Qianhai Cooperation Zone has continuously improved quality and efficiency in the opening up of the financial industry, especially the high-level construction of Qianhai Shenzhen-Hong Kong International Financial City. It has signed contracts to settle in 200 financial institutions, accounting for 30% of them.
"Southern" magazine all-media reporter丨Wenrou
On September 2, the "Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Administration Bureau and the Financial Affairs and Treasury Bureau of the Hong Kong Special Administrative Region Government Financial Affairs and Treasury Bureau on Supporting the Coordinated Development of Qianhai Shenzhen-Hong Kong Venture Capital" (hereinafter referred to as the "Eighteen Measures" Measures) were officially released simultaneously in Shenzhen and Hong Kong.
"Eighteen Measures" are concrete actions to implement the "Plan for Comprehensively Deepening the Reform and Opening-up of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone" and are of great significance to deepening pragmatic and innovative cooperation in the financial field of Shenzhen-Hong Kong. This will further promote the coordinated development of Shenzhen-Hong Kong venture capital, effectively serve Shenzhen-Hong Kong scientific and technological innovation cooperation, and help build the Guangdong-Hong Kong-Macao Greater Bay Area International Science and Technology Innovation Center.
's "Eighteen Measures" proposed that in Qianhai Shenzhen-Hong Kong International Financial City (Qianhai Guiwan and Qianwan areas), Menghai Avenue and Guiwan Road are used as vertical and horizontal dual axes, to coordinate high-quality industrial carriers on both sides, expand 800,000 square meters of high-quality industrial space, and create a Qianhai Shenzhen-Hong Kong International Venture Capital Venture Capital Cluster with convenient cross-border flow of innovative capital and outstanding driving capabilities of science and technology innovation industries.
In addition, the "Eighteen Measures" measures have introduced a number of specific measures in terms of "facilitating two-way cooperation in cross-border investment in Shenzhen and Hong Kong", "supporting large-scale agglomeration and development", and "creating a good ecological environment for coordinated development in Shenzhen and Hong Kong". For example, support the development of innovative technology in Hong Kong. Qianhai QDIE management companies are encouraged to invest in Hong Kong innovative technology, and reward them for those who invest in Hong Kong Science Park or Hong Kong Cyberport enterprises, who have been selected to participate in the Hong Kong Science Park or Hong Kong Cyberport cultivation program, and have received funding projects for the Hong Kong SAR Government Innovation and Science and Technology Fund, and will be awarded at 2% of the actual investment amount and a single transaction of up to 500,000 yuan. Each enterprise will receive a cumulative reward of up to 2 million yuan per year.
Shenzhen and Hong Kong issued measures in the form of joint announcements for the first time
This "Eighteen Articles" measures are based on in-depth research and extensive investigation of the pain points, difficulties and bottlenecks reflected by the private equity industry in Shenzhen and Hong Kong. The Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone Administration (hereinafter referred to as the Shenzhen Qianhai Administration) and the Hong Kong Special Administrative Region Government Financial Affairs and Treasury Bureau (hereinafter referred to as the Hong Kong Finance and Treasury Bureau) jointly studied and introduced pragmatic and powerful measures to support the coordinated development of Shenzhen-Hong Kong venture capital and venture capital.
It is worth noting that the "Eighteen Measures" are the first time that Shenzhen and Hong Kong have adopted the form of joint announcements to release a "policy package" to the outside world. It is not only an innovation in cooperation mechanisms, but also exploring a new path for Qianhai to deepen cooperation in Shenzhen and Hong Kong. At the same time, the two sides have established a normalized exchange and cooperation mechanism to promote the connection of rules and mechanisms in the financial field of Shenzhen and Hong Kong, promote the interconnection of Shenzhen and Hong Kong financial markets at a larger scope, wider areas and deeper levels, and serve the high-quality development of the real economy.
Qianhai Stone (photo taken on July 15, 2021). Xinhua News Agency reporter Mao Siqian photographed
In fact, since the release of the "Plan for Comprehensively Deepening the Reform and Opening-up of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone" on September 6 last year, the Qianhai Cooperation Zone has continuously improved quality and efficiency in the opening up of the financial industry. In particular, the Qianhai Shenzhen-Hong Kong International Financial City has been built at a high level. 200 financial institutions have been signed, accounting for 30% of them. Key Hong Kong-funded and foreign-funded financial institutions such as Hang Seng Qianhai Fund, Lianyirong Digital Technology, and Daxin Bank have entered Qianhai.
facilitates two-way cooperation in cross-border investment in Shenzhen and Hong Kong
Hong Kong financial industry has repeatedly proposed that it hopes to broaden the cooperation channels for private equity funds in Shenzhen and Hong Kong. The Shenzhen Qianhai Administration and the Hong Kong Treasury Bureau actively responded to industry demands, promoted the connection and mechanism connection of the pilot rules and mechanisms between the Hong Kong Limited Partnership Fund (LPF) and Qianhai Foreign Investment Equity Investment Enterprise (QFLP), supported Qianhai Venture Capital and Venture Capital institutions to link Hong Kong LPF to develop overseas businesses, and at the same time optimized the Qianhai QFLP pilot work, launched pragmatic measures such as optimizing entry thresholds, broadening investment scope, and flexible allocation projects, and clearly stated that the joint consultation will be completed within 10 working days of the institution submitting complete qualification application materials.
