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Hainan FTP announces 1st batch of QDLP overseas investment pilot enterprises

Updated: investinchina.chinadaily.com.cn
[Photo/Sipa]

A list of the first batch of Qualified Domestic Limited Partner (QDLP) overseas investment pilot enterprises in the Hainan Free Trade Port was officially released to the public on Friday.

After passing a qualification examination and approval and obtaining a quota, 24 enterprises were enrolled in the pilot program and are allowed to raise funds from qualified domestic investors, or QDLPs, for overseas investment.

Hainan issued interim measures on carrying out pilot programs of QDLP overseas investment this April.

According to the guideline, a pilot fund management enterprise, be it domestic-funded or foreign-invested, may apply to establish pilot funds which shall be set up to invest in primary and secondary markets outside of the Chinese mainland.

Pilot fund managers may be entrusted to manage the investment business of pilot funds and provide related services, and conduct investment consulting business in accordance with the law.

The guideline stipulates that a QDLP refers to a domestic natural person or an institutional investor who subscribes for the pilot funds.

Pension funds such as social security funds and corporate annuities, social welfare funds such as charity funds, asset management products that have been filed in accordance with the law, fund managers and their practitioners who invest in the managed funds, and other investors specified by the China Securities Regulatory Commission can all be regarded as QDLPs.

A QDLP should invest no less than 1 million yuan or an equivalent amount of foreign currencies in a single fund. Meanwhile, a QDLP shall be either a legal entity with a net asset of no less than 10 million yuan; or, an individual with financial assets of no less than 3 million yuan or an average annual income of no less than 500,000 yuan in the last three years.

Among the pilot enterprises, there are 14 equity investment enterprises such as Huaneng Invesco WLR (Beijing), Kohlberg Kravis Roberts & Co LP, COFCO Private Equity Fund Management (Hainan) Co Ltd, and Hainan Hexie Hengxing Private Equity Fund Management Co Ltd; and 10 non-equity investment pilot enterprises including Hainan Ping’an Private Equity Fund Management Co Ltd, China Everbright Limited, Longshi Capital Management Co Ltd, Gaoteng International Asset Management Co Ltd, and Hainan Dongli Fund Management Co Ltd.

People's Daily Online contributed to this story.

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