Fund to help small firms
Print Edition
THE China Insurance Regulatory Commission yesterday announced a venture capital fund scheme which will facilitate insurance capital investment for small companies and startups.
The insurance capital will support the financing needs of small firms, technological companies and those in newly emerging industries by investing in company stocks, preferred stocks and convertible securities, the CIRC said in a statement on its website.
To ease risk concerns, the CIRC said total investment allocated for the venture capital fund scheme should not exceed 2 percent of an insurance company’s total assets registered at the end of the previous quarter. Meanwhile, an insurance company’s investment in a single venture capital fund should not exceed 20 percent of the fund’s total value, the statement said.
Data showed insurance companies have provided more than 50 billion yuan (US$8.1 billion) to small and micro-sized companies so far.
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