2021.08.09
Beijing Guoxiang Shangheng Private Equity Fund Management Co., LTD. (hereinafter referred to as “Guoxiang Shangheng "), a wholly-owned subsidiary of SenseTime, was officially approved to participate in the Beijing Qualified Foreign Limited Partner (QFLP) pilot program. SenseTime is the world's leading AI algorithm provider and develops AI technologies. Guoxiang Shangheng relies on the industry background and advantages provided by SenseTime and intends to raise overseas funds to invest in domestic AI industry chain-related enterprises.
In order to continue to implement and enforce the expansion and opening up of the service industry, the Beijing Municipal Bureau of Financial Supervision Bureau, together with the Beijing Department of Banking Administration of the People's Bank of China, the Beijing Department of Foreign Exchange Management and the Beijing Municipal Bureau of Market Supervision, took into account the present situation in Beijing and the concerns of the market, and in May 2021 promulgated the Interim Measures on the Launching of Qualified Foreign Limited Partner Pilot in the City ("New QFLP Rules"). This replaced the earlier QFLP pilot policy promulgated in 2011. Compared with the previous QFLP pilot policy, the new QFLP rules broaden the scope of foreign investors, allow funds to adopt a more flexible management structure, and further relax the scope of investment. Guoxiang Shangheng is the first pilot program after the promulgation of the new QFLP regulations in Beijing.
As the legal counsel of this project, JunHe’s team participated in the design and construction of the fund structure. They assisted the client in completing the QFLP application for Guoxiang Shangheng’s pilot fund management enterprise and the pilot fund, as well as the registration of the manager in the fund association within a short period of time after the promulgation of the new regulations, winning the client's recognition with their professional, rigorous and efficient expertise. The establishment and filing of the pilot fund is currently underway.
The partners of this project were Ms. WANG, Man (Shelley).
