China: 险资运用系列之投资"独角兽"企业

Last Updated: 14 May 2019
Article by Jia Hui
Most Read Contributor in China, May 2019

2019年3月8日,中国恒大研究院发布《中国独角兽报告2019》,筛选出161家估值10亿美元以上的独角兽企业,蚂蚁金服、今日头条、滴滴出行以1,500亿美元、750亿美元、450亿美元排名前三,161家独角兽企业估值总和高达7,134.86亿美元,折算为人民币接近5万亿。 1独角兽企业成为机构投资者的热门投资对象,包括险资机构。事实上,有一批保险公司已经青睐并投资"独角兽"企业。中国太平洋人寿保险股份有限公司于2015年3月首次投资蚂蚁金服集团股权,截至2018年6月投资蚂蚁金服接近35亿元。 2中国人寿截至2017年底投资"互联网+"、人工智能、现代物流等新兴产业项目的规模近350亿元,投资项目达11个,包括滴滴出行、阿里巴巴、京东、顺丰、百度基金等多家"独角兽"企业。中国平安、中国太保等公司也都在多有斩获。 3笔者也曾协助险资企业参与投资独角兽企业,并认为险资在投资独角兽企业时应注意如下法律问题。

一、谁是独角兽企业

"独角兽企业"(UnicornCompany)的概念首次于2013年提出,由美国著名的投资公司CowboyVentures风险创投专家AileenLee在其一篇文章中选用了"独角兽"(Unicorn)这个词语来形容那些在私募和公开市场估值10亿美元以上的科技创始企业。2018年3月23日,科技部正式发布《2017年中国独角兽企业发展报告》,此次共有164家企业上榜,总估值6284亿美元。该榜单确定的中国独角兽企业标准包括:(1)在中国境内注册,具有法人资格的企业;(2)成立时间不超过十年(2006年及之后成立);(3)获得过私募投资,且尚未上市;(4)符合条件(1)、(2)、(3),且企业估值超过10亿美元的称为独角兽;(5)符合条件(1)、(2)、(3),且企业估值超过100亿美元的称为超级独角兽。4

一些地方政府针对"独角兽"企业出台了地方性规定。例如,根据《珠海市独角兽企业培育库入库实施细则》,独角兽企业培育库分为独角兽企业、独角兽潜力企业、独角兽种子企业三个层级。独角兽企业是指估值超过10亿美元(或60亿元以上)、获得私募、创业投资且尚未IPO上市(不含"新三板"上市)的企业。独角兽潜力企业指估值超过1亿美元(或6亿元以上),累计获得私募、创业投资超过5000万元(或等值外币)且尚未IPO上市(不含"新三板"上市)的企业。独角兽种子企业指:(1)以科技创新为主的独角兽种子企业,应掌握前沿核心技术或颠覆性技术,研发投入强度高,拥有对主营业务发挥核心支撑作用的I类自主知识产权(分类参考《高新技术企业认定管理工作指引》);(2)基于互联网思维、大数据、电子商务、物联网、云服务等技术,围绕目标客户、产品和服务、盈利渠道等以平台生态型为主的独角兽种子企业,必须具有成长速度快,主营产品(服务)有较大的市场前景,在短时间内有市值的爆发,并且未来有较大发展空间的企业。且近3年内获得过创业投资;(3)企业所属的领域具有广阔的发展空间,企业经营的产品具有突出优势,在企业规模增加的同时,其竞争力可实现大幅增长;(4)创业团队(管理层)稳定,并具备创新思维、资源整合能力、企业家精神。