In particular, the "Eighteen Articles" measures are proposed to broaden the financing channels of Hong Kong's capital market. Support Qianhai Venture Capital and Venture Capital institutions to expand financing channels and give a one-time reward of 2 million yuan to those listed on the Hong Kong Stock Exchange. If Qianhai Venture Capital and its wholly-owned subsidiaries in Hong Kong are established as promoters, and are allowed to list on the Hong Kong Stock Exchange, Qianhai Venture Capital will be given a one-time reward of 1 million yuan. If Qianhai high-quality infrastructure projects are listed on the Hong Kong Stock Exchange through REITs, a one-time reward of 1 million yuan will be given to the owner of the project.
The maximum reward can exceed 50 million
This time, the "Eighteen Measures" also provide comprehensive support for venture capital and venture capital institutions from the aspects of settlement rewards, rental subsidies, aggregation support, business teams, investment and early investment and small investment technology, and can also be combined with municipal support policies and related policies of Nanshan District or Bao'an District. The total maximum reward can exceed 50 million yuan.
in terms of vigorously attracting international asset management institutions to settle down, it supports well-known overseas venture capital venture capital institutions, international asset management institutions, Hong Kong family offices, etc. to settle down in Qianhai. For those who have been approved by the national financial regulatory authorities, a one-time settlement reward of up to 50 million yuan will be given according to paid-in capital. Newly qualified foreign-funded QFLP and WFOE PFM management enterprises that have obtained pilot qualifications will be given a one-time settlement reward of 1 million yuan.
Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone. Photo by Zhu Hongbo, reporter of Southern Daily,
In particular, the "Eighteen Measures" encourage early investment and small investment technology. If Qianhai Venture Capital Venture Capital institutions invest in Shenzhen seed and start-up technology enterprises for 2 years and are recognized as national high-tech enterprises or "specialized and innovative" enterprises at the provincial level or above, their managed enterprises will be rewarded at 1% of the investment amount and a maximum of 500,000 yuan per transaction, and each enterprise will receive a cumulative reward of up to 2 million yuan per year.
In addition, in terms of talent rewards, the management team will be supported at 4% of the management fee income established in Qianhai and up to 3 million yuan per year.
Create a good environment for the coordinated development of Shenzhen and Hong Kong
"Creating a good ecological environment for the coordinated development of Shenzhen and Hong Kong" is one of the particularly important contents of this "Eighteen Measures" measure.
"Eighteen Measures" are proposed to encourage industrial guidance funds to make concessions. Optimize the incentive mechanism of Qianhai Industrial Guidance Fund, and on the basis of compliance with the law, calculate the amount of reinvestment for Shenzhen enterprises based on a certain coefficient, appropriately relax the requirements for the scale of investment and the reinvestment ratio, and appropriately give concessions to social capital and management teams. Support the Qianhai Industrial Guidance Fund and the Industrial Guidance Fund in Shenzhen, Nanshan District and Bao'an District to establish joint due diligence, joint investment and other mechanisms to jointly improve the efficiency of the government industrial guidance fund.
's "Eighteen Measures" also propose to improve the level of comprehensive services. Join Nanshan District and Bao'an District to establish a project database for high-quality invested enterprises, support the improvement of Qianhai Shenzhen-Hong Kong fund carrier functions, establish a database of high-quality venture capital and venture capital institutions, and carry out "package" services such as project docking roadshows. Increase efforts to ensure housing for talents, increase investor protection, and build an international commercial dispute resolution mechanism and a diversified cross-border financial dispute resolution mechanism. Support qualified Hong Kong professionals in accounting, taxation, law, etc. to practice cross-border in Qianhai. Research and explore a tax environment conducive to the coordinated development of venture capital in Shenzhen and Hong Kong.
It is reported that the application, approval and approval of reward and support funds involved in the "Eighteen Articles" measures are implemented in accordance with the "Interim Measures for the Management of Special Funds for Supporting Financial Industry Development in Shenzhen Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone" and its application guidelines. It will be implemented from September 2, 2022 and will be valid for three years.
In particular, it supports large Qianhai funds, international asset management institutions, venture capital and private securities investment institutions that meet the conditions to apply to enjoy municipal support policies, and municipal policies can be enjoyed in combination with Qianhai policies. If it complies with the relevant policies and regulations of venture capital in Nanshan District or Bao'an District, it can enjoy relevant support from Nanshan District or Bao'an District, except where otherwise provided.
Editor in charge of this article丨Guo Fang
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