著名咨詢公司中國私募股權(quán)市場報(bào)告

PEINDUSTRYOVERVIEWinMainlandChinaNPVBusinessConsulting(Shanghai)Co.Ltd

GuangdongRoadn.500,Room2406

200001Shanghai,P.R.China

12/11/2021ChinaMarket1)IntroductiontoNationalEconomya.GDP&CPIb.TenIndustriesPromotionPlanc.IndustryDistrictMapd.NationalConsumptionLevele.ConsumptionExpenditureg.The12thFive-YearPlan2)ThePEIndustryinChinaa.Historyb.GeneralFrameworkc.Laws&Regulationsd.TypesofPlayerse.Opportunity&ThreatforForeignLPsf.PEIndustryInsight(e.g.investmentbreakdownbycountries,byinvestmentstages,etc.)3)PEProfilesa.TheGPsb.ThePEFundsc.TheDealsDoneIntroductiontoChineseEconomyGDP&CPISource:NationalBureauofStatisticsofChinaIndustriesPromotionPlanin2021AutoIndustryFrom20th/Janto31st/Dec,impose5%purchasetaxonautolessthan1.6LenginecapacityPromotethereintegrationofautoindustry,supportM&AofbigautogroupInthenext3years,Chinesegovernmentwillarrange10BlnRMBtosupportself-creationandtechnologyre-constructionChinesegovernmentwillarrangesubsidyfundtopromotetheenergy-savingandnew-energyautoinbigandmiddle-sizedcitiesEncourageautocompanytodevelopbrandandexportingbase,betterautoconsumingcreditNonferrousmetal

Stabilizeandenlargethedomesticmarket,bettertheexportingenvironment.Adjusttheproductcompositiontosatisfythedemandsofelectricity,transportation,construction,machinery,lightindustryandsoon.Supporttheexportofhighvalue-addedandhightechnologyproductStrictlycontrolthetotalvolume,andeliminatetheoutdatedcapacityStrengthenR&DandpushtechnologyprogressPromotetheindustryre-integration,optimizethestructure,strengthentheenterprisemanagementandsecurityinspection,enhancethecompetitiveadvantage.Takefulluseofbothdomesticandoverseasresourcetosecurethenaturalsources.Buildtherecyclingsystemofnonferrousinwholenation,developrecyclingeconomyandincreasethecomprehensiveusageofnaturalsource.Thegovernmentarrangetheloantosupporttheenterprisereconstructionandadjusttheproductexportingtaxrefundstructure.Source:NationalBureauofStatisticsofChinaIndustriesPromotionPlanin2021Textile

Exploredomesticruralmarket,promotetheindustrialusageoftextileproductStrengthenR&DandbuildinternationallyrecognizedbrandsEliminatetheoutdatedproductioncapability,formulateentrancethresholdOptimizetheindustrialarrangement,setuprawmaterialbasesinwestandcentralareawhileencourageeasternregionsdevelophighvalue-added,hightechnologyproductsStrengthenfinancialsupport,IncreasethetextileexportingVATrefundfrom14%to15%,givecreditsupporttotextilecompanywithoperationalandfinancialdifficultySource:NationalBureauofStatisticsofChinaPetrochemicalKeepthepetrochemicalindustrystableoperatingGuaranteetheproductionagriculturalmaterialsPlanthebigprojectiondistributionandpromotethetechnologyreformControlthetotalproductionvolumeandeliminatetheoutdatedproductioncapabilityStrengththepolicysupport,enhancethecreditsupporttoenterprisesImprovecorporategovernancestructure,riskcontrolandmanagementcapabilityIndustriesPromotionPlanin2021ElectricinformationindustryPerfectindustrymechanism,ensurethestablegrowth,strengthenthecomputerindustrycompetence,fastentheelectriccomponentsupgradeandpromotethetransformofaudioandvisualindustryFocusontheestablishmentofself-ownedandcontrollableintegratedcircuit,increasethecapabilityofsoftwareself-development

