威尼斯人app

L. K. G. X. G. 〔2025〕No. 1

Notice from the Technology, Industry and Information Bureau of Liwan District, Guangzhou City on Issuing the Measures for the Management of the Industrial Investment Fund of Liwan District, Guangzhou City

Each Organization and Sub-district Office of the District:

　　With the approval of the District Government, the Measures for the Management of the Industrial Investment Fund of Liwan District, Guangzhou City (Revised)is hereby issued to you, and please strictly follow and implement it. In case of any problems during implementation, please report them directly to the Technology, Industry and Information Bureau of the District.

Technology, Industry and Information Bureau of Liwan District, Guangzhou City

May 26, 2025

　　(Liaison: Mo Yebo; Tel. 020-81515728)

Measures for the Management of the Industrial Investment Fund of Liwan District, Guangzhou City (Revised)

Chapter I General Provisions

　　Article 1: In order to fully leverage the concentrated support and industrial guidance role of the Industrial Investment Fund of Liwan District, Guangzhou City, standardize the management and operation of the Industrial Investment Fund of Liwan District, Guangzhou City (hereinafter referred to as the “Industrial Investment Fund”), accelerate the construction of a modern industrial system, and further promote innovation-driven transformation, upgrading and high-quality development in Liwan District, these Measures are hereby formulated based on relevant documents such as the Notice from the Ministry of Financeon Issuing the ‘Interim Measures for the Management of Government Investment Fund’(C. Y. [2015] No. 210), and combined with the actual situation of Liwan District. These Measures apply to the selection, investment, supervision, assessment, exit and other management activities of the entrusted fund managers (hereinafter referred to as the “fund manager”) of the Industrial Investment Fund.

　　Article 2: The Industrial Investment Fund mentioned in these Measures refer to a government investment fund initiated and established by the District Government with fiscal funds, operated in a market-oriented manner without profit as its purpose, aimed at leading social capital to prioritize investments in industries and projects of modern urban industry and technological innovation fields, supporting the development and growth of modern urban industrial enterprises and technological innovation enterprises, thereby promoting high-quality development in Liwan District.

　　Article 3: The Industrial Investment Fund is established in the form of a limited partnership, with a target scale of RMB1 Billion Yuan and an initial scale of RMB100 Million Yuan, and subsequent adjustments to the fund scale may be made based on annual budget arrangements and actual operational conditions. The government’s contribution portion is included in the departmental budget funds of the Technology, Industry and Information Bureau of the District, and will be injected into Guangzhou Liwan Development Group Co., Ltd. (hereinafter referred to as the “Liwan Development Group”) according to procedures. Liwan Development Group will act as a limited partner to establish limited partnership (the Industrial Investment Fund) with the fund managers; will be liable for the partnership’s debts up to the amount of its capital contribution, and will not participate in the execution of partnership affairs. The fund managers serve as the general partners, responsible for the daily operations, investments and exits of the Industrial Investment Fund, and bearing unlimited liability for partnership’s debts. The Industrial Investment Fund may also accept gratuitous donations from individuals, enterprises or social institutions and other types of funds.

　　Article 4: The Industrial Investment Fund is managed and operated under the principles of “government guidance, market operation, scientific decision-making and risk prevention”. The fund managers shall formulate corresponding full-process investment management systems and establish an Investment Decision-making Committee responsible for projects investment, management and exit matters. The Investment Decision-making Committee shall consist of three members, one appointed by Liwan Development Group, and other two appointed by the fund managers. To ensure policy orientation, Liwan Development Group may assign one representative to participate in discussions at meetings of the Investment Decision-making Committee as an observer, who shall exercise a veto in cases where the Industrial Investment Fund acts unlawfully, violates regulations or deviates from policy orientation, but shall not participate in business operations, daily management and investment decisions of the Industrial Investment Fund.

