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Notice of the Asset Management Association of China on Issuing the Guidelines for the Valuation of Unlisted Equity Investment of Privately Offered Investment Funds (for Trial Implementation) [Effective]
中国证券投资基金业协会关于发布《私募投资基金非上市股权投资估值指引(试行)》的通知 [现行有效]
【法宝引证码】

 
Notice of the Asset Management Association of China on Issuing the Guidelines for the Valuation of Unlisted Equity Investment of Privately Offered Investment Funds (for Trial Implementation) 

中国证券投资基金业协会关于发布《私募投资基金非上市股权投资估值指引(试行)》的通知

For the purposes of directing the professional valuation of unlisted equity investment of privately offered investment funds, improving the system of valuation standards of the asset management industry, promoting the sound development of the privately offered fund industry, and protecting the interests of fund holders, the valuation and accounting team of the trusteeship and operation professional committee of the Asset Management Association of China (hereinafter referred to as the “AMAC”) has developed the Guidelines for the Valuation of Unlisted Equity Investment of Privately Offered Investment Funds (for Trial Implementation), which, as voted through at the second council of the AMAC on March 5, 2018, are hereby issued and shall come into force on July 1, 2018. 为引导私募投资基金非上市股权投资专业化估值,完善资产管理行业估值标准体系,促进私募基金行业健康发展,保护基金持有人利益,中国证券投资基金业协会(以下简称“协会”)托管与运营专业委员会估值核算小组制定了《私募投资基金非上市股权投资估值指引(试行)》,于2018年3月5日经协会第二届理事会表决通过,并经中国证券监督管理委员会批准,现予发布,自2018年7月1日起施行。
Annex 1: Guidelines for the Valuation of Unlisted Equity Investment of Privately Offered Investment Funds (for Trial Implementation) 附件一:《私募投资基金非上市股权投资估值指引(试行)》
Annex 2: Explanations on Drafting the Guidelines for the Valuation of Unlisted Equity Investment of Privately Offered Investment Funds (for Trial Implementation) 附件二:《私募投资基金非上市股权投资估值指引(试行)》起草说明
Asset Management Association of China 中国证券投资基金业协会
March 30, 2018 二零一八年三月三十日
Guidelines for the Valuation of Unlisted Equity Investment of Privately Offered Investment Funds (for Trial Implementation) 私募投资基金非上市股权投资估值指引(试行)
Contents 目 录
I. General Provisions 一、总则
II. Valuation Principles 二、估值原则
III. Valuation Methods 三、估值方法
I. General Provisions 

