The first QFLP foreign private equity fund manager has registered in Longhua District of Haikou City.
The company Yong He Wan Xin Private Equity Management (Hainan) Co., Ltd. has a registered capital of US$5 million and is owned by United Gold Fund Co. Ltd. (Cambodia). It is the first financial company wholly-owned by a Cambodian enterprise registered in Hainan.
Additionally, it is the first foreign private equity fund management company that is registered in Longhua District of Haikou City.
With the support of the Municipal Finance Office, the Haikou Investment and Promotion Bureau provided business registration services, and on January 26 the company successfully obtained its business license.
Policy
The policy for “Hainan Province on the development of qualified foreign limited partner (QFLP) domestic equity investment interim measures” was announced in October 2020.
Enterprise registration
A spokesperson from the Haikou Investment Promotion Bureau said that, after fully understanding the enterprise background, in order to ensure that the foreign fund manager is settled as soon as possible, the municipal financial office assisted in issuing a letter of recommendation from the municipal government.
After the letter of recommendation was issued, Haikou Investment Promotion Bureau immediately set up a special team to coordinate with the Provincial Market Supervision Administration and other departments to promote the registration procedure for the enterprises.
On January 8, 2021, the China Securities Regulatory Commission (CSRC) issued the Provisions on Strengthening the Supervision of private equity investment funds, which adjusted the names of private equity managers and their business scope.
In the face of this policy adjustment, Haikou Investment Promotion Bureau assisted the enterprise in adjusting the registration information.
The enterprise received a notice of approval for establishment/opening of business registration which was issued by the Provincial Market Supervision Administration on January 25, 2021, and on January 26, the enterprise successfully obtained the business license.
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