Regulating Assets Management Of Direct Equity Investment Of State Owned Financial Enterprises

< p > > a href= "http://sjfzxm.com/news/index_cj.as" > Ministry of Finance < /a > recently issued a document to standardize the asset management of direct equity investment in state-owned financial enterprises.

It is clearly stated that effective exit mechanism should be established < /p >.

< < p > > in July 6th, in order to further clarify the notice on the management of assets related to direct equity investment of state-owned financial enterprises (hereinafter referred to as the notice), the Ministry of finance requires that state-owned financial enterprises carry out direct equity investment business, and should follow the principles of prudence and safety, take comprehensive consideration of benefits and risks, and establish a comprehensive decision-making process and operate prudently.

Direct equity investment projects should conform to the state's policies on industry, investment and macro control.

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< p > state-owned financial enterprises include state-owned enterprises, state-owned financial holding companies, state-owned Guarantee Corporation and other financial state enterprises that have obtained financial business licenses.

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< p > notice that state-owned financial enterprises can directly invest in the direct investment business, and can set up the internal investment management team according to the regulations, or also manage the operation through the entrusted external investment organization.

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< p > < < a href= > http://sjfzxm.com/news/index_h.asp > > operation > /a >, the state-owned financial enterprises shall directly adopt the international common valuation method to evaluate the investment value of the invested enterprises according to the specific circumstances of the proposed investment projects, and obtain a prudent and reasonable valuation result.

The valuation methods include book value method, replacement cost method, market comparison method, cash flow discount method and multiple number method.

The state-owned financial enterprises should determine the base price of the proposed investment enterprises according to the valuation results or the evaluation results, so as to provide reference for investment decisions.

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< p > "when deciding on the investment plan, the decision level should consider the investment cost, valuation or evaluation result, project's expected revenue, controllability of risk and other factors, and make overall decisions according to their market positioning and operation conditions."

Notification requirements.

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< p > equity assets formed by direct equity investment do not belong to financial holding enterprises. They do not belong to the scope of registration of property rights of state-owned assets of financial enterprises, but state-owned financial enterprises should establish a complete system of stock registration and account management.

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< p > notice also requires that state-owned financial enterprises develop direct equity investment, and establish effective exit mechanism, including public offering, listing, merger and acquisition, agreement pfer, equity repurchase and so on.

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< p > in accordance with the terms and conditions stipulated in the investment agreement and withdrawing from the agreement pfer or equity repurchase mode, the shareholders (big), the board of directors or other institutions of the state financial enterprise shall make decisions on the basis of the relevant provisions of the articles of association of the company and handle the pfer procedures of shares, and the pfer of shares in his way shall also be carried out in accordance with the relevant provisions of the state financial assets management.

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< p > state owned < a href= > http://sjfzxm.com//business/ > > Finance > /a > enterprises whose investment enterprises exit through public offering and listing shall comply with the relevant provisions of the state to fulfill the obligation of reducing the pfer of state-owned shares, and may exempt state-owned shares from pferring obligations.

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