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Tilburg University Alternative investment fund industry in China: Essays on the positioning and developments under the overarching governmental influence Li, J. Publication date: 2015 Document Version Publisher's PDF, also known as Version of record Link to publication in Tilburg University Research Portal Citation for published version (APA): Li, J. (2015). Alternative investment fund industry in China: Essays on the positioning and developments under the overarching governmental influence. General rights Copyright and moral rights for the publications made accessible in the public portal are retained by the authors and/or other copyright owners and it is a condition of accessing publications that users recognise and abide by the legal requirements associated with these rights. • Users may download and print one copy of any publication from the public portal for the purpose of private study or research. • You may not further distribute the material or use it for any profit-making activity or commercial gain • You may freely distribute the URL identifying the publication in the public portal Take down policy If you believe that this document breaches copyright please contact us providing details, and we will remove access to the work immediately and investigate your claim. Download date: 03. okt. 2021 ALTERNATIVE INVESTMENT FUND INDUSTRY IN CHINA: ESSAYS ON THE POSITIONING AND DEVELOPMENTS UNDER THE OVERARCHING GOVERNMENTAL INFLUENCE ALTERNATIVE INVESTMENT FUND INDUSTRY IN CHINA: ESSAYS ON THE POSITIONING AND DEVELOPMENTS UNDER THE OVERARCHING GOVERNMENTAL INFLUENCE PROEFSCHRIFT TER VERKRIJGING VAN DE GRAAD VAN DOCTOR AAN TILBURG UNIVERSITY OP GEZAG VAN DE RECTOR MAGNIFICUS, PROF. DR.PH.EIJLANDER, IN HET OPENBAAR TE VERDEDIGEN TEN OVERSTAAN VAN EEN DOOR HET COLLEGE VOOR PROMOTIES AANGEWEZEN COMMISSIE IN DE AULA VAN DE UNIVERSITEIT OP WOENSDAG 25 FEBRUARI 2015 OM 10.15 UUR DOOR JING LI GEBOREN OP 29 JUNI 1981 TE DATONG,CHINA Promoteres: Prof. dr. E. P. M. Vermeulen Prof. dr. J. A. McCahery Overige leden van de Promotiecommissie: Prof. dr. C.F. van der Elst Prof. dr. A.M. Pacces Prof. dr. D. Zetzsche Acknowledgement I acknowledge, with utmost gratitude, my debt of thanks to my supervisors, Professors Erik Vermeulen and Joseph McCahery, for their advice, support and encouragement during the process of writing this book. I am extremely grateful to all my great colleagues at the Business Law Department for the generous support and accommodations they have made available for me. Finally, I would like to extend my thanks to my family, for their encouragement and patience, and especially to Julian, for the laughter and joy he brought in when finishing up the book. TABLE OF CONTENTS CHAPTER I: INTRODUCTION ............................................................................................................. - 1 - 1.1 Thesis Background ...................................................................................................................... - 1 - 1.2 Thesis Structure and Organization .............................................................................................. - 3 - CHAPTER II: MONEY UNDER SUNSHINE: AN EMPIRICAL STUDY OF TRUST CONTRACTS OF CHINESE HEDGE FUNDS ............................................................................................................... - 8 - Introduction ............................................................................................................................................. - 8 - I. Contractual and Governance Structure of Hedge Funds ........................................................... - 12 - 1.1 Limited Partnership as the Prevalent Business Form in Private Investment Fund Industry.... - 13 - 1.2 Covenants in Hedge Fund Partnership Agreements – How Can the Corresponding Literature on Private Equity Funds Be Helpful? ........................................................................................... - 16 - II. Overview of Current Regulatory Framework for Chinese Hedge Funds .................................. - 19 - 2.1 Alternative Forms for Hedge Funds in China Other than Sunshine Funds ............................. - 19 - 2.2 Hedge Funds Organized as Trusts: Structure and Business Models ....................................... - 23 - III. Empirical Analysis of Trust Contracts of Sunshine Funds ....................................................... - 26 - 3.1 Sample and Data Collection .................................................................................................... - 26 - 3.2 Sample Coverage .................................................................................................................... - 28 - 3.3 Descriptive Statistics ............................................................................................................... - 30 - 3.4 Covenants ................................................................................................................................ - 38 - 3.4.1 Covenants on the Authority of Fund Manager Regarding Investment Decisions .......... - 39 - 3.4.2 Covenants on Fund Manager’s Capital Contributions ................................................... - 41 - 3.4.3 Covenants on Types of Investment ................................................................................ - 45 - 3.4.4 Covenants on Fund Operation ........................................................................................ - 48 - 3.4.5 Limitation of Investment Adviser’s Power .................................................................... - 49 - 3.5 Compensation .......................................................................................................................... - 51 - IV. Conclusion ................................................................................................................................. - 56 - CHAPTER III: VENTURE CAPITAL INVESTMENTS IN CHINA: THE USE OF OFFSHORE FINANCING STRUCTURES AND CORPORATE RELOCATIONS .............................................. - 58 - Introduction ........................................................................................................................................... - 58 - I. Literature Review ...................................................................................................................... - 62 - 1.1 Economic Problems of Venture Capital Financing ................................................................. - 62 - 1.2 Venture Capital Investments in China .................................................................................... - 66 - II. Making Venture Capital Investments in China ......................................................................... - 67 - 2.1 Practical Difficulties in Using Convertible Preferred Stock ................................................... - 68 - 2.2 Alternatives to Compensate for Such Difficulty under Chinese Laws .................................... - 73 - 2.2.1 Using Convertible Debt .................................................................................................. - 73 - vii 2.2.2 Separability of Cash Flow and Control Rights from Equity Ownership ........................ - 76 - 2.3 Prevalent Offshore Investment Structure ................................................................................ - 78 - 2.3.1 Introduction to Offshore Investment Structures ............................................................. - 78 - 2.3.2 Important Benefits of the Offshore Structure within VC Investment Context ............... - 80 - III. How are Transactions Done in Practice? .................................................................................. - 88 - 3.1 Data Description and Overview .............................................................................................. - 88 - 3.2 Usage of Offshore Investment Structures in VC Investment Practice .................................... - 91 - 3.2.1 Is It Used or Not? ........................................................................................................... - 91 - 3.2.2 Where were Venture Capital Investments Actually Made? .......................................... - 101 - 3.2.3 Is There Really an Issue of Corporate Relocation? ...................................................... - 102 - 3.3 Discussion of the Findings, Caveats, and Future Research ................................................... - 107 - IV. Conclusion ............................................................................................................................... - 108 - CHAPTER IV: OTC STOCK MARKET IN CHINA – THE NEW VENTURE CAPITAL EXIT? ..................................................................................................................................................... - 110 - Introduction ......................................................................................................................................... - 110 - I. The Importance of Exit in the Venture Capital Cycle ............................................................. - 115 - 1.1 Importance of Exit to Venture Capitalists ............................................................................. - 116 - 1.1.1 IPO as An Exit Channel ............................................................................................... - 118 - 1.1.2 Acquisition as An Exit Channel ................................................................................... - 119 - 1.2 Secondary Markets as A New Exit Channel ........................................................................
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