事关PE/VC：基金业协会呼吁行业重新审视回购条款

Core Viewpoint - The China Securities Investment Fund Industry Association calls for a reevaluation of buyback clauses in private equity and venture capital funds, emphasizing the importance of long-term investment and effective communication with stakeholders [3][19]. Group 1: Industry Development - The private equity and venture capital industry in China has been steadily developing, playing a crucial role in empowering technological innovation and contributing to high-quality economic growth [4]. - The buyback issue has become a focal point in the primary market, with many startups facing financial and developmental pressures due to triggering buyback clauses [5]. Group 2: Buyback Clause Recommendations - Fund managers should adopt a long-term investment and value investment philosophy, enhancing their capabilities in value discovery, active management, and valuation [5][6]. - Buyback arrangements should be scientifically reasonable, avoiding misuse for illegal lending or other non-equity investment activities [6]. - Fund managers are encouraged to communicate effectively with investors and stakeholders when buyback conditions are triggered, considering external factors such as macroeconomic conditions and industry policies [6]. Group 3: Industry Challenges - The prevalence of buyback clauses has led to increased conflicts between startups and investment institutions, complicating governance, asset valuation, and dispute resolution [9]. - The application rate of buyback clauses in domestic primary market investment activities has exceeded 90%, exacerbating tensions between entrepreneurs and investors [9]. Group 4: Association's Call to Action - The association's call is not a legal regulation but a cultural appeal for the industry to reassess buyback clauses [19]. - The four aspects of the association's appeal include: 1. Service Innovation: Recognizing the industry's role in supporting technological and industrial innovation [20]. 2. Professional Patience: Enhancing professional judgment and management capabilities rather than relying solely on buyback clauses [20]. 3. Prudent Reasonableness: Using buyback clauses judiciously without evading regulatory requirements [20]. 4. Amicable Resolution of Disputes: Proposing solutions that consider the interests of all parties involved [20]. Group 5: Importance of Industry Self-Regulation - The association's role as a self-regulatory body is crucial in addressing the growing distrust between entrepreneurs and investment institutions due to buyback disputes [21]. - The association's appeal aims to guide industry players in reassessing the role of buyback clauses and improving the overall image of the industry among entrepreneurs [21].