The pilot program for share transfer is carried out in Beijing Equity Trading Center. The targets of transfer are the fund shares of private equity fund managers or of funds registered in Beijing. However, there is no geographic restriction on transferees.

The main parties involved in the pilot program for share transfer include transferors, transferees and intermediary service agencies: ——Transferors: the private equity fund managers or holders of the funds registered in Beijing. ——Transferees: institutional investors that meet the requirements of being a qualified investor for the pilot share transfer program of Beijing Equity Trading Center. They shall also meet the requirements of being a qualified investor for both private equity funds and regional equity markets. ——Intermediary Service Agencies: professional institutions or organizations that provide valuation, due diligence, and trade matchmaking services for fund share transfer under the pilot program at Beijing Equity Trading Center.

Registration of transfer intent, release of basic information concerning share transfer, account opening for qualified investors, directional disclosure of information, quotation, organizing the signing of transfer agreements, settlement and alteration registration, etc.

Shares to be transferred under the pilot share transfer program of Beijing Equity Trading Center shall be registered and put into custody at Beijing Equity Trading Center. The transferor can submit the letter of intent for share transfer to the Beijing Equity Trading Center after completing equity registration and custody, and the share transfer can be carried out after approval. The intended transferee of fund shares can engage in the share transfer after completing the qualified investor account opening process at the Beijing Equity Trading Center.

On December 10, 2020, Beijing became the first city in China to launch the pilot program for share transfer of equity investment and venture capital investment.

On January 22, 2021, the first two transactions concerning the fund share transfer were completed at the Beijing Equity Trading Center.