Directions on Registration of Private Equity Fund and Private Equity Fund Management Company (Enterprise)

Article 1  The directions are made for the purpose to support the standardized operation of private equity fund and private equity fund management company (enterprise) in Tianjin, according to Companies Act, Regulations on the Administration of Company Registration, the Partnership Enterprise Law, Regulations on the Administration of Registration of Partnership Businesses, Trust Law, Securities Law, Law on Securities Investment Fund, Interim Measures for the Administration of Startup Investment Enterprises, and Provisions on Administration of Foreign-invested Venture Investment Enterprises.

Article 2 The private equity fund mentioned in these Directions refer to non-publicly offered investment fund including equity fund, industrial investment fund and venture capital fund. Private equity fund is applicable in corporate, partnership, contract and trust type.
The private equity fund management company (enterprise) mentioned herein refers to company (enterprise) entrusted by private equity fund and to manage private equity fund in accordance with principles.

Article 3 Legal person, natural person, and foreign corporate and natural person as well as other investors stated in state laws and regulations shall act as investors of private equity fund and private equity fund management company (enterprise).

Article 4 To establish corporate and partnership private equity fund, Corporation registration shall be in accordance with Companies Act and the Partnership Enterprise Law. For establishment of private equity fund of contract and trust type shall be in accordance with relative regulations and procedures.

Article 5 The number of investors for newly founded private equity fund company (enterprise), private equity fund management company (enterprise) by shareholding shall not exceed 200. The number of investors for those established by limited liability shall not exceed 50. The number of partners shall not exceed 50 if established in partnership.

Article 6 Private equity fund company in corporate type shall have at least RMB10 million paid-up capital.

The lowest registered capital shall be no less than RMB 5 million for private equity fund management company by shareholding. The registered capital for private equity fund management company by limited liability shall be no less than RMB1 million. All capital shall be paid in currency.

Partnership private equity fund and private equity fund management company shall be invested according to the Partnership Enterprise Law.

Article 7 The business scope of private equity fund company (enterprise) is defined to be non-publicly offered equity investment and related consulting services.

The business scope of private equity fund management company (enterprise) is defined to be entrusted to manage private equity fund, management of investment and financing and related consulting services.

Article 8 The name of private equity fund company shall be XX Equity Fund Shareholding, Ltd and XX Equity Fund Management Limited Liability Co.

The name of partnership private equity fund shall be XX Equity Fund + non corporate organization + (Limited Partnership) / (General Partnership).

The name of private equity fund management company of corporate type shall be XX Equity Fund Management Co., Ltd
The name of private equity fund management partnership shall be XX Equity Fund Management + non corporate organization + (Limited Partnership), (Partnership)

Article 9 Corporate and partnership private equity fund and private equity fund management company (enterprise) shall state clearly in their article of association or partnership agreement that they would not raise or distribute any fund publicly.