境内私募股权基金的架构.pdf

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1、GAO Chao&GE YinChina Legal Education&Career Seminar SeriesContentsCommonStructuresLegalUpdatesDevelopmentTrendsCommonStructuresFIVCEsPureDomesticFunds(managedby onshoreforeignmanager)FIPsParallelOnshore/OffshoreFundsShanghaiPilotEquityInvestmentFIEsFIVCELegal/NonLegalPersonNo“LimitedPartnership”Allo

2、wedLimitedInvestmentScope(HighTech)FXConversionClearanceRestrictionsPureDomesticFundPureDomesticNature(Free DownstreamInvestments)FXConversionIssuesDifficulttoAchievePassthrough ArrangementFIPLimitedPartnershipNoPriorMOFCOMApprovalSubjecttoCatalogueforDownstream InvestmentPurposeTaxIssuesParallelOns

3、hore/OffshoreFundsFundsinParallelStructureActingin“Concert”ShanghaiPilotEquityInvestment FIE“Qualified”DomesticTreatmentForeignLPsFXConversionIssuesFIPEMeasuresRegulatoryFrameworkAdministrativeMeasuresbyStateCouncil,effectivein March2010AdministrativeProvisionsbySAIC,effectiveinMarch 2010Partnership

4、LawofthePRC(amendedin2006)PRCPartnershipswithForeignPartnersForeignenterprises/individualsEntirelyforeigninvestedoramixForeigninvestedholdingcompaniesandforeigninvested VCstreatedasforeigninvestorswhenthey establish/investinPRCpartnershipsShanghai“QFLP”MeasuresFundManagerFIEs(i.e.FundManager)EquityI

5、nvestmentFIEs(i.e.Fund)NoMentionof“Quota”SimilarRulesExpectedinBeijingTrendShanghaiPilotEquityInvestmentFIEsWhatsNext?ContactsContactsGAOChaoGAOChaoHanYiLawOfficesHanYiLawOfficesTel:86Tel:86 139139 17481748 29062906GEYinGEYinCliffordChanceCliffordChance LLPLLPTel:86Tel:86 2121 2320720223207202January1112