Applicationleadsthedevelopment,pushbusinesscreationandservicemodelcreation,strengtheninformationtechnologyapplicationinsociety,especiallythenewgrowthincommunicationequipment,informationserviceandITapplicationSource:NationalBureauofStatisticsofChinaSteelIndustryStimulatedomesticdemandandmaintainoverseasmarketStrictcontrolonsteelproduction,eliminatetheprojectwithsingularpurposetoincreasetheproductioncapabilityTakeadvantageofleadingforceofbiggroup,encourageM&A,breedthehypersteelgroupwithinternationalcompetition,optimizedtheindustrialstructure,enhancetheindustrialconcentration;Deepenthetechnologyreconstruction,researchandimporting,createthespecializedfundinannualbudgettopromotethesteelindustrytechnologyprogress,adjusttheproductcategoriescompositionRegulatetheironoreimportmarket,regulatethesalessystemofsteelIndustriesPromotionPlanin2021EquipmentproductionSupportfamousequipmentproducer’sM&A,andpromotethehypergroupwithcapabilitiesofengineeringcontracting,systemintegration,internationaltradingandfinancePushstructureadjustment,transformtheindustrygrowthpatternDevelopproductstandardssystem,developmodernproductionserviceindustry.LightIndustryStimulatetheconsumptionfrombothurbanandruralareatoincreasethedomesticdemandFastenthetechnologyprogress,especiallydomesticequipmentproductionandkeytechnologyindustrialization.Pushforwardthetechnologyreformofpaperproduction,homeapplianceandplasticsindustriesStrengthenthesecurityoffood,strictthemarketentrancequalificationandbettertherecallsystemandmarketexitsystemStrengthentheself-ownedbrand,supportwell-knownbrandtomergecrossingregion,enhancetheindustryconcentrationStrengthentheindustrialguidepolicy,promotethespecificindustrialareaStrengthenenterprisemanagement,raisetheproductqualitySource:NationalBureauofStatisticsofChinaIndustriesPromotionPlan2021Source:NationalBureauofStatisticsofChinaShipbuildingStabilizetheproduction,encouragethepurchaseofoldvesselStimulatethemarketdemand,activelydeveloplong-distancefishingship,specialvessels,engineeringship,etcDevelopoffshoreengineeringequipmentsActivelydevelopshiprepairservicesSupportM&AandestablishstrategicallianceStrengthentechnologyreform,improvethedevelopmentofhighvalue-added,hightechnologyvesselsLogisticsActivelyenlargethelogisticsmarketdemand,promotetheinteractionbetweenthelogisticscompanies,manufacturersandtradingcompanies,pushthelogisticsservicesocializationandprofessionalizationFastenthemergerandacquisition,breedbigandmodernlogisticsenterprisewithhighlevelserviceandinternationalcompetitionPromotethelogisticsserviceinenergy,mineral,auto,agricultureproducts,medicalproductionandothercoreindustries,fastentheinternationallogisticsandnon-dutylogisticsStrengthenthelogisticsfacilitiesconstruction,enhancethestandardizationandinformationsystemCultureSubstantiallypushforwardthetransformationofstate-ownedculturalbusinessentitiesActivelypushforwardindustrialrestructureandresourceintegrationEncouragestrongenterprises’operationandM&A,fosterkeycompaniesandstrategicinvestorsDevelopamodernculturemarketPushforwardtheintegrationofcultureandhightechnology,developnewbusinessmodelAcceleratethetransformationofgovernmentfunctionsIndustryDistrictMap10IndustriesUnderPromotionAutoNonferrousMetalPetrochemicalTextileLogisticsSteelElectricInformationShipbuildingEquipmentProductionLightIndustryNationalConsumptionLevelSource:NationalBureauofStatisticsofChinaConsumptionExpenditureUrbanHouseholdExpenditureBreakdownSource:NationalBureauofStatisticsofChinaConsumptionExpenditureRuralHouseholdExpenditureBreakdownSource:NationalBureauofStatisticsofChinaThe12thFive-YearPlanThe12thFiveyearplan(’12-5’)willbeChina’skeypolicydocumentfor2021-2021.Therewouldsurelybeanextensionofmajor11thFiveyearplan(’11-5’)themeswithsomenewfocusareas.Fivetopthemeswhichwouldbecoveredareincomeredistribution/socialwelfare,improvingconsumption,industryefficiency/resourceconservation,R&D/high-techandurbanization/inlandmigration.Thekeydevelopmentstrategiesofthe12thfive-yearplanare“people-orientation,green,innovationandharmony〞.Morespecifically,thegovernmentwouldlaunchatransformationinthecoreaspectinordertopromotethefreecomprehensivedevelopmentofpeople;atransformationinthestrategicaspectinordertorealizegreenaswellasinnovativedevelopment;atransformationinthestructuralaspectinordertofulfillthecooperativedevelopmentbetweenhomeandabroad,urbanandruralareas,aswellasamongdifferentregions;andanall-dimensionalsystemtransformationineconomicsystemreform,politicalsystemreform,socialreform,culturalreformaswellasecologicalsystemreforminordertoprovidetheframeworkforthetransformationoftheaforesaiddevelopmentpatterns.Source:TheOutlineofthe12thFive-YearPlan,NPVanalysisThe12thFive-YearPlanMajor12-5ThemesandPotentialRelatedPoliciesThemePotentialPoliciesBeneficiaries(Sectors)Incomeredistribution/wageequality/socialwelfareIncreaseminimumwagemeaningfullyControlwagesforcertainSOEsImprovesocialsecuritysafetynetImprovehealthcaresafetynetImproveeducationMoreprivatesectorparticipationinhealthcare,education,socialwelfare,etc.Staples,healthcare,chemicals,buildingmaterials,propertyImproveConsumption/affordableHousingIncreasehouseholdincomeStimulateconsumptionviasubsidiesetc.Expediteaffordablehousing/socialhousingconstructionPropertytaxandlandsupplyreformsIncreaselandsupplyandreducepropertyspeculation/riskofbubbleImproveconsumptionofculture,media,travel,servicesMoreprivatesectorparticipationinculture,tourism,sports,etcImproveregulationonfoodsafetyBanks,insurance,consumerIndustryefficiency/resourceconservationPhaseoutexcesscapacityConsolidatekeyindustriesShutdownlower-endpollutingproducersPotentialresourcetaxPotentialslidingscalepricingforutilitiesSubsidies/supportivepoliciesforalternativeenergyEncouragesmallercars,etcExpandhigh-speedrailwaysAlternativeenergy,utilitiesSource:GSGlobalECSResearchThe12thFive-YearPlanMajor12-5ThemesandPotentialRelatedPolicies(Cont.)ThemePotentialPoliciesBeneficiaries(Sectors)R&DandhightechupgradeImproveenergysavingstechnology/R&DImproveelectricvehiclestechnologyImprovenewmaterials/newITFavorabletaxandcreditpoliciesforhightechGovernmentfunding/subsidiesforR&DImprovehighendequipmentSupportexportofhightechproductsImposingstricterregulationstoreplaceexistingimportedsecond-handconstructionmachinesandcontrolthenewimportofsecondhandmachinesAuto,industrial,alternativeenergy,ITUrbanization/inlandmigration/ruralreformsRuralreformonlandrightsandsuchSupportagriculturalproductionthroughsubsidiesetcDevelopingWest/Centralregions-industrytransferPromotelogisticsindustryIncreasingurbanizationratioImprovinginfrastructuredevelopmenttosupporturbanizationPotentialreformsinthe"hukou"systemPotentialreformsinfamilyplanning/one-childpolicyAutosandcomponents