聚焦股权回购问题！中基协发布提示

Core Viewpoint - The China Securities Investment Fund Industry Association has issued a notice urging private equity and venture capital funds to set reasonable investment terms, emphasizing the importance of patient capital and the role of technology innovation in promoting high-quality economic development [1][3]. Group 1: Focus on Equity Buyback Issues - Equity buyback clauses are designed to address uncertainties and information asymmetry between investors and target companies during equity financing agreements [3]. - The buyback issue has become a hot topic in the primary market, with many startups facing financial and developmental pressures due to triggering buyback clauses, while private equity funds encounter difficulties in exiting [3][4]. - The notice encourages private equity and venture capital funds to adopt a long-term investment and value investment philosophy, enhancing their capabilities in value discovery, active management, and valuation pricing [3]. Group 2: Recommendations for Resolving Conflicts of Interest - The notice suggests four methods to resolve conflicts of interest, including adjusting buyback targets, extending buyback periods, lowering buyback interest rates, or terminating buyback agreements [2][6]. - A report indicated that over 80% of domestic private equity investment projects include buyback clauses, with the usage rate reaching as high as 90% in recent years [5]. - The exit environment has improved significantly this year, with a notable increase in exit cases, including 1,002 IPO exits and 352 merger exits in the first three quarters, reflecting a 37.8% and 84.3% year-on-year increase, respectively [5]. Group 3: Emphasis on Communication and Evaluation - The notice emphasizes the importance of communication between fund managers, investors, and buyback obligors when buyback conditions are triggered, considering external factors such as macroeconomic conditions and industry policies [5]. - Fund managers are advised to carefully evaluate the impact of exercising buyback rights on both the buyback obligors and the private equity fund industry [5].