Announcement on the Selection of Managers for the University Sci-Tech Innovation Fund of Xianlin University Town, Nanjing
To give full play to the advantage of abundant resources from universities and research institutes in Xianlin University Town, accelerate the transformation of scientific and technological achievements, and identify early-stage high-end talent innovation projects, Nanjing Xianlin University Town Science and Technology Park Co., Ltd. (hereinafter referred to as the "Science and Technology Park Company") intends to initiate the establishment of Nanjing Xianlin University Town University Sci-Tech Innovation Fund (tentative name, hereinafter referred to as the "Fund") with a scale of RMB 100 million. It is now publicly selecting fund management institutions from the society, and the specific details are announced as follows:
The Fund shall be registered in Nanjing, complete registration and filing procedures with the competent authorities and industry organizations in accordance with relevant national regulations, and accept supervision.
The total scale of the Fund is RMB 100 million. The capital contribution ratio of the Science and Technology Park Company shall not exceed 20% of the total Fund scale, and the fund manager, as a general partner, shall contribute no less than 1% of the total Fund scale.
When submitting the Fund application plan, the fund manager must have raised at least 40% of the total Fund scale, and provide materials such as proof of the capital contribution capacity of the proposed investors (excluding government investment funds directly funded by people's governments at all levels or their functional departments, but equivalent supporting materials shall be provided).
The Fund shall adopt phased paid-in contribution. All investors shall fulfill their capital contribution obligations in batches on time and in proportion in strict accordance with this Announcement and the Fund partnership agreement to be signed subsequently.
In principle, the duration of the Fund shall not exceed 10 years, among which the investment period shall not exceed 4 years. If the Fund's invested projects are in the listing process or within the listing lock-up period, the above-mentioned duration limit shall not apply.
The amount of the Fund invested in projects within Xianlin University Town, Nanjing shall not be less than 1.2 times the capital contribution from Xianlin University Town.
Centering on Nanjing's efforts to expand the "2+6+6" innovative industrial clusters and their upstream and downstream industries, focusing on the key industries, key fields and key projects specified in the strategy of "strengthening the city through industries", the Fund will give priority to layout in tracks such as biomedicine, intelligent manufacturing and digital economy, and mainly invest in sci-tech innovation enterprises, sci-tech achievement transformation projects, talent entrepreneurship projects and university-enterprise cooperation entrepreneurship projects of universities in Nanjing.
The investment amount of the Fund in a single project shall not exceed 20% of the total paid-in capital of the Fund.
The Fund shall establish an investment decision-making body, which shall consist of 3 or more members.
The Fund shall not engage in the following businesses:
Engaging in guarantee, mortgage, entrusted loan and other businesses;
Investing in secondary market stocks (excluding participation in private placement and agreement transfer of listed companies), futures, real estate, securities investment funds, corporate bonds, trust products, wealth management products, insurance plans and other financial derivatives;
Providing sponsorships or donations to any third party;
Absorbing deposits or disguised deposits, or providing loans and fund lending to third parties;
Making external investments with unlimited joint and several liability;
Illegally raising funds by issuing trust products or collective wealth management products;
Conducting "equity in name but debt in reality" or "fund in name but deposit in reality" transactions;
Investing in projects prohibited, restricted or not in line with national industrial policies;
Other businesses prohibited by laws and regulations.
In principle, the hurdle rate of return of the Fund shall not be less than 5%, and the performance fee of the fund management institution shall not exceed 20% of the excess return.
If the Fund's performance fails to meet expected results, the investment progress is slow or funds are idle for a long time, the Fund shall exit at an appropriate time in accordance with the provisions of the Fund agreement (articles of association). Under any of the following circumstances, the Science and Technology Park Company may choose to exit in advance without the consent of other investors:
More than 1 year has passed since the approval of the Fund plan, but the establishment procedures have not been completed in accordance with the specified procedures and time requirements;
The Fund has not carried out investment business more than 1 year after the funds are allocated to the Fund account;
The Fund's investment fields and directions do not conform to the policy objectives;
The intentional or grossly negligent acts of the fund manager or other investors may seriously damage the investment interests of the Science and Technology Park Company;
Other circumstances that do not conform to the provisions of the Fund agreement (articles of association).
The fund manager and relevant investors shall cooperate when the Science and Technology Park Company exits in advance in accordance with the provisions of this article.
During the investment period, the management fee shall not exceed 2% of the Fund's paid-in scale per year; during the exit period, it shall not exceed 2% of the unexited investment cost per year; no management fee shall be charged during the extension period or liquidation period.
The Fund shall complete the pre-compliance review procedure and submit compliance review materials before project investment.
