境内私募股权基金的架构.pdf

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1、GAOChao&GEYinChinaLegalEducation&CareerSeminarSeriesContentsCommonStructuresLegalUpdatesDevelopmentTrendsCommonStructuresFIVCEsPureDomesticFunds(managedbyonshoreforeignmanager)FIPsParallelOnshore/OffshoreFundsShanghaiPilotEquityInvestmentFIEsFIVCELegal/Non‐LegalPersonNo“LimitedPartnership

2、”AllowedLimitedInvestmentScope(HighTech)FXConversionClearanceRestrictionsPureDomesticFundPureDomesticNature(FreeDownstreamInvestments)FXConversionIssuesDifficulttoAchievePass‐throughArrangementFIPLimitedPartnershipNoPriorMOFCOMApprovalSubjecttoCatalogueforDownstreamInvestmentPurposeTaxIss

3、uesParallelOnshore/OffshoreFundsFundsinParallelStructureActingin“Concert”ShanghaiPilotEquityInvestmentFIE“Qualified”DomesticTreatmentForeignLPsFXConversionIssuesFIPEMeasuresRegulatoryFrameworkAdministrativeMeasuresbyStateCouncil,effectiveinMarch2010AdministrativeProvisionsbySAIC,effective

4、inMarch2010PartnershipLawofthePRC(amendedin2006)PRCPartnershipswithForeignPartnersForeignenterprises/individualsEntirelyforeign‐investedoramixForeign‐investedholdingcompaniesandforeign‐investedVCstreatedasforeigninvestorswhentheyestablish/investinPRCpartnershipsShanghai“QFLP”MeasuresFundM

5、anagerFIEs(i.e.FundManager)EquityInvestmentFIEs(i.e.Fund)NoMentionof“Quota”SimilarRulesExpectedinBeijingTrendShanghaiPilotEquityInvestmentFIEsWhat’sNext?ContactsContactsGAOChaoGEYinHanYiLawOfficesCliffordChanceLLPTel:86‐139‐1748‐2906Tel:86‐21‐23207202January1112