　　Article 5: The Industrial Investment Fund follows the principle of “whoever establishes the fund shall manage it and act on behalf of the government as the capital contributors”. The Technology, Industry and Information Bureau of the District, as the competent authority of the Industrial Investment Fund, will act on behalf of the capital contributors, responsible for leading the establishment of the Industrial Investment Fund, determining investment directories and directions, and conducting regulation and evaluation, so as to advance the implementation of policy objectives and effects of the Industrial Investment Fund. Moreover, in coordination with the District Finance Bureau, it will select and determine the fund managers and conduct fund supervision and performance evaluations. Liwan Development Group, as the representative of the capital contributors, will assist in specific work implementation according to the requirements of the Technology, Industry and Information Bureau of the District.

Chapter II Fund Managers

　　Article 6: The selection of the fund managers shall be conducted in accordance with the relevant regulations on the management of government investment funds in Guangzhou City, and shall be determined through a selection process. The Technology, Industry and Information Bureau of the District, together with the District Finance Bureau, shall enter into an Entrusted Management Agreement with the selected fund managers.

　　Article 7: Based on the annual funds arrangement plan of the Industrial Investment Fund, the Technology, Industry and Information Bureau of the District and the District Finance Bureau shall determine the entrusted fund management amount, and the fund managers shall manage the Industrial Investment Fund in accordance with relevant laws and regulations, requirements of the District Government, and the terms of the Entrusted Management Agreement. The entrusted fund management amount may be adjusted by the Technology, Industry and Information Bureau of the District and the District Finance Bureau according to the annual budget arrangements and actual operational conditions. The term of entrusted management is principally 10 years, and may be adjusted by the Technology, Industry and Information Bureau of the District and the District Finance Bureau based on actual operational conditions.

　　Article 8: The fund managers shall meet the following requirements:

　　(1) A company with independent legal person status;

　　(2) With a registered capital of no less than RMB100 Million Yuan;

　　(3) At least five professionals with more than three years of experience in investment fund-related work and fund qualifications;

　　(4) A sound investment fund management system;

　　(5) Successful experience in participating as a capital contributor in the establishment and management of investment funds;

　　(6) Good financial condition for at least the past three years, with no records of major penalties from administrative or judicial authorities, and demonstrate strict compliance with the Entrusted Management Agreement in managing government-contributed funds;

　　(7) Conforming to any other provisions stipulated by national, provincial and municipal laws and regulations.

　　Article 9: The Entrusted Management Agreement for the Industrial Investment Fund shall clearly define the responsibilities of the fund managers, including but not limited to:

　　(1) To establish a sound internal decision-making and risk control mechanism;

　　(2) To conduct due diligence on projects, prepare due diligence reports, perform investment analysis, and draft investment proposals;

　　(3) To implement approved investment plans and sign investment agreements;

　　(4) To conduct post-investment management and provide value-added services to invested enterprises (projects), and supervise and guide the operations of the invested enterprises (projects);

　　(5) To draft the exit scheme and facilitate project exits;

　　(6) To submit regular reports to the Technology, Industry and Information Bureau of the District and the District Finance Bureau on fund operations, projects investment management, and other significant matters;

　　(7) To promptly remit dividends, exit proceeds (including principal and returns) to the State Treasury in accordance with relevant regulations;

　　(8) To complete other tasks related to investment operations.

　　Article 10: The fund managers shall entrust a commercial bank with fund escrow qualifications to manage the Industrial Investment Fund, and shall establish a special account for the Industrial Investment Fund, ensuring dedicated account management of the entrusted funds. The Entrusted Management Agreement shall clearly specify the conditions and requirements for selecting the escrow bank, which shall, in principle, meet the following conditions and requirements:

　　(1) Having fund escrow qualifications as recognized and approved by the relevant national authorities;

　　(2) Maintaining good financial condition for at least the past three years, with no records of major penalties from administrative or judicial authorities;

　　(3) Priority consideration will be given to banks with good track records in technology and finance collaboration with government departments.

