Core Viewpoint - The establishment of a state-owned enterprise direct investment fund in Tong'an District aims to support the development of high-quality small and medium-sized enterprises through state-owned capital participation [1] Fund Basic Information - Fund Name: Xiamen Su Song No.1 Innovation and Entrepreneurship Investment Fund Partnership (Limited Partnership) (tentative name, subject to business registration) [2] - Fund Size: RMB 200 million [2] - Contribution Structure: The fund adopts a dual general partner (GP) model, with Xiamen Chen Shi Investment Co., Ltd. as one of the general partners and Xiamen Tongyu Venture Capital Co., Ltd. as the limited partner [2] Investment Arrangement - Initial capital contribution shall not exceed 10% of the total fund size, with subsequent payments based on project investment progress [3] - Duration: 10 years, including a 5-year investment period and a 5-year exit period, with the possibility of extending twice for one year each [3] - Management Fees: Up to 2% per year during the investment period and exit period, with no management fees during the extension period [3] Investment Focus - Investment areas include strategic emerging industries such as new generation information technology, artificial intelligence, biotechnology, new energy, new materials, high-end equipment, and green environmental protection [3] - Investment will primarily target high-quality enterprises registered or operating in Tong'an District, with the possibility of investing in external quality enterprises with relevant industry connections [3] Profit Distribution - Profit distribution follows a "return of capital first, then profit sharing" principle, with a threshold return of 6% per year for all investors [3] - Excess returns are distributed between general partners and all partners at a ratio of 20% to 80% [3] Investment Restrictions - Single investment shall not exceed 20% of the total fund size, and the fund shall not become the largest shareholder of the invested enterprise [4] - Fund operations must comply with legal regulations and partnership agreements [4] Management Institution Selection Criteria - Fund management institutions must be registered in Fujian Province and possess qualifications as private equity fund managers [5] - Institutions should have a minimum paid-in capital of RMB 10 million and a management team with at least three members having over five years of relevant experience [6][7] Selection Process - The selection process includes public solicitation, submission of application materials, preliminary review, expert evaluation, and final decision announcement [10][11][12][13][14]