Recently, Mr. Tang Lijun, senior partner of Beijing King&Capital Law Firm, Mr. Liang Wei, partner of Beijing King&Capital Law Firm, and Mr. Huang Xueying, partner of Beijing King&Capital Law Firm, assisted the fund subsidiary of LUXIN GROUP to initiate and set up the first QDLP fund in Qingdao, which has been filed and passed by the China Association of Securities and Investment Funds (CASIF), and has been successfully realized.
LUXIN Group, founded in 1987, is an important state-owned backbone financial enterprise managed by Shandong Provincial Party Committee, as well as an important investment and financing main body and asset management platform in Shandong Province, and has a strong reputation and influence in the financial investment field nationwide.QDLP is the abbreviation for Qualified Domestic Limited Partner, which refers to the fund management company with the pilot qualification of QDLP. QDLP pilot-qualified fund managers, to domestic natural persons and institutional investors belonging to qualified investors to raise funds, set up a fund for offshore investment of a kind of institutional arrangements, the system is still in the stage of piloting and obtaining administrative approval of the investment quota beforehand.
On December 30, 2022, China Securities Investment Funds Association ("CSIFA") released the "Measures for the Registration and Filing of Private Equity Funds", which upgraded the supervision of the private equity industry, and the fund entered the era of "prudent filing". The operational difficulties of the project are: on the one hand, due to the fact that the property of the entrusted QDLP fund project is fully invested in offshore funds and financial derivatives (FOF products), involving innovative business and complex structure, which is the superposition of a variety of special circumstances stipulated in the filing methods, the CDFA has taken more stringent regulatory measures for the fund, and the filing process is no less stringent than that of strong regulation. " is no less than the approval process of strong regulation. On the other hand, it is also more demanding for the professionalism of the contractor lawyers, who not only need to accurately grasp and understand the laws and regulations, self-regulatory rules and other industry norms, but also need to be able to find the support point of compliance in the "controversial or ambiguous zone" in favor of the clients, so as to achieve the process of explaining and communicating with the association staff and strive for support.
The QDLP fund took half a year from establishment to fundraising and from filing to successful filing. During this period, the contractor lawyers were fully involved in a series of work such as the establishment of the fund, review, compliance counseling, etc., and communicated with the Association's auditors for many times to strive for, and assisted the client to amend the Association's feedback in a targeted manner, and finally lived up to the client's trust and won the client's praise.
