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100 Billion Yuan of VC Capital Accumulated in SHIP

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¡¾Reported by Nanfang Daily¡¿(Trainee Reporter: Deng Xiang) In the morning of November 17th,2011, an international meeting titled ¡°Building First-class Hi-tech Park¡± was co-sponsored by the Torch Center of Science and Technology Ministry and the Administration Office of SHIP at Shenzhen Kempinski Hotel. The subject of ¡°technology financing boosting innovation and development¡± was mainly discussed at the meeting. More than 200 representatives took part in the meeting, including those from the national hi-tech zone at home such as the hi-tech zone in Shenzhen, Zhongguancun, Chengdu and other 20 regions and those from the investment institutions abroad like in France, Spain, Israel, and Hong Kong and so on.

Technology Financing Boosting Innovation and Development

All the delegates agreed there is a close relation between technology financing, innovation and development. At the meeting ,Xiu Xiaoping, the Deputy Director of the Torch Center, Science and Technology Ministry said, "Scientific and technological innovation needs financial support, while the financial stability also requires the supports of scientific and technological innovations and newly emerging industries". She also thought, the enterprises should make good use of financing resources and their functions in the transformation and industrialization of technological achievements while conducting independent innovation.

Qiu Xuan, the Deputy Director of the Administration Office of SHIP introduced the achievements gained in the innovation of financial services in Shenzhen. She said the present financial services in Shenzhen have covered the whole process of technological innovation chain and a technology financing service system has been formed with the positive interaction, and mutual complementarities among the VC institutions, industrial funds, commercial banks and technology insurance and guaranty.

¡°In recent years Shenzhen has introduced a series of policies and regulations, which ensure the full play of the comparative superiority of science and technology resources and financial resources. It is also actively exploring the market-oriented combination of finance and technology¡±.
Shenzhen Explores High Yield Bond Mechanism

QiuXuan put forward in the future Shenzhen will further widen the financing channel for science and technology enterprise. Commercial banks with required conditions are encouraged to set up technology branches and professional bodies to serve the hi-tech enterprises and they are also suggested to execute special loan programs and separate channels of examination and approval for the hi-tech enterprises.
At the same time, a loan guarantee plan for SMEs will also be implemented to normalize and develop the joint guarantee loan, optimize proportion of risk-sharing among government, guarantee companies and banks, exploring the ways of establishing a guarantee mechanism of intellectual property pledge and intangible assets mortgage.

In order to perfect the technology financing market, Shenzhen will also develop bonds with high yield meeting the needs of hi-tech enterprises and vigorously promote the investment of VC and private equity investments. Qiu Xuan also said ¡°we will accelerate the construction of VC and PE Buildings, bring together150 VC investment institutions with the total capital of 100 billion and at the same time impel the formation of strategic alliance of banks and private equity fund¡±.

The officials from the Administration Office of Zhongguancun and Chengdu as well as the representatives from Spain and Israel introduced their experience respectively.
Learn From the Banks for SMEs in France

Mr. Avraham Nir, the chief of Consulate General of Israel in Guangzhou talked about the new measures in the innovation of technology financing by Israeli government, which have involved in private equity, venture capital, and other fields.

¡°For example, the industrial research and development is encouraged by the law, and VC investment can be exempt from tax. We do see Chinese companies operating in Israel and we are very pleased to see them; at the same time, we also hope that Israeli venture capital companies will come to China and access to the different industries of China. ¡±
Mr. Vincent Perrin, the Commercial Counselor of French Embassy in China mentioned OSEO¡ªthe most striking bank for SMEs in France. It is said the main function of this bank is to provide capital for the technological SMEs and help them to manage the funds as well as providing guaranty.

"OSEO can provide bank guarantee for small companies; as we know in the developing course of small companies, they are looking forward to getting bank loans through guarantees; OSEO provides them guarantees and assume 40% to 70% of the risks, who plays an important role in this regard. ¡±

The delegates present considered that the experience at home and aboard mentioned above is very precious and they can learn a lot from that and try best to build a first-class hi-tech park of world level in Shenzhen.

Source: Nanfang Daily
 


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