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| Notice by the China Banking and Insurance Regulatory Commission on Matters Concerning Financial Equity Investment with Insurance Funds | | 中国银保监会关于保险资金财务性股权投资有关事项的通知 |
| (No. 54 [2020] of the China Banking and Insurance Regulatory Commission) | | （银保监发〔2020〕54号） |
| All insurance group (holding) companies, insurance companies, and insurance asset management companies: | | 各保险集团（控股）公司、保险公司、保险资产管理公司： |
| For the purposes of regulating the conduct of direct investment in equities of unlisted enterprises with insurance funds and strengthening the support for the equity financing of various enterprises with insurance funds, you are hereby notified of the following matters concerning financial equity investment with insurance funds in accordance with the related provisions of the Insurance Law of the People's Republic of China, the Measures for the Administration of the Utilization of Insurance Funds and the Interim Measures for the Equity Investment with Insurance Funds: | | 为规范保险资金直接投资未上市企业股权行为，加大保险资金对各类企业的股权融资支持力度，依据《中华人民共和国保险法》《保险资金运用管理办法》《保险资金投资股权暂行办法》及相关规定，现就保险资金财务性股权投资有关事项通知如下： |
| I. For the purposes of this Notice, “financial equity investment” means that an insurance group (holding) company, insurance company, or insurance asset management company (hereinafter referred to as an "insurance institution”) invests in and holds the equities of an unlisted enterprise as an investor, which is direct equity investment that in accordance with the relevant provisions of accounting standards for business enterprises, will not lead to the control or joint control of the enterprise by the insurance institution and its affiliates. | | 一、本通知所称财务性股权投资是指保险集团（控股）公司、保险公司和保险资产管理公司（以下统称保险机构）以出资人名义投资并持有未上市企业股权，且按照企业会计准则的相关规定，保险机构及其关联方对该企业不构成控制或共同控制的直接股权投资行为。 |
| II. For financial equity investment with insurance funds, the scope of industries of the investees may be chosen by an insurance institution at its discretion in accordance with laws and regulations after comprehensively considering factors such as solvency, risk appetite, investment budget, assets and liabilities, provided that safety, liquidity and profitability conditions are satisfied. | | 二、保险资金开展财务性股权投资，可在符合安全性、流动性和收益性条件下，综合考虑偿付能力、风险偏好、投资预算、资产负债等因素，依法依规自主选择投资企业的行业范围。 |
| III. For financial equity investment with insurance funds, the investees shall be legally registered and have the status of a legal person. The industry of the investee shall be at the stage of growth or maturity or be an emerging industry of strategic importance, or the investee shall have a specific intent to be listed and have a relatively high value for merger or acquisition. | | 三、保险资金开展财务性股权投资，所投资的标的企业应当依法登记设立且具有法人资格。标的企业所属产业应当处于成长期、成熟期或者为战略性新兴产业，或者具有明确的上市意向及较高的并购价值。 |
| ．．．．．． | | ．．．．．． |
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