalactivitiesanddailymanagementofthesubsidiaryfundmanagementinstitution.However,ininstanceswhereviolationsoflaws,regulations,ordeviationsfrompoliciesoccurwithintheoperationsofthesubsidiaryfund,theymayexercisevetopower.ProjectssubjecttovetobytheentrustedmanagementinstitutionoftheGuidingFundshallnotbeinvestedinbythesubsidiaryfund.ThesubsidiaryfundmanagementinstitutionisrequiredtoobtainacompliancereviewreportissuedbytheentrustedmanagementinstitutionoftheGuidingFundbeforeconveningtheinvestmentdecision-makingcommittee.Article28Forthesupervisionofthesubsidiaryfunds’compliancewiththerequirementsstipulatedinArticles12and13oftheseMeasuresbytheentrustedmanagementinstitutionoftheGuidingFund,andunderthepremiseof“returningofprincipalbeforeprofitdistribution”,a15%incentivebonusfromtheinvestmentappreciationincomegeneratedbytheGuidingFund’sexitfromasinglesubsidiaryfund(afterdeductingGuidingFund’sinvestment,exittaxes,andotherexpensesfromtherecoveredcapital)shallbeawardedtotheentrustedmanagementinstitutionoftheGuidingFund.TheannualbonusamountshallnotexceedfivemillionRMB.TheentrustedmanagementinstitutionoftheGuidingFundshallapplyforthebonuspaymenttotheDistrictDevelopmentandReformBureauinaccordancewiththeseMeasuresandtheprovisionsoftheentrustedmanagementagreement.UponapprovalbytheDistrictDevelopmentandReformBureau,thebonusshallbedisbursedfromtheGuidingFund’sspecialaccount.Article29IftheentrustedmanagementinstitutionoftheGuidingFundreceivesanunsatisfactoryassessmentresultfortwoconsecutiveyears,theDistrictDevelopmentandReformBureaumay,basedonthecircumstancesandrelevantprovisionsoftheseMeasuresandagreements,mayleadanewselectionprocesstoidentifyanotherqualifiedmanagementinstitution.ChapterIXSupervisionandInspectionArticle30TheGuidingFundshallimplementaregularreportingsystem.TheentrustedmanagementinstitutionoftheGuidingFundshall,within15daysaftertheendofeachquarter,submitawrittenreportontheoperationoftheGuidingFundtotheDistrictDevelopmentandReformBureau,theFinanceBureau,andtheBureauofScience,Industry,Commerce,andInformationTechnology.Thereportshallmainlyinclude:(1)Thedisbursement,exit,profit,andlosssituationoftheGuidingFund;(2)Theoperationofsubsidiaryfundinvestmentsandthecompletionofpolicyindicators.Article31IntheeventofsignificantissuessuchasviolationsoflawsandregulationsduringtheoperationoftheGuidingFundorpotentialmajorlossesarisingupontheGuidingFund’swithdrawal,theentrustedmanagementinstitutionoftheGuidingFundshall,withinthreedaysofdiscovery,submitawrittenreporttotheDistrictDevelopmentandReformBureau,theFinanceBureau,andtheBureauofScience,Industry,Commerce,andInformationTechnology,andpromptlyaddressandresolvetheissues.Article32TheDistrictDevelopmentandReformBureaushallregularlyreporttotheDistrictGovernmentontheoperationoftheGuidingFund.IfitisfoundduringsupervisionthattheentrustedmanagementinstitutionoftheGuidingFundmayhavederelictionofdutyorpotentialrisks,theDistrictDevelopmentandReformBureau,theFinanceBureau,andtheBureauofScience,Industry,Commerce,andInformationTechnologyshallprovidewrittenrectificationopinionsorinquiriestotheentrustedmanagementinstitutionoftheGuidingFund.Ifviolationsofthelaworderelictionofdutyareconfirmed,theentrustedmanagementinstitutionoftheGuidingFundshallbearthecorrespondinglegalresponsibilityforthelossesincurredinaccordancewiththelaw.Article33Afault-tolerantmechanismforthemanagementandoperationoftheGuidingFundshallbeestablished.Forinvestmentsmadewithdecisionstakeninaccordancewiththeprescribedprocedures,ifinvestmentlossesoccurduetoforcemajeure,policychanges,orotherfactors,theresponsibilityoftheentrustedmanagementinstitutionshallnotbepursued.TheperformanceevaluationoftheGuidingFundshallbebasedonthefundinvestmentprinciplesandmarketprinciples,consideringoverallefficiency,andconductingcomprehensiveperformanceevaluationsofpolicyobjectivesandeffects,withoutassessingtheprofitsorlossesofsinglesubsidiaryfundsorprojects.ChapterXSupplementaryProvisionsArticle34TheseMeasuresshallenterintoforcefromthedateofissueandshallremainvalidforaperiodoffiveyears.SubsidiaryfundsthathavealreadysignedpartnershipagreementsorarticlesofassociationandhavenotyetexitedbeforetheimplementationoftheseMeasuresmayalsochoosetocomplywiththeseMeasuresbysigningsupplementaryagreements.FormofDisclosure:ActiveDisclosureGeneralOfficeofPanyuDistrictDevelopmentandReformBureauIssuedonFebruary7,2024中文版附件：番禺区发展和改革局番禺区财政局番禺区科技工业商务和信息化局关于印发番禺区战略性新兴产业创业投资引导基金管理办法的通知.pdf。