;TransportationSource:GSGlobalECSResearchThePEIndustryinChinaHistoryOldPeriod(1996-2005)Inthisperiod,privateequityinvestmentsinChinaweremainlydonebyforeignfinancialinstitutions.InternationalFinanceCorporationinvestedinBankofShanghaiin1996,andthatwasregardedtohavethefeaturesofprivateequityinvestment.In2002,MengniuDiarywasInvestedbyMorganStanley,CDHInvestmentandActisCapital.Afterthat,FamousinternationalprivateequitiessuchasTemasek,OaktreeCapital,GoldmanSachs,CarlyleandKKRinvestedincommercialbanksaswellasinsurancecompaniesinChinaoneafteranother,andtheyallgothugereturns.Therewerefewdomesticprivateequitiesinthisperiod,suchasCDHInvestmentandHonyCapital.NewPeriod(2006-2021)Withtheproceedingofshareholderstructurereform,theofficialimplementationofthenewPartnershipLaw,theannouncementofrelatedpreferentialtaxpoliciesandthelaunchofGrowthEnterpriseBoardinstockexchange,theestablishmentofdomesticprivateequitiesaccelerated.Attheendof2006,thefirstindustrialinvestmentfundinChina,BohaiIndustrialInvestmentFund,wasapprovedandestablished.In2007,aseriesofindustrialinvestmentfunds,withthetotalscaleof56billionRMB,wereapprovedoneafteranother.Inthisperiod,insurancecompanies,securitiescompanies,trustcompaniesandcommercialbanksstartedtotakepartinprivateequityinvestmentswithdifferentforms.GeneralFrameworkPrivateEquityFirm(GeneralPartner)PrivateEquityFund(LimitedPartnership)Investors(limitedPartners)ApprovalandPoliciesIncorporationApprovalandPoliciesTarget1Target2Target3InvestmentPublic-IPOPrivate-SellApprovalandPoliciesExitFundClearingPrivateEquityFirm(GeneralPartner)ApprovalandPoliciesWithdrawnInvestors(limitedPartners)LawsandRegulationsIncorporationPartnershipLawThenewPartnershipLaw,whichwasimplementedfromJune2021,providesspecificlegalbasisfordomesticfundswhichadopttheorganizationalformoflimitedpartnership.Sincetheimplementation,thegovernmenthashadnospecialrestrictionsinpartnershipswhichlaunchprivateequityinvestments.Inthisstage,PartnershipLawspecifiestheorganizationalstructureoflimitedpartnership,theresponsibilitiesofgeneralpartnersandlimitedpartners,etc..AdministrativeMeasuresonRegistrationofPartnershipThenewAdministrativeMeasuresonRegistrationofPartnership,whichwasimplementedfromJune2021togetherwithPartnershipLaw,stipulatesthatwhenestablishingthepartnership,theregistrationofestablishmentshouldbedonewiththerepresentativeappointedbyallthepartnersortheagententrustedjointlybyallthepartners.Inthisstage,AdministrativeMeasuresonRegistrationofPartnershipspecifiesregistrationofestablishment,registrationofchange,etc..LawsandRegulationsIncorporationInterimAdministrativeMeasuresonVentureCapitalsInterimAdministrativeMeasuresonVentureCapitals,whichwasimplementedfromMarch2006,statesthatthegovernmentlaunchedrecordmanagementofventurecapitals.Alltheventurecapitalswhichcomplywiththeseadministrativemeasuresandtheoperationofwhichlivesuptocorrespondentregulationscouldenjoyaseriesofpreferentialpolicies.Besides,venturecapitalswhichadoptcorporateformcouldentrustotherventurecapitalsorventurecapitalmanagementconsultingcompaniestobetheirmanagementconsultinginstitutions,andtoberesponsiblefortheirinvestmentmanagement.Inthisstage,InterimAdministrativeMeasuresonVentureCapitalsspecifiestheestablishmentrecord-keeping,investmentoperation,preferentialpolicies,etc.,ofventurecapitals,LawsandRegulationsIncorporationCompanyLaw

ThenewCompanyLaw,whichwasimplementedfromJanuary2006,statesthatinvestmentcompanieswhichadoptcorporateformshouldfirstcomplywiththerequirementsonestablishment,capital,governancestructure,operationoflimitedliabilitycompanies.Inthisstage,CompanyLawspecifiestheestablishmentandorganizationalstructureoflimitedliabilitycompany,thequalificationsandobligationsofdirectors,supervisorsandseniorexecutives,etc..AdministrativeMeasuresonForeignFundedVentureCapitals

Ifprivateequityfundsintroduceforeigninvestors,theyshouldcomplywithAdministrativeMeasuresonForeignFundedVentureCapitals,whichwasimplementedfromMarch2003,andotherlawsaswellasregulationsrelatedtoSino-ForeignJointVenturesandSino-ForeignCooperativeEnterprises.Inthisstage,AdministrativeMeasuresonForeignFundedVentureCapitalsspecifiestheestablishmentandregistration,capitalcontribution,organizationalstructure,etc.,offoreignfundedventurecapitals.LawsandRegulationsIncorporationInterimAdministrativeMeasuresonIndustrialInvestmentFundsInterimAdministrativeMeasuresonIndustrialInvestmentFunds,whichwasdraftedbyNationalDevelopmentandReformCommissioninNovember2004,implicitlyendowedIndustrialInvestmentFundswiththecharactersofPrivateEquityFundsintheinternationalinvestmentenvironment.Inthisstage,InterimAdministrativeMeasuresonIndustrialInvestmentFundsspecifiesthepromotionandestablishmentofindustrialinvestmentfunds,etc..RegulationsonForeignExchangeControlThenewRegulationsonForeignExchangecontrol,whichwaspassedinAugust2021andhasbeenimplementedsincethen,specifiesforeignexchangecontroloncurrentaccount,foreignexchangecontroloncapitalaccount,foreignexchangecontroloffinancialinstitutions,RMBexchangerateandforeignexchangemarketmanagement,supervisionandmanagement,legalresponsibility,etc..LawsandRegulationsRegulationsonMergerandAcquisitionofDomesticEnterprisesbyForeignInvestorsRegulationsonMergerandAcquisitionofDomesticEnterprisesbyForeignInvestorswasimplementedfromNovember2006,whichaimstopromoteandstandardizedomesticinvestmentsmadebyforeigninvestors,introduceadvancedtechnologiesandmanagerialexperience,aswellasrealizetheappropriateallocationofresources.Inthisstage,RegulationsonMergerandAcquisitionofDomesticEnterprisesbyForeignInvestorsspecifiesthegeneralregulation,approvalandregistrationofmergerandacquisition,theconditions,proceduresandadditionalrequirementsinthemergerandacquisitionmadebyforeigninvestors,etc..IncorporationLawonForeign-CapitalEnterprisesLawonForeign-CapitalEnterpriseswaspassedinOctober2000andhasbeenimplementedsincethen.Asmentionedinthelaw,“enterpriseswithforeigncapital〞r(shí)eferstothoseenterprisesestablishedinChinabyforeigninvestors,exclusivelywiththeirowncapital,inaccordancewithrelevantChineselaws.Inthisstage,LawonForeign-CapitalEnterprisesspecifiestheestablishment,restrictions,etc.,offoreign-capitalenterprises.LawsandRegulationsAdministrativeMeasuresonStrategicInvestmenttoPublicCompanybyForeignInvestorsAdministrativeMeasuresonStrategicInvestmenttoPublicCompanybyForeignInvestors,whichhasbeenimplementedsinceJanuary2006,isapplicabletomedium-and-long-termbuyoutinvestmentsmadebyforeigninvestorstopubliccompaniesafterstate-share-salereform.Inthisstage,AdministrativeMeasuresonStrategicInvestmenttoPublicCompanybyForeignInvestorsspecifiestheproceduresandrequirementsintheStrategicInvestmenttopubliccompanymadebyforeigninvestors,etc..IncorporationCircularonRelatedTaxationIssuesintheMergerandAcquisitionofDomesticEnterprisesbyForeignInvestorsCircularonRelatedTaxationIssuesintheMergerandAcquisitionofDomesticEnterprisesbyForeignInvestors,whichwascompiledbyStateAdministrationofTaxation,hasbeenimplementedsinceJanuary2003.Thecircularspecifieshowcouldforeignfundedenterprisesenjoyvariouspreferentialpoliciesoncorporateincometax.LawsandRegulationsQFLPQFLP(QualifiedForeignLimitedPartner)systemistheimportantsupplementofCircularontheImprovementoftheOperationProblemsintheForeignExchangeCapitalSettlementofForeign-FundedEnterprises,whichwasissuedbyStateAdministrationofForeignExchangein2021.Afterforeigninstitutionalinvestorspassedqualificationapprovalaswellasthesupervisoryprocedureoftheirforeignexchangefunds,theycouldexchangeforeigncapitalforRMB,inordertoinvestindomesticPEmarket.BesidestheexchangeofRMBFundsestablishedbyforeignPEaccordingtothequota,theQFLPsystemhasanotherbreakthroughthattheRMBFundssetupbyqualifiedforeignlimitedpartnerscouldenjoythesametreatmentsofdomesticRMBFunds.InOct.11,2021,QFLPschememadebyShanghaiwasapprovedbynationalfinancialregulationdepartment,andthatwasthefirstQFLPschemebeingapprovedamongtheschemesmadebythreecities(Shanghai,BeijingandTianjin)whichappliedtobetheexperimentalcityofQFLPsystem.IncorporationLawsandRegulationsInvestmentAdministrativeMeasuresonBuyoutofPublicCompanyAdministrativeMeasuresonBuyoutofPublicCompany,whichwaspassedinApril2021andhasbeenimplementedsincethen,specifiesbuyoutandrelatedequitychangeactivitiesinordertofacilitateoptimizedallocationofsecuritymarketresources.Inthisstage,AdministrativeMeasuresonBuyoutofPublicCompanyspecifiestherequirementsofinterestsdisclosure,tenderoffer,privatelynegotiatedtransaction,indirectacquisition,etc..InterimAdministrativeMeasuresonIndustrialInvestmentFundsInterimAdministrativeMeasuresonIndustrialInvestmentFunds,whichwasdraftedbyNationalDevelopmentandReformCommissioninNovember2004,implicitlyendowedIndustrialInvestmentFundswiththecharactersofPrivateEquityFundsintheinternationalinvestmentenvironment.Inthisstage,InterimAdministrativeMeasuresonIndustrialInvestmentFundsspecifiestheorganizationalstructureoffundcompany,therequirementsoffundmanagerandfundcustodian,aswellasthedetailsofinvestmentoperation.LawsandRegulationsInvestmentAdministrativeMeasuresonForeignFundedVentureCapitals

