The work guidelines for the transformation of scientific and technological achievements in our province are coming!

Recently, the Provincial Department of Science and Technology and the Provincial Department of Finance

Jointly developed

Shaanxi Province promotes the transformation of scientific and technological achievements

"Invest first, then shares" project

Guidelines for Capital Investment (Trial)

Functional positioning

01

#界定#

"Investment before shares" refers to the "investment" of financial science and technology funds in the form of science and technology projects in the form of science and technology projects in the early stage to support the "proof of concept, small test, pilot test and secondary development" of scientific and technological achievements. After the invested enterprise realizes market-oriented equity financing or enters a stable development stage, the invested financial science and technology funds will be converted into "shares" rights, and gradually withdrawn in accordance with the principle of "appropriate income", forming a long-term mechanism for the circulation of financial funds.

02

#支持对象#

Focus on the leading industries in the pilot cities (districts), and focus on supporting the transformation and implementation of the scientific and technological achievements of the "three reforms" in the pilot cities (districts). "Investment before shares" projects should have good prospects for technological innovation and industrialization.

Financial support

01

#支持方式#

Each pilot city (district) can entrust state-owned investment platforms such as Qin Chuangyuan Development Co., Ltd. as the main investment body, and position it as a "partner in the transformation of scientific and technological achievements". In the "first investment" stage, the financial science and technology funds are allocated to the investor with the support funds for science and technology projects, and then the investor will invest the funds in the invested enterprises. In the "post-share" stage, when the conditions for share transfer are triggered, the nature of the funds will be converted into investment funds according to the agreement between the investor and the invested enterprise, and the investment entity will hold the corresponding equity of the invested enterprise.

02

#资金来源#

Encourage qualified pilot cities (districts) to set up a "first investment and then shares" capital pool, the implementation of special funds. The Provincial Department of Science and Technology will include the "first investment and then shares" project into the key projects of the provincial science and technology plan, and in principle, it will be matched in accordance with the 1:1 ratio of the actual capital contribution of the pilot cities (districts), with a maximum of no more than 10 million yuan.

03

#支持标准#

In principle, the support fund for a single project shall not exceed 50% of the total investment of the project, and the amount shall not exceed 2 million yuan. After the financial science and technology funds are converted into shares, they will not become the largest shareholder of the invested enterprise.

04

#经费管理#

The financial subsidy funds of "investment before shares" shall be included in the management scope of the "lump sum system" of project funds before the transfer of shares, and shall be implemented by the investment entity in accordance with the relevant provisions of the management of state-owned equity after the transfer of shares.

Organizational Procedures

01

#项目征集#

Pilot cities (districts) issue project solicitation notices, and conduct formal reviews of declared projects in conjunction with investment entities.

02

#项目评审#

Pilot cities (districts) organize relevant experts to evaluate the technical level, industrial development direction and industry prospects of the demonstration project, and issue evaluation opinions. The investor entrusts a third-party institution to conduct due diligence and market value assessment of the proposed project, form an evaluation report, and carry out negotiations on funding intentions.

03

#项目立项和签约#

After the project is determined by the pilot city (district), the pilot city (district), the investor and the project undertaking enterprise shall sign the "Project Contract" on the basis of equal consultation, clarifying the rights and obligations of all parties, the project content, the amount and method of funding, the implementation cycle, equity conversion and withdrawal.

04

#项目实施#

After the project is signed, according to the "Project Contract", the investor will allocate the financial science and technology funds to the project undertaking enterprise on time, and the project undertaking enterprise shall organize the implementation according to the project contract.

05

#股权转化#

After the project meets the equity conversion conditions agreed in the "Project Contract", the pilot city (district) and the investor shall carry out the equity conversion of the project undertaking enterprise within the specified time, and sign the "Equity Investment Agreement", and the pilot city (district) shall determine the equity holding entity. After the transfer of shares, the shareholding entity of the pilot city (district) entrusts the investment entity to exercise shareholder rights, and is responsible for shareholding management and equity withdrawal. The remaining funds of the project terminated before the conditions for the transfer of shares are met shall be returned according to the original channel.

06

#投后管理#

Entrusted by the pilot city (district) to be responsible for post-investment management, the investor shall regularly visit the invested enterprise, timely follow up and understand the business operation, equity changes, mergers and acquisitions and restructuring of the invested enterprise, and submit an annual report on equity management to the pilot city (district) every year. If it is found that there are major difficulties in the operation of the enterprise or there is a major breach of the investment agreement and other risk issues, it shall be reported to the pilot city (district) in a timely manner.

07

#股权退出#

According to the Equity Investment Agreement, after achieving the expected profit target or reaching a certain investment period, it may be withdrawn by means of equity repurchase, equity transfer, merger and acquisition, listing and liquidation in accordance with the principle of appropriate returns.

08

#收益管理#

In addition to paying the necessary management expenses of the investment entity (the proportion of management expenses should not exceed the average level of the local private equity fund market, and a corresponding incentive mechanism should be established), the principal and residual income formed after the equity withdrawal shall be handed over by the investment entity to the "first investment and then shares" capital pool for rolling use, forming a long-term mechanism for circular operation.

Safeguards

01

#组织协调机制#

Pilot cities (districts) have set up a special class for the work of "investing first and then shares", regularly negotiating and promoting work, studying and deliberating major issues in the implementation process of "investing first and then shares", and coordinating and solving related problems. Each pilot city (district) shall, in accordance with these guidelines, formulate measures for the management of the investment of "investment before shares" project funds, focusing on clarifying the management responsibilities of relevant departments, project organization procedures, project exit and risk control, supervision and management mechanisms, etc. The investor and the project undertaking unit should effectively strengthen internal control, further optimize management services and improve the risk prevention and control mechanism in accordance with the requirements of "combining decentralization and decentralization", so as to provide a good environment for promoting the implementation and transformation of scientific and technological achievements.

02

#尽职免责机制#

For projects that do not reach the expected goals, if the relevant decision-making bodies and competent departments are diligent and conscientious and do not seek illegal benefits, they are exempt from the responsibility of relevant units and personnel, and the investment losses are to be handled by the pilot cities in accordance with laws and regulations.

03

#服务保障机制#

The investor shall provide the invested enterprise with professional services such as operation management, investment and financing docking, etc. Support the invested companies to take the lead in building new R&D platforms and forming a team of "scientists + engineers". Encourage social investment institutions to actively participate in the investment of "first investment and then shares" projects, and undertake the equity conversion of financial science and technology funds.

04

#投保贷联动机制

Support banks, insurance and other institutions to give full play to their respective professional advantages, serve the transformation of scientific and technological achievements, and improve the pertinence and effectiveness of project selection. Encourage relevant banks to implement the "Loan for the Transformation of Scientific and Technological Achievements", and actively link the "first investment and then shares" project to help the "secondary development" and transformation of scientific and technological achievements.

Source: Qin Technology