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China's first private equity investment approach-"Interim Measures for Insurance Fund Investment Equity" was formally promulgated on September 5, which means that insurance capital investment in equity of unlisted companies has officially entered the actual combat stage.
The Measures stipulate that insurance funds may directly invest in enterprise equity or indirectly invest in enterprise equity. Direct investment equity refers to the behavior of insurance companies investing and holding corporate equity in the name of the investor; indirect investment equity refers to the behavior of insurance companies investing in equity investment funds and other related financial products initiated by equity investment management institutions.
The Measures stipulate that insurance funds can only invest in the equity of enterprises in the growth or maturity period, and cannot invest in venture capital funds, invest in the establishment or participation in investment institutions, cannot invest in high pollution, high energy consumption, etc. and do not conform to national policies and technologies. Corporate equity with low content and poor cash return.
In terms of investment ratio, the "Measures" requires that the book balance of investing in the equity of unlisted companies should not be higher than 5% of the company's total assets at the end of the last quarter; the book balance of investing in equity investment funds and other financial products related to the equity of unlisted companies, not Higher than 4% of the company ’s total assets at the end of the last quarter, and the total of the two items is not higher than 5% of the company ’s total assets at the end of the last quarter; the book balance of direct investment equity does not exceed the company ’s net assets, except for major equity investments, The book balance of investing in the equity of the same enterprise shall not exceed 30% of the company's net assets; the book balance of investing in the same investment fund shall not exceed 20% of the issuance scale of the fund.
The "Measures" allow insurance companies to invest directly in corporate equity, but they have higher qualification requirements for investment teams, solvency, financial indicators, and net asset size. Direct investment equity is limited to insurance companies, non-insurance financial companies and Equity in pension, medical, car service and other companies related to insurance business.
The Measures require that insurance companies that can make equity investments must have a solvency adequacy ratio of not less than 150% at the end of the previous fiscal year, and a solvency adequacy ratio of not less than 150% at the end of the previous quarter when investing; , Net assets not less than 1 billion yuan and other qualifications.
The Measures set out an exit mechanism for insurance funds investing in enterprise equity. The exit methods include but are not limited to the listing, repurchase, agreement transfer and sale or liquidation of investment funds of the enterprise equity. At the same time, it is stipulated that insurance funds investing in enterprise equity can be entered by way of debt-to-equity swap, or exited by way of equity-to-debt equity.
Although it is a fully market-oriented operation, in order to prevent risks, the CIRC requires that insurance funds should not be borrowed to invest. For example, funds raised through borrowing, debt issuance, repurchase, borrowing, etc. may not be used to invest in enterprise equity, unless the China Insurance Regulatory Commission otherwise provides for the issuance of bonds.
It is understood that the CIRC will formulate standards for equity investment capabilities, and insurance companies and related investment institutions should make their own assessments based on the prescribed standards and submit the assessment report to the CIRC. The China Insurance Regulatory Commission will inspect and track the equity investment capabilities of insurance companies and related investment institutions. The CIRC may also adjust matters such as investment ratio, qualifications of relevant parties and submission materials appropriately according to market needs.
According to regulations, insurance companies investing in enterprise equity should carefully consider the solvency and liquidity requirements. According to the characteristics of insurance products, capital structure, debt matching management needs and relevant regulatory requirements, they should use funds reasonably, diversify assets, and diversify investment risks.
From the experience of the international market, insurance funds are recognized as one of the most suitable institutional investors for investment in the equity investment market, and high-quality corporate equity is an important investment area for insurance funds. Relevant experts believe that the introduction of the "Measures" will help promote the development of the equity investment market. It is understood that at present, insurance giants such as China Life, Ping An, and PICC have long been preparing for equity investment in real estate and unlisted companies. They have good staffing and abundant project reserves.
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