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Structuring RMB Fund in China
1. Steven Wei SU [email_address] Structuring RMB-denominated Private Equity Funds in China and Recent Regulatory Development Hong Kong May 2011 Guo Lian PRC Lawyers 国联律师事务所
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5. Increasing Interest in RMB Fund (Cont) Guo Lian PRC Lawyers 国联律师事务所 Source: Zero2IPO VC Fundraising in RMB and US$ for 2006 - 2010
6. Increasing Interest in RMB Fund (Cont) Guo Lian PRC Lawyers 国联律师事务所 Source: Zero2IPO PE Fundraising in RMB and US$ for 2006 - 2010
7. Increasing Interest in RMB Fund (Cont) Guo Lian PRC Lawyers 国联律师事务所 Source: Zero2IPO PE/VC Fundraising in RMB and US$ for 2006-2010
8. Increasing Interest in RMB Fund (Cont) Guo Lian PRC Lawyers 国联律师事务所 Source: Zero2IPO 2011Q1 PE/VC Fundraising Cases and Volumes in RMB and Foreign Currency
9. Increasing Interest in RMB Fund (Cont) Guo Lian PRC Lawyers 国联律师事务所 Source: Zero2IPO China: 2008Q1-2011Q1 PE/VC Fundraising Cases and Volumes
10. Increasing Interest in RMB Fund (Cont) Guo Lian PRC Lawyers 国联律师事务所 Source: Zero2IPO 2008Q1-2011Q1 Investment Cases and Volumes
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22. Options for RMB Fund – FIVCIE (Cont) Guo Lian PRC Lawyers 国联律师事务所 Offshore Onshore FIVCIE Management Co/Partnership PortCo A Investment in ForEx Typical FIVCIE Structure GP PortCo N SPVs LPs RMB Fund (CJV) PortCo B … ... Domestic LPs Offshore Fund Management Agreement Investment in RMB Investment in RMB Dividends in RMB Dividend in ForEx Fund Manager Investment in ForEx Return + Carried interest in ForEx Return in RMB SPVs Investment in ForEx Return in ForEx
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32. Options for RMB Fund – Equity Investment Fund (Cont) Offshore Onshore GP LP s EIME Co/Partnership PortCo A Investment in ForEx Guo Lian PRC Lawyers 国联律师事务所 SPVs RMB Fund PortCo B PortCo N … ... Domestic LPs Management Agreement Investment in RMB Investment in RMB Investment in ForEx Dividends in RMB Return in ForEx + Carried interest SPVs EIF Structures Return in RMB Dividends in ForEx Investment in ForEx Offshore Fund Services, Fee and Return
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40. The Shanghai Pilot Program (Cont) Guo Lian PRC Lawyers 国联律师事务所 Offshore Onshore GP LPs FIE EIME Co/partnership PortCo A PorCo B PortCo N … ... SPVs RMB Fund Domestic LPs Management Agreement Investment in RMB Investment in RMB Dividends in RMB 5% capital contribution in RMB A Structure under the Shanghai Pilot Program Return in RMB Investment in ForEx Dividens in ForEx Return on investment in ForEx Investment in ForEx SPVs ?? ??
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44. The Shanghai Pilot Program (Cont) Guo Lian PRC Lawyers 国联律师事务所 △ Main foreign investor(s) must be either of (i) offshore sovereign-wealth funds; (ii) pension funds; (iii) endowment funds; (iv) charitable funds; (v) fund of funds; (vi) insurance companies; (vii) banks; (viii) securities companies; or (ix) other foreign institutional investors recognized by the Joint Conference. △ One of the notable clarifications under the Pilot Program is that a Pilot FIE EIME can make foreign exchange capital contributions as a GP to an RMB fund up to 5 per cent of the fund size and such a contribution will not affect the (domestic) nature of the relevant RMB fund. If the fund has foreign LPs, it may not benefit from this treatment.
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46. Case Study – Blackstone Zhonghua Development Investment Fund Guo Lian PRC Lawyers 国联律师事务所 Blackstone Zhonghua Dev. Investment Fund PortCo B PortCo N PortCo A Blackstone Zhonghua Development Investment Fund GP Blackstone Zhonghua Development Investment Fund LPs HK Management Co HK Holding Co Management Co Blackstone onshore GP Domestic LPs Management Agreement Advisory Services
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53. Thank you Steven Wei SU Email: [email_address] Tel: +86 13552639569 +86 1051660506-123 All rights reserved Guo Lian PRC Lawyers 国联律师事务所
![Steven Wei SU [email_address] Structuring RMB-denominated Private Equity Funds in China and Recent Regulatory Development Hong Kong May 2011 Guo Lian PRC Lawyers 国联律师事务所](https://image.slidesharecdn.com/structuringrmbfundinchinaapr2011-110701205752-phpapp01/85/Structuring-RMB-Fund-in-China-1-320.jpg)
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