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In order to further promote the construction of the intellectual property operation service system, accelerate the deep integration and development of intellectual property and finance, and improve the intellectual property operation level of key industries in Guangzhou, the Notice of Guangzhou Intellectual Property Administration and Guangzhou Municipal Finance Bureau on Issuing the Measures for the Administration of Intellectual Property Operation Fund of Key Industries in Guangzhou (Sui Zhi Gui Zi [2017] No. 5) is hereby extended for a period of three (3) years.
Measures for the Administration of Intellectual Property Operation Fund of Key Industries in Guangzhou
Chapter 1 General
Article 1 In order to further promote the construction of the intellectual property operation service system, accelerate the deep integration and development of intellectual property and finance, give better play to the guiding and amplifying role of financial funds and the decisive role of market in resource allocation, and improve the intellectual property operation level of key industries in Guangzhou, these Measures are formulated for the Intellectual Property Operation Fund of Key Industries in Guangzhou (hereinafter referred to as "Operation Fund") established in accordance with the Interim Measures for the Administration of Government Investment Funds (Cai Yu [2015] No. 210) issued by the Ministry of Finance, the Measures for the Implementation of Administration of Government Investment Funds of Guangdong Province (for Trial Implementation) (Yue Cai Yu [2016] No. 178) issued by Guangdong Provincial Department of Finance and other national and provincial documents as well as the requirements of the Notice on Issuing Special Funds for the Development of the Service Sector in 2016 (Cai Jian [2016] No. 402) issued by the Ministry of Finance and the Notice of the China National Intellectual Property Administration on Properly Carrying Out Works Related to the Intellectual Property Operation Service of Key Industries in 2016 (Guo Zhi Fa Guan Han Zi [2016] No. 111), after taking into account the actual situation of Guangzhou.
Article 2 The term "Intellectual Property Operation Fund of Key Industries" referred to in these Measures refers to a limited partnership operation fund jointly established by multiple institutions under the guidance of government financial funds, which attract social funds from industrial leading enterprises and scientific research institutions as well as other related funds.
The Operation Fund is used for short-term market operation schemes focusing on patent portfolio operation and is mainly invested in strategic emerging industries such as information technology, biology and health, new materials and high-end manufacturing, new energy and energy conservation and environmental protection industries in Guangzhou as well as in key areas of strategic planning of Made in Guangzhou 2025.
Article 3 In the initial stage, the financial guidance fund in the Operation Fund consists of RMB 40 million contributed by the central government, RMB 40 million contributed by Guangzhou Municipal Finance Bureau, RMB 20 million contributed by Guangzhou Development District, and RMB 20 million contributed by Nansha Development Zone, i.e. RMB 120 million in total. The scale of the Operation Fund is enlarged according to the financial guidance fund ratio of 1:5 or above so as to drive social capital investment.
Article 4 The operation of the Operation Fund follows the principle of "government guidance, market operation, scientific decision-making and risk prevention", and independent operation, independent management and self-financing are realized by setting up market-oriented fund entities.
Chapter 2 Fund Administration
Article 5 Guangzhou Intellectual Property Administration is responsible for administrating the financial guidance fund and performing the responsibilities of the contributor on its behalf; supervising and guiding the operation of the Operation Fund; assisting Guangzhou Municipal Finance Bureau in properly carrying out the supervision, inspection and performance evaluation management of the government investment fund; and reporting the operation of the Operation Fund to Guangzhou Municipal Government every year.
Article 6 Guangzhou Intellectual Property Administration and Guangzhou Municipal Finance Bureau shall jointly select qualified professional investment management institutions as the entrusted management institutions of the Operation Fund according to the regulations and sign an entrusted management agreement with the entrusted management institutions.
Article 7 The entrusted management institutions shall carry out entrusted management in accordance with relevant laws and regulations and the entrusted management agreement; shall establish the Operation Fund and formulate an Operation Fund Partnership Agreement; may entrust its wholly-owned fund management company with experiences in intellectual property and technical investment operation and financial guidance fund management to operate the fund; shall select a custodian bank for the Operation Fund; and shall regularly report the investment and operation of the Operation Fund and major matters to Guangzhou Intellectual Property Administration and Guangzhou Municipal Finance Bureau.
Article 8 The fund management company shall be responsible for the daily investment and operation of the Operation Fund, and make investments in accordance with the supporting direction determined in the establishment plan of the Operation Fund; regularly report the investment projects to Guangzhou Intellectual Property Administration, Guangzhou Municipal Finance Bureau, and the entrusted management institutions; and be subject to the supervision by relevant government authorities and entrusted management institutions on their investment and operation.
Article 9 The custodian bank for the Operation Fund is responsible for account management, fund liquidation, asset custody, etc. in accordance with the custodian agreement and shall dynamically supervise the funds for investment activities.
The custodian bank shall meet the following conditions:
(1) has the fund custody qualification approved and recognized by the relevant state government authorities;
(2) has maintained good financial conditions for the last three years or more, and has no bad records of being severely punished by administrative authorities or judicial authorities;
(3) is preferred if it has a good record of business cooperation with government authorities.
