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Lowering the threshold for partnership established in Tianjin reached with "mine" default blue cursor

September 24, 2010

Following up after the morning venture, a limited partnership has missed the GEM.

December 25, Beijing blue cursor Brand Management Corp. (the blue cursor) released the "IPO and listing on the GEM prospectus (draft report)" (the "draft declaration").
"Draft declaration" shows that a company named Tianjin with the creation of investment Centre (Tianjin Genesis) of the partnership that involved one body.

According to "draft declaration", in June 2008, the blue cursor replenishment of 43.5 million yuan to 9.6667 yuan / share, including Tianjin, to the Genesis account of four venture capitalists additional 450 million shares.

January 2009, Tianjin Genesis can not be due to partnership registration in the securities clearing house, then has 75 million shares held by the blue cursor to the other six original transfer to limited partners: Maximization clear, Wuchuan Qing, Guo Huilin, Hu Xing, Chen Fang Asia, Chou Hongchang.

"Securities Act" Section 166 provides: "Investors apply for opening an account, you must hold citizenship or prove that the Chinese legal person status in China's legal documents. State except as otherwise provided."
Meanwhile, the "Securities Depository and Clearing Regulations" Article 19 provides that: "Investors should be opening a securities account to the securities registration and settlement institution to apply."
In fact, the nature of venture capital companies Company mine has a precedent in the GEM.

ChinaNetCenter (300017.SZ) listed on the eve of up to morning venture capital limited partnership owned up to the morning of wealth, will be held ChinaNetCenter 4.209% 285 million dollars over the morning transfer to the Brothers, financial intelligence.
This time, venture capital and owned up to the morning up the morning the letter also invested in financial blue cursor, together hold 5.75% stake, however, the two companies are the corporate shareholders.
Although Genesis and Tianjin over the nature of the morning had to venture capital for companies transfer their ownership, however, A-share market have also been many "exceptions."

Western Mining (601168.SH) prior to listing, there is more than funds, including more than a limited partnership investment; limited partnership Shanghai NewMargin Venture Capital Enterprises has held Goldwind (002202.SZ) 175 million; Invengo 192.4 million shares held, but did not affect the company's sale.
"This should have special trading arrangements to circumvent the law." Vote in the Group Research Manager, Wang Xiaopeng think.

However, on November 20 this year, the Commission has made changes "means the securities registration and settlement management" decisions, and on December 21 shall come into force. Among them, Article 19 is added as the second paragraph: "The term investors, including Chinese citizens, Chinese legal person, partnership and Chinese laws, administrative regulations, rules and regulations of China Securities Regulatory Commission and other investors."
This means that partnership in the securities registration and settlement centers of the account as possible, but not against the law.

"Venture capital company in the form of generally three types: corporate, partnership and trust system in the United States, about 80% of the venture capital firm for the partnership, and China there are 89 percent of corporate venture capital companies, mainly the law may be inadequate, unable to smooth out, the law was amended, then open up the partnership business within the exit channel, a big positive. "Wang Xiaopeng think.

Filed under: Armored Iron Horse (Financial set)

Tags: Finance, Fund, limited partnership, Tianjin, venture capital, Wang Xiaopeng