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TEDA, a core part of Tianjin Binhai New Area (TBNA), is not only a manufacturing powerhouse, but also a financial service hub in Tianjin.
TBNA's financial reform and innovation, can be attributed in large part to the development of private equity (PE) funds in TEDA.
TEDA takes the top place across the country in the number of PE investment enterprises located there.
By April 2010, TEDA had 236 PE managing firms and PE fund companies, including 202 domestic companies. The registered fund investment amounted to 51.15 billion yuan. The number of PE funds registered in TEDA account for 60 percent of those in Tianjin.
TEDA also leads the nation in terms of supporting PE fund development and offering services concerning PE fund registration, management and taxation.
TEDA was the first in Tianjin to complete the registration of a PE fund invested by a natural person in 2007.
Later, the Tianjin Administration for Industry and Commerce issued implementation measures for the registration of PE funds and fund management companies.
The supports from TEDA's business registration and taxation authorities allowed the rapid growth of PE funds.
In December 2009, the National Development and Reform Commission (NDRC) approved the applications of a record number of 13 equity investment management enterprises in Tianjin, including Qianxin Culture and Investment Management.
This was the third batch of enterprises receiving approval from the NDRC following CDH Investments (Tianjin) and Hony Capital (Tianjin), approved in June 2008 and another seven such enterprises, including CCB Healthcare Investment Management (Tianjin), approved in April 2009.
Of all the 22 enterprises approved by the NDRC, 13 are based in TEDA and three in other areas in TBNA.
PE investment in TEDA is widely used in such fields as healthcare, energy, property, infrastructure, equipment leasing, culture and media, as well as for mergers and acquisitions among enterprises.
(China Daily 06/11/2010 page19)
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