Ifprivateequityfundsintroduceforeigninvestors,theyshouldcomplywithAdministrativeMeasuresonForeignFundedVentureCapitals,whichwasimplementedfromMarch2003,andotherlawsaswellasregulationsrelatedtoSino-ForeignJointVenturesandSino-ForeignCooperativeEnterprises.Inthisstage,AdministrativeMeasuresonForeignFundedVentureCapitalsspecifiestherequirementsofventurecapitalmanagementfirm,theoperationmanagementofventurecapital,etc..CircularonRelatedTaxationIssuesinFacilitatingtheDevelopmentofVentureCapitalsCircularonRelatedTaxationIssuesinFacilitatingtheDevelopmentofVentureCapitals,whichwasimplementedfromJanuary2006,specifieshowcouldventurecapitalsbequalifiedfortherelatedpreferentialtaxation.LawsandRegulationsAdministrativeMeasuresonInitialPublicOfferingAdministrativeMeasuresonInitialPublicOffering,whichhasbeenimplementedsinceMay2006,specifiestheissueterms,issueprocedures,informationdisclosure,supervisionandpenalty,etc.,ofIPO.ExitSecuritiesLaw

ThenewSecuritiesLaw,whichhasbeenimplementedsinceJanuary2006,specifiessecuritiesissue,securitiestransaction,buyoutofpubliccompanies,stockexchanges,securitiescompany,securitiesregistrationandsettlementinstitution,securitiesserviceinstitution,securitiesassociation,securitiesregulatoryauthority,legalliability,etc..LawsandRegulationsExitCircularonApplicationforOverseasListingbyEnterprisesCircularonApplicationforOverseasListingbyEnterprises,whichhasbeenimplementedsinceJuly1999,specifiesrequirementsforapplyingforoverseaslisting,documentsthatshouldbesubmitted,applicationandapprovalprocedures,etc..CompanyLaw