Article 10 The entrusted management institution shall set up a specialized agency to manage the fund raising, supporting direction, equity investment and investment withdrawal of the Operation Fund, and coordinate and solve major matters involved in the operation of the Operation Fund.
Chapter 3 Operation and Withdrawal
Article 11 The fund management company shall organize a team of experts in technology, intellectual property, evaluation, finance, law, etc. to carry out short-term market operation schemes focusing on patent portfolio operation according to the supporting direction of the Operation Fund.
Article 12 The Operation Fund mainly relies on innovative industrial clusters, leading enterprises and other entities of Guangzhou, adopts the "equity investment" approach, and is mainly invested in the following specific types of projects:
(1) Start-up or growth enterprise projects with core intellectual property rights: mainly include start-up or growth enterprises that own or control core patents or high-value patent portfolios in corresponding industrial fields, with good market prospects and high growth;
(2) Projects related to intellectual property operation and management: mainly include enterprises with emerging intellectual property operation service models and intellectual property operation service platforms in corresponding fields; support licensing teams and companies to engage in direct patent licensing, sub-licensing of third-party patents or standards, etc.; support the activities related to the generation, acquisition and transfer of high-quality patent portfolios, transfer and shareholding of the technologies generated, and patent trading, licensing and technology marketization;
(3) Patent pool related projects: mainly include patent portfolio (patent pool) projects operated and managed by intellectual property alliances, large enterprises and intellectual property operating institutions in corresponding industrial fields; support patent pool platforms that adopt the following three modes: sole management, patent platform management, and independent third-party management;
(4) Patent defense related projects: mainly include patent defense funds that are invested in corresponding fields; support the formulation of patent defense plans (for the payment of attorney's fees, court fees, evidence collecting fees, etc., risk prevention, insurance and intellectual property risk control, etc.) in corresponding fields, and can represent small and medium-sized enterprises in the industry to participate in defensive patent funds as collective investors;
(5) Intellectual property operation fund projects: mainly invest in intellectual property operation funds for carrying out businesses in corresponding industrial fields in the form of phased investment, and support the establishment of new intellectual property operation funds.
Under the same conditions, the Operation Fund will be preferentially invested in the above-mentioned related projects in Guangzhou Development District and Nansha Development Zone.
Article 13 The duration of the Operation Fund is eight (8) years, starting from the date of registration of the Operation Fund at the industrial and commercial administration. The investment period is five (5) years, and the withdrawal period is two (2) to three (3) years. If necessary, the extension of such periods may be agreed upon by all parties concerned through negotiation and reported to Guangzhou Municipal Government for approval.
If it is really necessary to extend such periods of government-guided funds, then the central financial funds shall be arranged according to the central policy, and the financial funds of Guangzhou Municipal Government, Guangzhou Development District and Nansha Development Zone shall be arranged according to the policies of Guangzhou Municipal Government.
Article 14 The main ways of project investment withdrawal include withdrawal from project listing, withdrawal from merger and acquisition, withdrawal from transfer, and withdrawal from repurchase of original shareholders. The withdrawal procedure is as follows: the fund management company proposes the investment project withdrawal plan and then submit the plan to the Fund Investment Decision-making Committee for deliberation and decision-making.
Chapter 4 Risk Control
Article 15 The Operation Fund shall not be used to engage in the following businesses in the course of its operation:
(1) guarantee (other than financing guarantee), mortgage, entrusted loan and other similar businesses;
(2) investment in secondary market stocks, futures, real estate, securities investment funds, enterprise bonds rated below AAA, trust products, non-principal-guaranteed financial products, insurance plans and other financial derivatives;
(3) providing sponsorship and donation to any third party;
(4) absorbing or disguisedly absorbing deposits, or providing loans and fund lending to any third party;
(5) Making foreign investments with unlimited joint and several liabilities;
(6) Issuing trust or collective financial products to raise funds;
(7) Businesses prohibited by laws and regulations of other countries.
Article 16 Risk control of Operation Fund:
(1) The entrusted management institution of the Operation Fund shall participate with its own funds: The contribution of the entrusted management institution to the Operation Fund shall be no lower than 1% of the total amount of the Operation Fund and shall account for more than 5% of the financial guidance fund in the Operation Fund.
(2) Strict risk control system: Independent risk control personnel shall be arranged in the process of management of the Operation Fund. The independence and professionalism of risk control personnel can be balanced with that of the investment department so as to ensure the objectivity and fairness of investment in the Operation Fund.
(3) Ensure fund security by bank custody: Commercial banks with branches within the jurisdiction of Guangzhou shall be selected for the custody of the Operation Fund.
Chapter 5 Incentive and Restraint Mechanisms
Article 17 Guangzhou Intellectual Property Administration and Guangzhou Municipal Finance Bureau shall sign an entrusted management agreement with the entrusted management institution to specify the rights and obligations of all parties concerned, which shall include the following:
(1) If the fund establishment process is slow or the fund raising and project investment are unsatisfactory or fail to meet the planned expectations due to reasons attributive to the entrusted management institution, and Guangzhou Intellectual Property Administration has urged the entrusted management institution to make rectification within a time limit but the rectification is still not in place after been urged for more than three times, then Guangzhou Intellectual Property Administration may take such measures as reducing the management rate, canceling the performance-based rewards, and suspending the management. If the entrusted management institution violates any laws and regulations, Guangzhou Intellectual Property Administration and Guangzhou Municipal Finance Bureau may cancel its management qualification.
