First Hainan QFLP fund successfully registered
News source:hiHainan / 09 16,2020 15:54:39 / Focus on Hainan

BOCOM (Bank of Communications Co., Ltd.) recently introduced the Hainan BOCOM International Technology Innovation Shengxing Equity Investment Partnership Enterprise (limited partnership) to Haikou Jiangdong New Area. It has now completed registration, making it the first Qualified Foreign Limited Partners (QFLP) fund in the Hainan Free Trade Port. This opened Hainans QFLP channel to the world, facilitating cross-border investment and financing in Hainan.

Giving Priority to Supporting New High-end Technology Enterprises

QFLP means that a foreign enterprise can participate in the establishment of a foreign-invested enterprise with equity investment, raising funds from home and abroad privately, and participate in equity investment of domestic non-listed companies, so as to further facilitate the inbound investment of overseas institutions.

The BOCOM International Technology Innovation Shengxing QFLP Equity Investment Fund focuses on new-generation information technology industries, including new information technology, financial technology, high-end equipment, and more, with a fund of about 100 million US dollars. It aims to support the development of domestic high-tech enterprises.

The smooth registration of the QFLP marks new progress in the financial opening up of the Hainan Free Trade Port. It financially energized the construction of the Hainan Free Trade Port and set up a benchmark for the development of various funds in Hainan.

Joint Efforts of the Government and Supervision Department

It is noteworthy that the first QFLP fund in the Hainan Free Trade Port to be successfully registered in Haikou's Jiangdong New Area is the winner of four QFLP cities with proposed investments, supported by the joint efforts of the Hainan Local Administration of Financial Supervision, the Hainan Provincial Administration of Market Supervision, the Hainan Branch of State Administration of Foreign Exchange, the Hainan Provincial Bureau of International Economic Development, and the Haikou Jiangdong New Area Administration Bureau.

"In terms of policy guidance, implementation efficiency, and service attitude, the Hainan provincial government and supervision departments have made us feel professional, efficient, considerate, and assured. We look forward to a better future of the construction of the Hainan Free Trade Port," said a representative in charge of Bank of Communications International Science and Innovation.

Accelerated Pace of Financial Opening and Innovation of the Hainan Free Trade Port

This year, Hainan has been working on improving measures to promote QFLP aggregation and development. A representative in charge of the Hainan Local Administration of Financial Supervision said it is speeding up the introduction of interim measures for QFLP, which will set no minimum entry threshold for QFLP enterprises, providing non-discriminatory policies towards domestic and foreign investment, and implement negative list management for investment. In the meantime, it is actively seeking the support of the State Administration of Foreign Exchange in order to announce pilot measures for QDLP as soon as possible within this year, and to accelerate the exploration of setting no investment limits on single pilot enterprises and single pilot projects, while further clarifing the scope of overseas investment for funds, and providing comprehensive and efficient financial services for two-way cross-border direct investment and financing.

A representative in charge of the Bank of Communications Hainan Branch stated that, apart from the registration of the first single QFLP, the bank had also introduced the first subscription of Hainan provincial local government bonds by single foreign investors, delivering a positive sign of further opening up of the government bond and financial market, as well as improving the attractiveness of the Hainan Free Trade Port to overseas investors. In addition, the bank has also successfully opened escrow accounts for the first QDII and RQFII in Hainan handling custody business and business under capital accounts.

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