一、总则

(I) For the purposes of directing the professional valuation of privately offered investment funds (hereinafter referred to as “privately offered funds”) and protecting the interests of fund holders, these Guidelines are developed in accordance with the Securities Investment Fund Law, the Accounting Standards for Business Enterprises, the Interim Measures for the Supervision and Administration of Privately Offered Investment Funds, the Interim Provisions on the Administration of Operation of the Private Asset Management Business of Securities and Futures Business Institutions, and other laws and regulations, as well as the Measures for the Administration of Disclosure of Information on Privately Offered Investment Funds, the Measures for the Administration of Privately Offered Investment Fund Services (for Trial Implementation) and other self-disciplinary rules.   (一)为引导私募投资基金(以下简称“私募基金”)专业化估值,保护基金持有人的利益,根据《证券投资基金法》、《企业会计准则》、《私募投资基金监督管理暂行办法》、《证券期货经营机构私募资产管理业务运作管理暂行规定》等法律、法规,及《私募投资基金信息披露管理办法》、《私募投资基金服务业务管理办法(试行)》等自律规则,制定本指引。
(II) For the purposes of these Guidelines, “privately offered funds” include asset management plans for specific clients managed by fund management companies and their subsidiaries, asset management plans managed by securities companies and their subsidiaries, asset management plans managed by futures companies and their subsidiaries, and privately offered investment funds managed by privately offered fund managers registered with the AMAC.   (二)本指引所称的私募基金,包括基金管理公司及其子公司管理的特定客户资产管理计划、证券公司及其子公司管理的资产管理计划、期货公司及其子公司管理的资产管理计划以及经中国证券投资基金业协会登记的私募基金管理人管理的私募投资基金。
(III) For the purposes of these Guidelines, “unlisted equity investment” means the equity investment made by privately offered funds to unlisted enterprises. These Guidelines shall apply, mutatis mutandis, to the equity valuation of enterprises that have been quoted on the National Equities Exchange and Quotations but have inactive transactions.   (三)本指引所称的非上市股权投资,是指私募基金对未上市企业进行的股权投资。对于已在全国中小企业股份转让系统挂牌但交易不活跃的企业,其股权估值参考本指引执行。
(IV) These Guidelines shall apply, mutatis mutandis, to the valuation of unlisted equity held by privately offered funds conducted by privately offered fund managers (hereinafter referred to as “fund managers”) and fund service agencies. These Guidelines shall apply, mutatis mutandis, to the valuation of unlisted equity held by other types of investment funds.   (四)私募基金管理人(以下简称“基金管理人”)和基金服务机构对私募基金持有的非上市股权进行估值时,参照本指引执行。其他类型的投资基金在对其持有的非上市股权进行估值时,参考本指引执行。
(V) Where the fund manager fails to conduct valuation in accordance with items (3) and (4), it shall agree upon in relevant contract or agreement and perform corresponding information disclosure obligations in accordance with relevant laws and regulations, accounting standards and self-disciplinary rules.   (五)如果基金管理人未按照第(三)、(四)条进行估值,应当在相关的合同或协议中进行约定并依据相关法律法规、会计准则及自律规则履行相应的信息披露义务。
(VI) As the principal person in charge of valuation, the fund manager shall assume ultimate responsibility for valuation methods and valuation parameters, among others, and on a regular basis, test valuation conclusions so as to prevent possible major deviations.   (六)基金管理人作为估值的第一责任人,应当对估值方法和估值参数等承担最终责任,并定期对估值结论进行检验,防范可能出现的重大偏差。
(VII) These Guidelines shall come into force on July 1, 2018.   (七)本指引自2018年7月1日起施行。
II. Valuation Principles 

