Thursday, July 28, 2011

Beijing Culture Exchange: do not do to urge the industry self-regulation in securitization transactions

July 24, one of China's first state-level cultural property rights trading platform - China Beijing Equity Exchange culture (referred to as "China Beijing Culture Exchange") listing the year is expected to operate the news, causing widespread concern in public opinion and the industry, so the text had a lot of controversy has rippled ecological Exchange.

July 26, deeply involved in China to build Beijing Culture Exchange Ministry of Culture matters Li Xiaolei Cultural Industry Department inspector described in detail to reporters in Beijing, China Culture Exchange related issues. CEO Zhang Baoying Exchange Zhengzhou text from the operator's point of view expressed to reporters his thinking.

Location: first national trading platform

Since June 2009, the first domestic cultural property trading platform - Shanghai Assets and Equity Exchange culture since the establishment of the domestic 'cross the hot text, "a sudden warming. According to public statistics, the existing regional cultural Exchange 18: The provincial-level units named all eight cross-cultural, cross-cultural city-named all five, and another five companies named in the text Exchange. Coincidentally, these five companies are in Beijing Culture Exchange. Where there are more than 20 cross-cultural organization, which includes Beijing, China, the text on the Exchange.

According to Li Xiaolei, in 2009, the Beijing Municipal Government and the Ministry of Culture, communication, culture, Beijing, China hopes to pay jointly launched the project. Through the efforts of the Ministry of Culture Minister Cai Wu and Beijing Mayor Guo Jinlong, Beijing, China signed a joint text to build the partnership program delivery by the Ministry of Culture Secretary in charge of planning and construction industries. Currently, the establishment of the China Beijing Culture Exchange application has been the State Council for approval, is expected during the year listed.

China Beijing Equity Exchange is the culture of the first "China" at the beginning of the cultural background of state-owned enterprises Exchange, by the China Foreign Culture Group, China's central Animation Group, SVA Group, culture, business and Beijing, Beijing, China Beijing Equity Exchange, etc. co-funded enterprise-class culture. Among them, the company has extensive experience in property transactions and the outstanding achievements of the Beijing Equity Exchange is responsible for specific operations in Beijing, China Culture Exchange.

According to reports, with most of the positioning of the text is similar to Exchange, Beijing, China Culture Exchange's main trading content will include the disposal of assets of state-owned cultural enterprises, and the script, cartoon characters and other intellectual property rights of creative agency. The Institute will also be gathered through various cultural enterprises, investment funds and advisory, assessment, brokerage and legal services agency, to promote cultural and financial ties.

Look forward to: the promotion of industry self-regulation

In 2009, the Ministry of Culture issued a "speed up the development of cultural industry guidance" in the clear will guide the formation of national, regional industry associations improve the development of cultural industries as one of the measures of protection. "Such as banks, investment funds, cultural institutions such as property rights exchange, should be what we call cultural investment and financing system in the financial side, strengthen industry associations in this role, promoting the development of cultural industries play an important role." Li Xiaolei that play the role of trade associations can promote cultural enterprises, industry associations and the interaction between government departments, but also by the cultural administrative departments to promote the culture-based culture-based changes to the tube.

Talking about "art securitization transaction" Li Xiaolei said, art and cultural property rights transaction is part of the deal, Beijing, China Culture Exchange will not engage in any cultural property securitization transactions, but the overall flow of business, including works of art. "Do not engage in securities transactions is not standardized segmentation, discrete transaction, not for the public, only for specific populations, and to improve the access threshold for parties to the transaction currently in the cultural property rights of domestic securities transactions is not ready preparation, in policies and laws, to confirm ownership, market transactions, credit risk guarantees and other aspects still need to regulate. "He explained, specific group of people is to limit the number of total transactions. "The cumulative number of transactions up to 200 people, including natural and legal persons, such as joint purchase of a 100 cultural property, 50 of whom will transfer ownership to another 50, then the cumulative number of transactions is 150, which fundamentally put an end to securitization transaction. "Li Xiaolei said.

This design is similar to Exchange and Zhengzhou text. "Art Exchange Zhengzhou paper for only 200 people share trading, investors in addition to the interests of the members must also be provided by the Bank VIP customers." Zhang Baoying introduction.

Securitization transaction is approved by the SFC. Earlier media reports, some of the text do not pay formal financial innovation has lead to the Commission, the central bank and other departments of the attention.

Sound: Man needs to support the development of Exchange

Zhang Baoying does not exclude the establishment of new cultural Exchange. "Exchange is the text of the cultural industry and the financial capital of the combination of innovative services platform for local cultural Exchange sprouted up, indicating the development of China's cultural industry needs innovative strength." In April 2009, nine ministries issued "on the financial support Cultural Industry Promotion and Development of guidance and prosperity "(No. 94), the delivery of the text where the" Culture + financial "in this mode have been established, and conducted various exploration.

He further said that the text will not cause an increase in pay of the industry's cut-throat competition. "China's vast territory, rich in cultural resources, local culture and have different characteristics, cultural Exchange is relying on the establishment of local cultural resources is in line with local economic, cultural and social development needs of the present paper is the development of the establishment of Exchange In the pie bigger instead of cutting the cake. "

Zhang Baoying believes that the Exchange's development of cultural norms is necessary. "The state has adopted laws and regulations will guide the development of cross-cultural norms, help to promote China's cultural industry development and prosperity." He also said: "The text of the Exchange development model currently in the country and even abroad, is still in the exploratory stage, For fear of problems on the inhibition of its development, we need to give space for the development of national innovations. "

Of the sharp "securities transactions" and "share trading" of the dispute, Zhang Baoying is explained: "I share the business model is the art trade, not the securitization transaction. Securitization transactions and share trading are two different concepts. asset securitization transactions, based on a specific future cash flows to support in the financial markets for securities issued to investors in the financing process, which is based on the Securities Act; art is based on share transactions in property law will be split into a number of works of art were all the rights and interests and for sale for specific populations. "He stressed that" this transaction is currently at home and abroad belong to an innovative model. "

No. 94 referred to in Article 10 "for the operation of the more mature, more stable future cash flows of cultural industry projects, cultural assets can be high future cash flow, revenue-based right, explore the cultural assets of the securities industry projects the pilot, "no doubt left a securitization transaction window. However, the interpretation of this provision and interpretation, still needs some work.

(Newspaper reporter stations in Henan reporter Chen Guan Chao also contributed to this article)

Operation of the text has been listed Exchange (18)

Shanghai Stock Exchange Shenzhen cultural property, cultural property, cultural art exchange Tianjin Property Rights Exchange Exchange Guangdong Southern culture and cultural property rights exchange central Hubei, Shandong, Hunan culture and art and cultural property rights exchange Property Exchange

Guangzhou Cultural Exchange Property Exchange Zhengzhou, Chengdu and cultural rights and cultural property and cultural property rights exchange Exchange Weifang Shenyang Culture Intellectual Property Exchange

Song of the art trade and cultural center of Beijing Hua Han and Tang Dynasties Art Exchange Art Exchange, Beijing Beijing Nine Songs arts and crafts works of art trading platform Pine Valley Beijing Equity Exchange

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