Chapter III Investment Methods and Investment Fields

　　Article 11: The Industrial Investment Fund can operate through direct investment or establishing sub-funds via equity participation, with direct investment primarily taking the form of equity investment. Direct investment funds and the equity-participated sub-funds shall be managed in separate accounts, where direct investment funds shall generally account for no less than 60% of the total scale of the Industrial Investment Fund, and the equity-participated sub-funds shall be no less than 20% of the total scale of the Industrial Investment Fund, which may be adjusted based on actual conditions. A certain percentage of the direct investment funds may be allocated for direct investment in start-up innovative enterprises, with the total amount invested in such enterprises not exceeding 30% of the scale of the direct investment funds. The cumulative investment amount of the Industrial Investment Fund in a single sub-fund or a single enterprise (project) shall, in principle, not exceed 20% of the subscribed capital scale of the Industrial Investment Fund.

　　Article 12: The Industrial Investment Fund shall invest in enterprises within the administrative region of Liwan District or in sub-funds with a predominant investment focus on key supported industrial fields in Liwan District; and shall invest in six strategic industry clusters, two future industries, and three modern service industries within the “1283” modern industrial system of Liwan District, mainly targeting innovative enterprises and platform enterprises at early to mid-development stages with growth potential.

　　Article 13: The following circumstances can all be considered as investments in enterprises within the administrative region of Liwan District:

　　(1) Enterprises registered in Liwan District with independent corporate legal person status;

　　(2) Enterprises outside of Liwan District but establishing significant R&D centers, production bases, sales companies, or other business entities with substantive business activities in Liwan District (included in the “Four Categories of Large-scale Enterprises” statistical declaration in Liwan District within 2 years of completing investment).

　　Article 14: Start-up innovative enterprises shall simultaneously meet the following conditions:

　　(1) Engaging in production and business activities within the District, conducting independent accounting, and complying with national regulations on statistics, tax collection and credit management;

　　(2) Not exceeding RMB50 Million Yuan in the total assets and annual sales;

　　(3) Less than 300 employees, of which the proportion of technological personnel directly engaged in R&D activities shall be more than 20% of the total employees. The annual R&D expenditures shall account for no less than 20% of cost expenses;

　　(4) No more than five years since its establishment;

　　(5) Conforming to the industrial development plan of the District.

　　Article 15: The amount of direct investment in start-up innovative enterprises in a single enterprise shall, in principle, not exceed RMB5 Million Yuan, nor more than 40% of the amount of current financing round, and shall not serve as the sole institutional investor in current round; the cumulative shareholding ratio shall, in principle, not exceed 30% at most, and shall not become the actual controller; and in principle, the direct investment funds shall be contributed as the last contributor in current round of project financing.

Chapter IV Investment Management of Direct Investment Projects

　　Article 16: The fund managers shall conduct due diligence on investment projects. For projects that meet the Fund’s investment criteria and have financing needs, the fund managers shall carry out due diligence in accordance with industry-recognized ethical standards and business practices, following the principles of diligence, responsibility, integrity and good faith, and shall produce the Due Diligence Reportsand the working paper documentation.

　　Article 17: Projects investment decisions made by the fund managers shall be supported by resolutions from the Investment Decision-making Committee. Projects that meet investment criteria and have completed the due diligence process may be submitted by the fund managers to the Investment Decision-making Committee for review and decision-making. The investment and exit actions shall be approved by the Investment Decision-making Committee before implementation.

　　Article 18: The fund managers shall effectively execute approved investment projects. For projects that have been approved through the investment decision process, the fund managers shall promptly sign documents such as the investment agreements and proceed with the investment payment.

　　Article 19: The fund managers shall be responsible for the following daily management of invested projects:

　　(1) To be specifically responsible for post-investment tracking and management, including monitoring the operational progress of the invested enterprises (projects), and providing value-added services such as strategic consulting, tactical consulting, capital operation recommendations, resource matching, team building and follow-on financing assistance, to support the enterprises’ rapid growth and value appreciation within the shortest possible time frame;

　　(2) To recommend candidates to serve as directors, supervisors, or other relevant positions in the invested enterprises (projects) in accordance with the investment agreements;

　　(3) To establish a dynamic risk monitoring mechanism for invested enterprises (projects). In the event that major risk issues arise in the invested enterprises (projects), the fund managers shall promptly report to the Technology, Industry and Information Bureau of the District and propose corresponding countermeasures and solutions.