二、险资投资独角兽企业的主要法律问题

(一)标的企业的资质要求

保险资金直接或者间接股权投资独角兽企业,应遵循《保险资金运用管理办法》、《保险资金投资股权暂行办法》(保监发201079号)、《关于保险资金投资股权和不动产有关问题的通知》(保监发201259号)等规定,并应注意2018年10月26日中国银保监会发布的《保险资金投资股权管理办法(征求意见稿)》中关于投资标的企业的具体要求,包括:(1)依法登记设立,具有法人资格;(2)符合国家产业政策,具备国家有关部门规定的资质条件;(3)股东及高级管理人员诚信记录和商业信誉良好;(4)产业处于成长期、成熟期或者是战略新型产业,或者具有明确的上市意向及较高的并购价值;(5)具有市场、技术、资源、竞争优势和价值提升空间,预期能够产生良好的现金回报,并有确定的分红制度;(6)管理团队的专业知识、行业经验和管理能力与其履行的职责相适应;(7)未涉及重大法律纠纷,资产产权完整清晰,股权或者所有权不存在法律瑕疵;(8)与投资机构和专业机构不存在关联关系;(9)中国银保监会规定的其他审慎性条件。保险资金开展重大股权投资和一般股权投资,应当在符合安全性、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,稳健选择投资的行业范围和企业类型。

险资投资独角兽企业应尤其关注标的企业是否具有上述第(2)项要求中所提及的必要的资质条件。例如,对于高新技术企业应核查其是否具有高新技术企业证书,是否符合《高新技术企业认定管理办法(2016修订)》第十一条所规定的条件,包括:(一)企业申请认定时须注册成立一年以上;(二)企业通过自主研发、受让、受赠、并购等方式,获得对其主要产品(服务)在技术上发挥核心支持作用的知识产权的所有权;(三)对企业主要产品(服务)发挥核心支持作用的技术属于《国家重点支持的高新技术领域》规定的范围;(四)企业从事研发和相关技术创新活动的科技人员占企业当年职工总数的比例不低于10%;(五)企业近三个会计年度(实际经营期不满三年的按实际经营时间计算,下同)的研究开发费用总额占同期销售收入总额的比例符合如下要求:1.最近一年销售收入小于5,000万元(含)的企业,比例不低于5%;2.最近一年销售收入在5,000万元至2亿元(含)的企业,比例不低于4%;3.最近一年销售收入在2亿元以上的企业,比例不低于3%。其中,企业在中国境内发生的研究开发费用总额占全部研究开发费用总额的比例不低于60%;(六)近一年高新技术产品(服务)收入占企业同期总收入的比例不低于60%;(七)企业创新能力评价应达到相应要求;(八)企业申请认定前一年内未发生重大安全、重大质量事故或严重环境违法行为。

(二)对赌条款等退出安排

对赌协议(ValuationAdjustment Mechanism,VAM)直译为"估值调整机制",是指收购方(包括投资方)与出让方(包括融资方)在达成并购(或者融资)协议时,对于未来不确定情况进行约定。如果目标公司未来的获利能力达到业绩增长指标,由目标公司或目标公司的股东行使估值调整的权利,以弥补其因企业价值被低估而遭受的损失;否则,由投资方行使估值调整的权利,以补偿其因企业价值被高估而遭受的损失。

回购权条款是一种常见的对赌退出安排。回购权触发事件最常见的是约定时间内未发生合格上市或整体出售交易,有时还会包括一些实质性阻碍投资目的实现的事件,例如重大违约、创始股东对公司丧失控制权、主营业务发生变化、主要证照丧失、其他优先股股东要求回购等。同时,也可以将回购权触发事件与投资人的其它权利关联起来作为救济手段,如创始人或公司重大违约导致投资人否决权或其它优先权利无法实现时可触发回购,或者仅把某些特别重要的约定的实现与回购权关联。在境内投资中,要求创始人对公司的回购义务承担连带责任的必要性更大,除非另有约定,创始人是以其全部财产承担回购义务,甚至有时投资人会要求创始人将其持有的特定不动产或其它资产作担保。

