国资已成为S交易的重要参与者。2020年国资在S交易的卖方 市场中占比6.9%，排在第四位。但短短两年后，就一跃成为 第二大卖方。 作者： 王雅洁 封图：图虫创意 签字笔提起又放下，北京一家S基金（私募股权二级市场基金）法律顾问王哲的办公桌上，一份涉 及中东主权财富基金的跨境份额转让协议，已在桌上静躺接近两周的时间。 2024年底那笔险些"夭折"的跨境交易，至今让他心有余悸。令他印象深刻的是，跨境S基金的每笔 资金出入境都需要单独申请，并且需要一定的审批周期。 不止于外汇审批，税负差异、法律适配、信息壁垒等一系列难题相继横亘在前，让许多看似优质的 跨境交易最终止步于谈判桌前。 2025年以来，跨境交易正在成为国资S基金（由政府或国有企业主导设立的私募股权二级市场基 金，主要从投资者手中收购基金份额或企业股权）盘活存量资产的新选择。 投中研究院发布的数据显示，国资已成为S交易的重要参与者。2020年国资在S交易的卖方市场中 占比6.9%，排在第四位。但短短两年后，就一跃成为第二大卖方，并且在2022年、2023年和2024 年，一直维持着20%左右的占比。 这一"盘活存量资产的新选择"，正面临着前所未有的挑战。 ...

Core Viewpoint - The cross-border transactions of S funds are gaining momentum, with state-owned assets becoming significant participants, but face unprecedented challenges due to regulatory and tax issues [3][10][29]. Group 1: Cross-Border Transactions - The first major cross-border S fund transaction led by foreign capital occurred in February 2025, involving a 229 million yuan deal [3]. - State-owned assets have increased their participation in S fund transactions, rising from 6.9% in 2020 to approximately 20% in 2022, 2023, and 2024 [3]. - Over 1 trillion yuan in assets are awaiting exit in the next 2 to 3 years, with nearly 200 billion yuan facing exit pressure in 2024, 30% of which involves cross-border transactions [3]. Group 2: Regulatory Challenges - Cross-border S fund transactions face significant hurdles, including foreign exchange approvals, tax burdens, legal compatibility, and information barriers [4][5][10]. - Each cross-border fund transaction requires individual foreign exchange applications, leading to long approval cycles and uncertainty [7][8]. - Recent policy changes from the State Administration of Foreign Exchange aim to simplify cross-border investment processes, benefiting state-owned S funds indirectly [10][11]. Group 3: Taxation Issues - Cross-border S fund transactions encounter double taxation, with domestic and foreign taxes exceeding 40%, leading to transaction failures [12][13]. - The complexity of tax regulations across different jurisdictions increases transaction costs and legal risks, discouraging potential deals [16][17]. - Recent initiatives to optimize the tax environment have been introduced, but specific guidance for cross-border S fund transactions remains insufficient [19]. Group 4: Legal and Information Barriers - Legal compatibility issues are a major constraint, with cross-border transactions requiring extensive legal due diligence, often 3 to 5 times more costly than domestic transactions [22][24]. - Information asymmetry poses challenges, as foreign entities may only provide limited financial data, complicating valuation and negotiations [20][21]. - Different legal systems create complexities in fund share ownership recognition, increasing transaction costs and duration [22][23]. Group 5: Market Outlook and Innovations - The Hainan Free Trade Port is attempting to enhance cross-border transaction facilitation, with significant capital flows already recorded [25][26]. - Shanghai's QFLP pilot program allows foreign investors to convert capital for S fund transactions, marking progress in cross-border engagement [27]. - Despite challenges, the market shows promise, with a 150% increase in cross-border S fund transaction volume in 2024 compared to 2023 [28].