Chapter V Operation Management of Equity-participated Sub-funds

　　Article 20: Sub-funds established by the Industrial Investment Fund via equity participation shall ensure that the relevant agreements (or articles of association) incorporate all provisions stipulated in these Management Measures. The sub-funds shall operate under market mechanisms, and conduct investments, management and exits in accordance with the terms stipulated in the articles of association or partnership agreements. The entrusted fund managers of the Industrial Investment Fund shall supervise the investment and operations of the sub-funds, assign representatives to join the Investment Decision-making Committee of the sub-funds; and may exercise a veto in cases where the sub-funds act unlawfully, violates regulations or deviates from policy orientation, but shall not participate in business operations, daily management and investment decisions of the sub-funds.

　　Article 21: Based on the actual development of relevant industrial fields, the Technology, Industry and Information Bureau of the District will publish guidelines for declaration, and organize the review and due diligence of declaration institutions by the entrusted fund managers of the Industrial Investment Fund. The Technology, Industry and Information Bureau of the District will determine the cooperative institutions for sub-funds combining the opinions from the entrusted fund managers of the Industrial Investment Fund regarding due diligence on cooperative institutions.

　　Article 22: The Industrial Investment Fund will invest in sub-funds based on the following main requirements:

　　(1) Investment Scale: The contribution ratio of the Industrial Investment Fund shall, in principle, not exceed 20% of the sub-fund’s scale, and not exceed 40% of the sub-fund’s scale for angel or venture capital sub-funds, without becoming the largest contributor of the sub-fund. The investment in any single project by a sub-fund shall, in principle, not exceed 20% of its total scale.

　　(2) Fund Direction: Sub-funds shall prioritize investments in fields specified in Article 12 of these Measures, and the investment scale shall be no less than 60% of the paid-in scale of the sub-funds.

　　(3) Investment Requirements: The sub-funds will be encouraged to invest in enterprises that can enhance core competitiveness of the local industries and complete industrial chains. The sub-funds shall ensure that a certain percentage of funds shall be directed towards local enterprises, supporting the optimization and upgrading of local industries and their development; and specific funding ratios may be determined through negotiation between the sub-funds managers and the entrusted fund managers of the Industrial Investment Fund.

　　(4) Fund Operation: Sub-funds established via equity participation shall engage in production and business activities within Liwan District, entrusting a commercial bank with fund escrow qualifications for fund escrow, implementing dedicated account management. Sub-funds shall, in principle, make investments through direct investment projects and shall not invest in other funds.

　　(5) Standardized Operation: The management teams of sub-funds shall standardize the governance structures, daily management and investment operations based on relevant laws and regulations, establishing sound and strict investment decision-making procedures, risk control mechanisms and sound financial management systems.

　　(6) Regular Reporting: Sub-funds shall submit written reports on its operations and funds usage to the entrusted fund managers of the Industrial Investment Fund within 10 days after the end of each quarter and submit audited annual reports within 4 months after the end of each year. The entrusted fund managers of the Industrial Investment Fund may, as needed, commission professional institutions to audit the sub-funds.

　　(7) Management Fees: The management institutions of sub-funds may accrue a certain percentage of management fees from the assets of the sub-funds as per the sub-funds partnership agreement or related articles of association. The annual management fees for the portion contributed by the Industrial Investment Fund shall be generally no more than 2.0% of the actually paid-in amount to the sub-funds, with specific standards clearly stated in signed partnership agreements or other documents.

　　(8) Principle of Profit Distribution: Sub-funds shall follow the principle of “principal returning before profits distribution”. Specific profits distribution methods shall be clearly defined in signed partnership agreements or other documents.