二、估值原则

(I) The fund manager shall estimate the fair value of each single investment on the valuation date, and the valuation techniques used on each valuation day for investments with the same asset characteristics shall be consistent. Only if changing the valuation techniques or its application can make the measurement result equal to or better represent the fair value in the current situation, the fund manager may use different valuation techniques, and perform corresponding information disclosure obligations in accordance with relevant laws, regulations, accounting standards and self-disciplinary rules. For the purposes of these Guidelines, “valuation techniques” have the same meaning as the meaning of valuation techniques in the Accounting Standards for Business Enterprises No. 39—Measurement of Fair Value, and “valuation methods” means the specific application of valuation techniques.   (一)基金管理人应当在估值日估计各单项投资的公允价值。具有相同资产特征的投资每个估值日采用的估值技术应当保持一致。只有在变更估值技术或其应用能使计量结果在当前情况下同样或者更能代表公允价值的情况下, 基金管理人方可采用不同的估值技术,并依据相关法律法规、会计准则及自律规则履行相应的信息披露义务。本指引中所指估值技术与《企业会计准则第39号--公允价值计量》中的估值技术含义相同,估值方法是指对估值技术的具体应用。
(II) Where the currency adopted in unlisted equity investment is different from the recording currency of the privately offered fund, the fund manager shall convert the investment currency into the recording currency at the spot exchange rate on the valuation date.   (二)如果非上市股权投资采用的货币与私募基金的记账货币不同,基金管理人应当使用估值日的即期汇率将投资货币转换为记账货币。
(III) When determining the fair value of unlisted equity, the fund manager shall observe the principle of substance over form, and make corresponding judgments on specific investment terms that may affect fair value.   (三)在确定非上市股权的公允价值时,基金管理人应当遵循实质重于形式的原则,对于可能影响公允价值的具体投资条款做出相应的判断。
(IV) Since there is usually no trading market that provides active quotes for unlisted equity, when estimating the fair value of unlisted equity, no matter whether the equity is ready to be sold in the near future, the fund manager shall assume that the sale of the equity has occurred on the valuation date, and measure the fair value of the equity based on the price of this assumed transaction.   (四)由于通常不存在为非上市股权提供活跃报价的交易市场,因此在估计非上市股权公允价值时,无论该股权是否准备于近期出售,基金管理人都应假定估值日发生了出售该股权的交易,并以此假定交易的价格为基础计量该股权的公允价值。
(V) Privately offered funds invest in different rounds of equity issued by the same investee. If there are differences between the rights and obligations of each round of equity, the fund manager shall consider the impact of different rights and obligations of each round of equity on the fair value and conduct valuation separately.   (五)私募基金投资于同一被投资企业发行的不同轮次的股权,若各轮次股权之间的权利与义务存在差异,基金管理人需考虑各轮次股权不同的权利和义务对公允价值的影响并对其分别进行估值。
(VI) When estimating the fair value of a certain unlisted equity, the fund manager shall proceed from the situation of the equity and the market environment, and prudentially choose to use different kinds of methods falling under different valuation techniques, and adopt reasonable market data under the premise that the assumption of market participants may be obtained in a rational manner. The fund manager shall analyze the differences between the valuation results formed by various valuation methods, make comprehensive judgments in light of the applicable conditions of various valuation methods, the basis for the selection of important parameters, the application process of valuation methods, and other relevant factors, and then determine the most reasonable valuation results.   (六)在估计某项非上市股权的公允价值时,基金管理人应从该股权的自身情况和市场环境出发,谨慎选择使用多种分属不同估值技术的方法,在可合理取得市场参与者假设的前提下采用合理的市场数据。基金管理人应当对各种估值方法形成的估值结果之间的差异进行分析,结合各种估值方法的适用条件、重要参数的选取依据、估值方法的运用过程等相关因素,综合判断后确定最合理的估值结果。
(VII) Fund managers may comprehensively use multiple valuation methods in the form of conducting scenario analysis. Fund managers may adopt different valuation methods under different exit methods proceeding from various potential exit methods of unlisted equity investments, and conduct a comprehensive analysis of the fair value of unlisted equity in light of the achievable probability of each exit method.   (七)基金管理人可以采用情景分析的方式综合运用多种估值方法。基金管理人可以从非上市股权投资的各种潜在退出方式出发,在不同退出方式下采用不同的估值方法,并结合各退出方式的可实现概率对非上市股权的公允价值进行综合分析。
(VIII) There may be a significant difference between the fair value of the unlisted equity after successful listing, or the exit price achieved through the use of other exit methods, and the estimated fair value of the privately offered fund during the period of holding the unlisted equity. The fund manager must pay attention to this difference and analyze it, that is, to increase the future valuation of the fund manager by analyzing the following issues: 1. On the valuation date, confirming which information is known or available. 2. How the aforesaid information is reflected in the latest fair value estimation? 3. With reference to the fair value or exit price after listing, whether the previous fair value valuation process properly reflected the aforesaid information.   (八)非上市股权成功上市后的公允价值或采用其他退出方式实现的退出价格与私募基金持有非上市股权期间的公允价值估计之间可能存在重大差异,基金管理人必须对此差异予以关注并进行分析,即通过分析下列问题提升基金管理人今后的估值水平:1、在估值日,确认哪些信息是已知的或可获取的;2、上述信息是如何反映在最近的公允价值估计中的;3、以上市后的公允价值或退出价格为参照,之前的公允价值估值过程是否恰当地反映了上述信息。
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