(2) If the fund management company and its senior managers fail to make investments in accordance with the supporting direction of the Operation Fund, fail to regularly report the investment, or refuse to accept the supervision and inspection, Guangzhou Intellectual Property Administration and Guangzhou Municipal Finance Bureau may circulate a notice of criticism; in serious cases, Guangzhou Intellectual Property Administration and Guangzhou Municipal Finance Bureau may choose to withdraw the financial guidance fund in advance and report the relevant information to the social credit information sharing and exchange platform.
(3) If the custodian bank fails to allocate funds in time or fails to perform relevant duties under the custodian agreement, the entrusted management institution shall have the right to reduce or cancel its custodian fee. If the custodian bank is found to have violated any laws and regulations, its custodian qualification shall be canceled and its legal liability shall be investigated according to law.
Article 18 The daily management fee of the financial guidance fund in the Operation Fund shall be arranged in the department budget fund of Guangzhou Intellectual Property Administration, and the fee of the previous year shall be paid in the current year. The payment standard of the daily management fee shall be specified in the entrusted management agreement.
Article 19 The income from the Operation Fund shall be distributed after deducting relevant taxes and fees in accordance with the principles of "benefit sharing and risk sharing" and "cost recovery before dividend distribution".
Article 20 According to the assessment and evaluation results, part of the income from the financial guidance fund may be transferred to the entrusted management institution and social investors after being submitted by Guangzhou Intellectual Property Administration and Guangzhou Municipal Finance Bureau to Guangzhou Municipal Government for approval.
Article 21 The losses of the Operation Fund shall be borne by the contributors according to their contribution ratios. For losses of the financial guidance fund, limited liabilities (up to the contribution amount) shall be borne by the contributors.
Chapter 6 Supervision and Assessment
Article 22 Guangzhou Intellectual Property Administration, Guangzhou Municipal Finance Bureau, the entrusted management institution, the custodian bank and other relevant units shall establish a communication mechanism to strengthen supervision and inspection.
Article 23 The Operation Fund shall be subject to performance evaluation and audit supervision by the financial and audit authorities on the operation. The entrusted management institution shall carry out self-evaluation on the performance of the establishment of the Operation Fund, the realization of policy objectives, and investment operation in accordance with regulations. Guangzhou Intellectual Property Administration and Guangzhou Municipal Finance Bureau shall carry out performance self-evaluation and review, organize key evaluations or entrust a third party to carry out the evaluations according to the actual situation.
Article 24 Guangzhou Intellectual Property Administration and Guangzhou Municipal Finance Bureau shall jointly assess and supervise the entrusted management institution. Specifically, this includes:
(1) Within 15 days after the end of each quarter, the entrusted management institution shall report to Guangzhou Intellectual Property Administration and Guangzhou Municipal Finance Bureau the information on the fund operation, assets and liabilities, investment profits and losses as well as other major situations that may affect the rights and interests of investors, and shall prepare and submit the balance sheet, income statement, cash flow statement, financial fund deposit statement, fund project statement, etc.
(2) Before April 30 of each year, the entrusted management institution shall submit a self-evaluation report on the management of the Operation Fund in the previous year to Guangzhou Intellectual Property Administration and Guangzhou Municipal Finance Bureau. The self-evaluation report shall contain the following: the assets, liabilities and owners' equity of the entrusted management institution; the operation of the entrusted management institution; the scale of the Operation Fund and the completion of the investment; the operation of the investment enterprise; the withdrawal and income of the Operation Fund.
(3) Guangzhou Intellectual Property Administration may entrust a third-party institution to conduct special audits and inspections on the use and management of the Operation Fund.
(4) Guangzhou Intellectual Property Administration has the right to conduct spot checks on the investment projects of the Operation Fund and verify the authenticity of the information reported by the entrusted management institution.
Article 25 After the duration of the Operation Fund expires or is terminated according to law, the financial guidance fund in the Operation Fund shall be returned to the contributors according to the contribution ratios of the national financial fund, municipal financial fund and district financial fund.
Article 26 If Guangzhou Intellectual Property Administration, Guangzhou Municipal Finance Bureau, entrusted management institutions, custodian banks and their staff have fraudulently obtained or misappropriated the Operation Fund, they shall be dealt with in accordance with the Budget Law of the People's Republic of China, the Regulation on the Punishments and Disciplinary Actions for Fiscal Violations, and other relevant provisions. Enterprises that fraudulently obtain, misappropriate or extract funds shall be investigated for their legal liability according to law. Those suspected of committing a crime shall be transferred to judicial organs for handling according to law.
Chapter 7 Supplementary Provisions
Article 27 These Measures shall come into force as of December 6, 2022 and shall remain valid for three years. When the relevant laws, regulations and policies change or expire, these Measures shall be evaluated and revised according to law depending on the degree of implementation.
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