21st Century Business Herald reporter Yang Zhijin Shanghai report
On October 20, the industrial and commercial information of Jinggangshan Xincheng Investment Development Co., Ltd. changed: Guokai Infrastructure Fund Co., Ltd. invested 5.68 million yuan, holding 2.29% of the equity of Jinggangshan Xincheng Investment Development Co., Ltd., , becoming the new shareholder of the company. According to industrial and commercial information, Guokai Infrastructure Fund Co., Ltd. is owned by Guokai 100% and was established on July 21, 2022. It mainly undertakes the issuance of infrastructure investment fund .
In order to cope with the downward pressure of the economy, regulatory authorities have launched policy-based development financial tools (also known as the "infrastructure investment fund") with a scale of more than 600 billion this year. Guokai Infrastructure Fund Co., Ltd., Agricultural Development Infrastructure Investment Fund Co., Ltd., and Jinyin Infrastructure Fund Co., Ltd. are the main implementing entities.
reporter learned that infrastructure fund companies mainly invest in projects through equity investment, shareholder loans, etc. to supplement the project capital gap. The equity investment model is: the infrastructure fund company directly invests in the project implementation entity, but does not participate in the specific operation, which is essentially a "famous stocks and real debts". Under this operating mode, the fund company has invested in some urban investment companies , and the urban investment company has changed its equity information accordingly.
According to the reporter's review, as of now, Guokai Infrastructure Fund Co., Ltd. has invested 20 companies abroad, with a total investment of 4.3 billion yuan; Agriculture Infrastructure Fund Co., Ltd. has invested 16 companies abroad, with a total investment of 1.9 billion yuan; Jinyin Infrastructure Fund Co., Ltd. has not disclosed relevant information yet. Most of these invested companies are urban investment companies. Considering the lagging update of industrial and commercial information, infrastructure investment fund companies may invest in urban investment companies with more investments and may be larger in scale.
Many urban investment companies welcome new shareholders
Zibo City Asset Operation Group announced on September 26 that the company held an extraordinary shareholders' meeting on September 19, 2022, agreed to absorb Guokai Infrastructure Fund Co., Ltd. as the new shareholder, and agreed to change the company type to other limited liability companies.
company registered capital increased from 6 billion yuan to 6.0551 billion yuan, and the new registered capital of 55.1 million yuan was invested in currency by the new shareholder Guokai Infrastructure Fund Co., Ltd., with the investment time on September 8, 2022. After the equity change, the proportion of the company's equity held by Zibo Municipal Finance Bureau dropped from 100% to 99.09%, and the Guokai Infrastructure Fund Co., Ltd. held 0.91% of the shares.
html In July, the Henan Provincial Development and Reform Commission announced information that the China Development Bank's infrastructure fund .34 billion yuan has been invested in Anyang Airport Company recently, mainly used for the construction of Anyang Northeast Airport . This is the first batch of equity investment infrastructure funds successfully invested in the country.industrial and commercial registration information shows that Anyang Transportation Airport Development Investment Co., Ltd. absorbed Guokai Infrastructure Fund Co., Ltd. as a new shareholder on September 21, 2022, and increased the company's registered capital from 671 million yuan to 1.011 billion yuan, with a new registered capital of 340 million yuan. After the equity change, Henan Aviation Investment Aviation Basic Industry Development Co., Ltd.'s shareholdings dropped from 51% to 33.84%, Anyang Investment Group Co., Ltd.'s shareholdings dropped from 49% to 33.52%, and Guokai Infrastructure Fund Co., Ltd.'s shareholdings held by 33.64%.
According to the analysis, as of now, the number of foreign investment companies of Guokai Infrastructure Fund Co., Ltd. and Agriculture Infrastructure Fund Co., Ltd. is 36 respectively, with a total investment of 6.2 billion yuan, with an average of about 200 million yuan each. In terms of investment amount, most investment amounts are higher than 10 million, and the highest is 900 million, with investment ratios being less than 50%.
Most of the above 36 invested entities are local financing platforms, and most of them are municipal and district-level urban investment companies. Among them, the bond issuance Urban Investment is only Zibo City Urban Asset Operation Group. Currently, the company has 26 bonds and a balance of 27.4 billion yuan.
These changes originated from the investment of infrastructure investment funds. The State Council Executive Meeting held on June 29 decided to use policy-based and development-based financial tools to raise 300 billion yuan through issuance of financial bonds, etc., to supplement the capital of major projects including new infrastructure. The State Council meeting on August 24 stated that the quota for policy development financial instruments will be increased by more than 300 billion yuan, that is, the scale of infrastructure investment in funds will reach more than 600 billion yuan.
is set according to the tone of the State Council on August 24 that the "increase the quota of policy development financial instruments of more than 300 billion yuan" by the State Council on August 24, and the scale of the second phase of the fund has increased according to actual needs. Among them: , the second fund investment of the Agriculture Development and the Import and Export Bank both include two batches, with an additional 55.9 billion yuan and 18.4 billion yuan respectively compared with the initial allocation quota. As of October 12, the scale of infrastructure funds for public disclosure reached 674.3 billion yuan.
According to the reporter, policy-based and development-based financial tools mainly use equity investment and shareholder loans to supplement the project capital gap. In practice, shareholders borrow money mostly, but equity investment also accounts for a certain proportion. The equity investment model is that the infrastructure fund company directly invests in the project implementation entity and becomes the shareholder of the invested entity. What is the impact of
?
Although infrastructure investment funds invest in urban investment, they do not participate in specific operations, which is essentially a "famous stocks and real debts" model. Zibo City Asset Operation Group stated that the change in the company's equity will not lead to changes in the company's controlling shareholder and actual controller, and has completed formal procedures and is legal and compliant. The company's operating conditions are stable, and the change in equity will not affect the company's daily management, production and operation and debt repayment ability.
Zou Lan, director of the Monetary Policy Department of the Central Bank, also stated at a press conference of the State Information Office in July that policy-based and development-based financial instruments should be invested in accordance with market principles, make independent decisions in accordance with the law, bear their own profits and losses, bear their own risks, and protect their capital and small profits. Only make financial investments and exercise the corresponding shareholder rights, do not participate in the actual construction and operation of the project, and determine the exit method according to market-oriented principles. Investment projects must have strong social benefits and certain economic feasibility. The project materials obtained by the reporter from
show that under the equity investment model, infrastructure investment fund companies, equity repurchase entities and invested entities need to sign a tripartite contract, which stipulates the investment and equity repurchase matters, and the equity repurchase entity must pay the repurchase payment as agreed in the contract.
21st Century Business Herald Some people in the financial system interviewed by the reporter expressed concern that after the issuance of about 10 trillion yuan of special bonds from 2018 to 2022, local profit-related projects have been greatly reduced. How to avoid new hidden debts while withdrawing funds will be a matter of concern, especially in equity repurchase.
The People's Daily also recently reported that during the inspection in Guangdong, the 12th Inspection Team found that due to the unclear understanding of whether the funds are hidden debts and the ambiguity of the understanding of the start-up requirements of all parties, some local governments and enterprises still have concerns about applying for the use of policy-based development financial tools and banks' investment in funds. In this regard, the inspection team made suggestions to improve in terms of clarifying the nature of the funds, clarifying the division of responsibilities, and refining specific policies to ensure that larger-scale capital investment is in place and important projects are implemented at a faster pace.
(Coordination: Ma Chunyuan)
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