回购价格通常为所回购股权对应的投资本金的一定倍数(或投资本金,加上每年7%-15%的单利或复利),还可明确包括已宣告但尚未支付的股息。实践中,较常见的回购周期为3-7年。但在一些交易中,投资人为了完成交易也会同意一些对公司有利的安排,例如,约定在回购触发事件发生后某个期限内(而非回购触发事件发生后的任何时间)行使回购权。投资人应该避免错过这个期限导致权利过期。在公司资金不足以支付所有投资人的回购价款时,会有各投资人间回购权行使顺位的问题。越晚进入的投资人一般会要求优先回购,在谈判时,估值最高的投资人应尽量争取在最高顺位行使回购,而估值较低的投资人应尽量争取与其它投资人同等顺位、按股权比例行使回购。

(三)间接股权投资独角兽企业的法律问题

在通过私募基金间接股权投资独角兽企业的情况下,应关注私募基金管理人的资质问题。《保险资金投资股权管理办法(征求意见稿)》对私募股权基金管理人的要求相较原来的《保险资金投资股权暂行办法》提高了要求,要求险资所投资的股权投资基金的投资机构应完成私募股权基金管理人登记并符合下列条件:(1)具有完善的公司治理、管理制度、决策流程和内控机制;(2)注册资本或者认缴资本不低于1亿元,并已建立风险准备金制度;(3)投资管理适用中国法律法规及有关政策规定;(4)具有稳定的管理团队,拥有不少于10名具有股权投资和相关经验的专业人员,作为主导人员合计退出的项目不少于3个。其中具有5年以上相关经验的不少于2名,具有3年以上相关经验的不少于3名,且高级管理人员中,具有8年以上相关经验的不少于1名;拥有3名以上熟悉企业运营、财务管理、项目融资的专业人员;(5)具有丰富的股权投资经验,管理资产余额不低于30亿元(中国境内以人民币计价的实际到账资金和形成的资产),且历史业绩优秀,商业信誉良好;(6)具有健全的项目储备制度、资产托管和风险隔离机制;(7)建立科学的激励约束机制和跟进投资机制,并得到有效执行;(8)接受中国银保监会涉及保险资金投资的质询,并报告有关情况;(9)最近三年未发现投资机构及主要人员存在重大违法违规行为;(10)中国银保监会规定的其他审慎性条件。

三、险资投资独角兽企业之前景展望

2018年年初,"独角兽回归CDR"的话题在经历各界的热烈讨论后,迎来了法规和制度层面的响应。2018年3月5日,监管层对券商作出指导,生物科技、云计算、人工智能、高端制造四个行业若有"独角兽",可向发行部报告,符合相关规定者可以实行"即报即审"。可见政府有意对独角兽企业开绿灯,希望以此促进经济发展和科技创新。独角兽企业主要集中在互联网、电子商务、科技等创新领域,这些创新型领域能够很好的反应一个国家或地区的市场活力和创新能力,所以"独角兽企业"受到创业者的热捧,也得到政府的青睐。对于保险资金来说,新经济时代的投资机会不仅仅在二级市场投资于独角兽企业A股,人工智能、高端制造、医疗健康、金融科技、信息技术等新经济领域更是一片有待深度拓展的蓝海。这将是未来保险业开展股权投资的新领域与方向,也是有力支持实体经济、促进中国经济转型的切实之举。在未来的保险资金运用领域,股权投资"独角兽企业"会成为考验投资人能力、经验、眼光的蓝海,如何正确运用合法合理的法律手段进行投资,合理引导市场的价值投资理念,已经引发了广大机构投资人和司法机构的关注。

文中备注:

1 "中国独角兽报告2019:科创板首批备选企业(161家)",20190310,来源:金融界

2 "太平洋人寿保险再投蚂蚁金服16亿,共投35亿", 20180625,来源:蓝鲸财经

3 "独角兽来袭,险企投资有哪些新机会?",20180706,来源:财经杂志

4 "科技部《2017年中国独角兽企业发展报告》(全文)",20180313,来源:网经社电商中心

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These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions