中基协发文引导耐心资本化解股权回购困局

Core Viewpoint - The China Securities Investment Fund Industry Association has issued a notice urging private equity and venture capital funds to set reasonable equity buyback clauses, encouraging long-term discussions to resolve conflicts of interest and support the growth of real enterprises [1][7]. Group 1: Industry Development - The private equity and venture capital fund industry in China has been steadily developing, acting as a representative of patient capital and contributing positively to high-quality economic development through its roles as incubators, accelerators, and promoters of technological innovation [2][9]. - The application rate of equity buyback clauses in domestic primary market investment activities has exceeded 90%, indicating their widespread use to address uncertainties and information asymmetries between investors and companies [2][9]. Group 2: Challenges and Issues - The issue of equity buybacks has become a focal point in the market, with many startups facing financial and developmental pressures due to triggered buybacks, leading to difficulties for private equity funds in exiting their investments [3][10]. - The inability of companies to go public in the short term can lead to aggressive claims for buyback rights, potentially resulting in insolvency or bankruptcy for the companies involved, which ultimately harms fund investors [3][10]. Group 3: Regulatory Guidance - The notice emphasizes that private equity and venture capital funds must set scientifically reasonable buyback clauses and avoid using buyback arrangements for illegal lending or other non-equity investment activities [3][10]. - Fund managers are encouraged to adopt a long-term investment and value investment philosophy, enhancing their capabilities in value discovery, active management, and valuation pricing [3][10]. Group 4: Recommendations for Stakeholders - The notice encourages fund managers to communicate effectively with investors and other stakeholders when buyback conditions are triggered, assessing external factors such as macroeconomic conditions and industry policies [4][11]. - It suggests that fund managers should consider flexible measures, such as extending buyback deadlines or adjusting buyback targets, to help companies navigate difficulties and support their growth [4][11]. Group 5: Building a Healthy Ecosystem - To restore balance and compatibility in equity buyback clauses, collaboration among all market participants in terms of concepts, rules, and actions is essential [5][12]. - Fund managers must balance diligence and flexibility, ensuring that any measures taken to assist companies are communicated transparently to investors to avoid potential liabilities [5][12][13].