Ⅰ. New Highlights

1. A legal and compliant trading platform is provided for the transfer of private equity (PE) fund shares and asset packages, aimed at ensuring fair prices for fund asset transfers through price discovery on the basis of information security.

2. Fund supervision and settlement services are offered for transactions to guarantee the security and reliability of both parties' settlement funds.

3. An infrastructure platform has been developed for all parties involved in relevant transactions, providing market-oriented services and developing information exchange channels, to lower transaction thresholds and address information asymmetry, thereby promoting trade efficiency.

Ⅱ. Policy Basis

Regulations on the Supervision and Administration of Private Investment Funds (Guo Ling No. 762)

State Council's Official Reply Concerning the Plan for Building the Integrated National Demonstration Zone for Opening Up the Services Sector through the Integrated Pilot Program for Further Opening Up Beijing's Services Sector (Guo Han [2020] No. 123)

Reply to the Pilot Program for Transfer of Shares of Equity Investment and Venture Capital in Beijing's Regional Equity Market (Zheng Jian Han [2020] No.451)

Ⅲ. Eligible Applicants 

1. Holders of private equity and venture capital funds filed with the Asset Management Association of China, who need to transfer their fund shares

2. Private equity and venture capital funds filed with the Asset Management Association of China, which need to transfer the equity assets (packages) of the enterprises they invest

Ⅳ. Application Requirements

Transferor: The transferor must comply with the requirements of the China Securities Regulatory Commission. The underlying fund must be filed with the Asset Management Association of China. The ownership of the fund share or the equity asset (packages) of invested enterprises should be clear and legally transferable.

Transferee: The transferee must be a qualified investor for the pilot program, which can be:

- An entity highly capable of identifying and withstanding risks, which has invested no less than CNY 1 million into a single fund and owns net assets of no less than CNY 10 million

- An asset management product legally released by an entity under the supervision of the financial regulatory authority of the State Council of China, a qualified foreign institutional investor, or an RMB Qualified Foreign Institutional Investor (RQFII)

- A legally established investment project filed with the Asset Management Association of China, a fund manager who invests in his/her managed funds, a pension fund, a public welfare fund, or any other investor acknowledged by the China Securities Regulatory Commission

Ⅴ. How to Apply

The application shall be submitted online with physical copies delivered accordingly. Enterprises may log into the "Beijing Equity Trading Center's Platform for Transfers of Shares of Equity Investment and Venture Capital" (https://fund.bjotc.cn:58888/web/#/login) and apply online by following the instructions thereof.

Ⅵ. Application Materials

In accordance with the Business Regulations of Beijing Equity Trading Center's Platform for Transfers of Shares of Equity Investment and Venture Capital (Trial) and the Registration Regulations of Beijing Equity Trading Center's Platform for Transfers of Shares of Equity Investment and Venture Capital (Trial), an enterprise shall submit the following materials.

For initial registration of fund shares:

(1) An Application Form for Initial Registration of Shares of Equity Investment and Venture Capital;

(2) A charter, partnership agreement, or investment agreement that records the fund shares;

(3) Photocopy(-ies) of the fund share holder's valid identity document or qualification document(s);

(4) A power of attorney and a photocopy of the trustee's valid identity document;

(5) A document proving that the fund share has been filed with the Asset Management Association of China; and

(6) Other materials required by the registration and settlement institution.

For applying for the release of information concerning transfer intent:

(1) An Application Form for Transfer of Shares of Equity Investment and Venture Capital;

(2) Commitment specifying that the shares involved are clear, pure, and transferable;

(3) A charter or any other similar document (e.g. partnership agreement or investment agreement) of the fund that the shares belong to;

(4) Audit report of the fund for last year (or the latest reporting period if the fund was established less than one year ago);

(5) Annual report of the fund for last year (or the latest reporting period if the fund was established less than one year ago);

(6) A photocopy of the business license of the entity that the fund shares belong to or the fund share holder's valid qualification document (stamped with the official seal);

(7) An official reply document, authorization document and other documents from a state-owned assets supervision and administration authority or any other competent authority (if any);

(8) A power of attorney and a photocopy of the trustee's valid identity document; and

(9) Other materials required by the transfer platform.

Ⅶ. Application Deadline

Applications may be submitted, reviewed, approved, and disclosed at any time.

Ⅷ. Inquiry Hotline

+86-10-83020226