ThenewCompanyLaw,whichwasimplementedfromJanuary2006,statesthatinvestmentcompanieswhichadoptcorporateformshouldfirstcomplywiththerequirementsonestablishment,capital,governancestructure,operationoflimitedliabilitycompanies.Inthisstage,CompanyLawspecifiestheestablishment,organizationalstructure,stockissueandtransferofincorporatedcompany,thequalificationsandobligationsofdirectors,supervisorsandseniorexecutives,etc..LawsandRegulationsWithdrawnRegulationsonForeignExchangeControlThenewRegulationsonForeignExchangecontrol,whichwaspassedinAugust2021andhasbeenimplementedsincethen,specifiesforeignexchangecontroloncurrentaccount,foreignexchangecontroloncapitalaccount,foreignexchangecontroloffinancialinstitutions,RMBexchangerateandforeignexchangemarketmanagement,supervisionandmanagement,legalresponsibility,etc..PartnershipLawThenewPartnershipLaw,whichwasimplementedfromJune2021,providesspecificlegalbasisfordomesticfundswhichadopttheorganizationalformoflimitedpartnership.Sincetheimplementation,thegovernmenthashadnospecialrestrictionsinpartnershipswhichlaunchprivateequityinvestments.Inthisstage,PartnershipLawspecifiesthedissolutionandliquidationofpartnerships,etc..LawsandRegulationsWithdrawnAdministrativeMeasuresonRegistrationofPartnershipThenewAdministrativeMeasuresonRegistrationofPartnership,whichwasimplementedfromJune2021togetherwithPartnershipLaw,stipulatesthatwhenestablishingthepartnership,theregistrationofestablishmentshouldbedonewiththerepresentativeappointedbyallthepartnersortheagententrustedjointlybyallthepartners.Inthisstage,AdministrativeMeasuresonRegistrationofPartnershipspecifiesregistrationofcancellation,etc..CompanyLaw

ThenewCompanyLaw,whichwasimplementedfromJanuary2006,statesthatinvestmentcompanieswhichadoptcorporateformshouldfirstcomplywiththerequirementsonestablishment,capital,governancestructure,operationoflimitedliabilitycompanies.Inthisstage,CompanyLawspecifiesthedissolutionandliquidationofthecompany,etc..LawsandRegulationsWithdrawnInterimAdministrativeMeasuresonIndustrialInvestmentFundsInterimAdministrativeMeasuresonIndustrialInvestmentFunds,whichwasdraftedbyNationalDevelopmentandReformCommissioninNovember2004,implicitlyendowedIndustrialInvestmentFundswiththecharactersofPrivateEquityFundsintheinternationalinvestmentenvironment.Inthisstage,InterimAdministrativeMeasuresonIndustrialInvestmentFundsspecifiestheterminationandliquidationofindustrialinvestmentfunds,etc..LawonForeign-CapitalEnterprisesLawonForeign-CapitalEnterpriseswaspassedinOctober2000andhasbeenimplementedsincethen.Asmentionedinthelaw,“enterpriseswithforeigncapital〞r(shí)eferstothoseenterprisesestablishedinChinabyforeigninvestors,exclusivelywiththeirowncapital,inaccordancewithrel