The Fund's performance evaluation shall be conducted annually, and the results of performance management shall be linked to subsequent capital contribution, early exit, management fee payment and subsequent selection of managers.
The Fund's fund-raising, investment, post-investment management, liquidation and exit shall be operated in accordance with market-oriented principles, and shall comply with the norms of relevant policies and systems at the Nanjing municipal level, including but not limited to requirements in Fund operation, management fee management, investment decision-making, compliance review, reinvestment confirmation, non-compete restriction, fund management, Fund custody, information disclosure, Fund exit, performance evaluation and supervision and inspection.
Be a company or partnership enterprise legally established in the Chinese mainland, with paid-in monetary capital of no less than RMB 10 million, which is compatible with the scale of the Fund it manages.
Have been registered as a private fund manager with the Asset Management Association of China (AMAC).
Have a professional and stable team. The management team shall include at least 5 full-time senior managers with 3 years or more of experience in equity investment or fund management, as well as good management performance and professional ethics.
The fund manager and its directors, supervisors, senior managers and other employees shall have no major illegal or irregular acts in the recent 3 years.
The core team of the fund manager shall have a complete structure and sufficient cooperation experience, and be equipped with an exclusive and stable management team. The fund manager shall ensure the stability of core members; the Fund agreement shall lock in the core personnel of the management team, and any change of the locked personnel shall be approved by the Fund's relevant authority such as the Fund partners' meeting through voting.
Have good capabilities in early-stage project identification, fund-raising and exit performance. The fund manager shall have project reserves matching the Fund's investment fields and directions, as well as fund-raising capacity matching the Fund's scale. In principle, the scale of private equity and venture capital funds managed by the fund manager shall not be less than RMB 300 million, and at least 5 of the projects directly invested by the funds have exited through IPO, M&A or transfer and achieved capital preservation and appreciation. The core team shall have profound comprehensive service capabilities and resources, and be able to provide good post-investment value-added services for the invested enterprises.
Have a sound corporate governance and internal control management system, as well as a sound equity investment management and risk control process, and standardized project selection and investment decision-making systems.
The fund manager shall meet the above conditions and other requirements specified by laws, regulations and the Asset Management Association of China. In addition, institutions ranked among the top 50 in the industry (with reference to relevant industry rankings released in the recent 3 years by well-known third-party institutions such as Zero2IPO and ChinaVenture, or industry self-regulatory organizations such as the Asset Management Association of China) shall be given priority for cooperation.
Publicly release the Fund selection announcement and application guidelines.
The deadline for submission of materials is May 24, 2025.
Conduct a preliminary review of the completeness, comprehensiveness and feasibility of the application materials, exclude application plans that do not meet the basic requirements, and determine the list of shortlisted institutions after project approval.
Conduct due diligence on the Fund applicant institution, management institution (or the plan of the to-be-established institution) and investment team, prepare a due diligence report, and put forward investment suggestions.
Organize an expert review panel to conduct a comprehensive review of the application materials of the management institutions, make comprehensive judgments and scores by listening to the due diligence report and conducting on-site inquiries to the applicant institutions, and determine the list of candidate management institutions.
The Fund initiator shall determine the selection result after completing the decision-making process.
The Fund initiator shall announce the selection result within 10 working days after completing the decision-making process, and the announcement shall last for no less than 5 working days.
Applicants shall evaluate by themselves whether they meet the basic application requirements in accordance with the requirements of this Announcement. Institutions that believe they meet the basic application requirements and intend to apply shall carry out the application for fund management institutions in accordance with the requirements of this Announcement.
Application materials shall be compiled into a unified booklet, with five copies in total (see the attachment for the material template). Applicants shall bear full responsibility for the legality, authenticity, validity and consistency of the application materials, and the submitted application materials will not be returned.
Submit the application materials to Nanjing Xianlin University Town Science and Technology Park Co., Ltd. (Address: Room 212, Synergy Building, Nanda Science Park, No. 8 Yuanhua Road, Qixia District, Nanjing; Recipient: Ms. Chen; Tel: 025-85789966).
Applicants shall submit both electronic and paper versions of the application materials (see the attachment for the material template), and the content of the electronic version shall be consistent with that of the paper version. The scanned copy of the sealed application material booklet (printed and bound in A4 size, with the company's official seal and page-sealing seal) and the Word electronic version shall be sent to the email address 704043625@qq.com at the same time.
This selection announcement and application guidelines are only used for the application and selection of fund management institutions. The contents involved shall not be regarded as an offer or commitment to any relevant party, nor shall they be used for the external public promotion or roadshow of the applicant institutions. The rights and obligations of the fund management institution shall be subject to the finally signed partnership agreement.
Source: Nanjing Xianlin University Town Administrative Committee
Review: Xue Yao
Release: You Yi
