It is learnt from some related departments that a venture investment fund of one billion yuan will be set up in Ningbo. It is hoped that its leverage effect may attract more social funds to be invested in the venture investment field, thus promoting the accumulation of venture capitals, projects, technologies and talents home and abroad.
According to the newly released regulation for the venture investment fund (trial), the not-for-profit fund is set up by the municipal government. By exerting its leverage effect and guiding function, the fund aims to support the establishment and development of the commercial venture investment enterprises and further improve the system of venture investment in Ningbo.
The fund stands at one billion yuan, and the startup capital is 250 million yuan. The source of the fund includes the following: the special financial fund to support the development of venture investment enterprises, all the profits from the operation of the fund, donations from individuals, enterprises and social organizations, and other funds from the municipal government.
It is learnt that this fund is used mainly to support the venture investment enterprises and newly established enterprises, as well as some other enterprises chosen by the municipal government, for example, those distinctive venture investment enterprises with outstanding investment performance at home and abroad, strong fund-raising capability, mature management regulations, ample network resources and good credit.
As for venture investment enterprises, the criteria are that they should have standard management and a paid-in capital of over 60 million yuan (with all the investors investing in the monetary form), that they should have at least three successful investment cases of investing in small or medium-sized high-tech enterprises, with a total investment value of over 30 million yuan, and that they possess at least three full-time senior managers with over five years' relevant working experience in venture investment or related fields.
As for the newly established enterprises, firstly they should be enrolled within the administrative regions of Ningbo and mainly engage in the research, development, production and services for high-tech products. Then they should be non-listed companies established in the last five years with a staff population of less than 300 people (over 30% of them are technicians with at least associated degree, and over 10% directly engaging in the researching and developing of new technologies). Finally, the annual sales volume should be lower than 30 million yuan or the net assets lower than 20 million yuan, and the funding used in the researching and developing of high technologies should take up over 5% of the sales volume.
For those qualified enterprises and projects, the fund will make investment in forms of stage share-holding and follow-up investment, etc. The principle is that it will hold shares without controlling the stock so as to guarantee the independence of decision-making and management and commercial operation of the venture investment enterprises and start-up enterprises