　　Article 23: The scope and criteria for recognizing the local enterprises investments by sub-funds shall be as follows:

　　(1) Direct investments by the sub-funds in enterprises registered in Liwan District shall be counted as per the actual investment amount;

　　(2) For investments by the sub-funds in enterprises outside the District, and such enterprises establishing significant R&D centers, production bases, sales companies, or other business entities with substantive business activities (the relevant entities shall be included in the “Four Categories of Large-scale Enterprises” statistical declaration in Liwan District) within Liwan District during the sub-funds’ investments period, the actual investments by the sub-funds in the business entities established in Liwan District mentioned above shall be counted as per the actual investment amount;

　　(3) Newly-added investments in enterprises in Liwan District by other funds managed by the sub-funds management company, or introducing invested enterprises and projects to Liwan District shall be counted as per the actual investment amount;

　　(4) Other situations recognized as investments in enterprises in Liwan District.

　　Article 24: The management institutions of sub-funds shall meet the conditions listed in Article 8 of these Measures.

　　Article 25: For projects implementing major strategic deployments of higher-level governments and the District Government, the declaration procedures for sub-funds may be exempted according to regulations upon approval by the District Government, and such projects will not be subject to the restrictions set forth in these Measures regarding investment requirements for sub-funds.

Chapter VI Risk Control

　　Article 26: The fund managers shall comply with relevant regulations, establish mechanisms for investments decision-making and risk control, strengthen post-investment management, and effectively prevent risks that may arise during the investment and operation of the funds.

　　Article 27: The Industrial Investment Fund and the equity-participated sub-funds shall not engage in the following business activities:

　　(1) To engage in guarantees, mortgages, entrusted loans and other similar activities, except for financing guarantees;

　　(2) To invest in secondary market stocks, futures, real estate, securities investment funds, corporate bonds rated below AAA, trust products, wealth management products rated above R2, insurance plans and other financial derivatives;

　　(3) To provide sponsorships or donations to any third party;

　　(4) To accept or indirectly accept deposits, or provide loans and fund lending to third parties;

　　(5) To make external investments that involve unlimited joint and several liabilities;

　　(6) To issue trust products or collective wealth management products to raise funds;

　　(7) Any other business activities prohibited by laws and regulations of the State.

　　Article 28: A sound risk tolerance mechanism shall be established. Provided that the fund managers have performed their duties diligently and responsibly, it is allowed for direct investments in start-up innovative enterprises and other direct investment projects to incur losses not exceeding 50% and 30% of their respective total investment amounts, with individual direct investments in start-up innovative enterprises allowed to incur up to 100% loss.

Chapter VII Incentive and Constraint Mechanism

　　Article 29: The Technology, Industry and Information Bureau of the District, in coordination with the District Finance Bureau, will implement full-cycle performance management for the funds, develop performance assessment plans, set reasonable performance targets, and conduct annually performance assessment on the fund managers. Management fees will be determined through consultation based on market-based principles and will be approved and disbursed according to the results of the funds assessment and evaluation. Management fees during the investments period shall be generally calculated based on the paid-in capital contribution or actual investment amount, with the accrual standards reasonably set in accordance with relevant provincial and municipal regulations; and specific criteria will be clearly defined in the annual assessment plans.

　　Management fees for the portion of equity-participated sub-funds shall be accrued annually at 1% of the paid-in amount invested in the sub-funds, of which annual management fees for the portion of the funds used for direct investments shall be determined based on the annual assessment results of the fund managers by the Technology, Industry and Information Bureau of the District and the District Finance Bureau, and shall not, in principle, exceed the management fee level of similar government investment funds at the provincial level during the same period.

Chapter VIII Exit Mechanism

　　Article 30: The operating term of the Industrial Investment Fund shall, in principle, not exceed 10 years. Where termination and full capital recovery are required, the Technology, Industry and Information Bureau of the District will notify the fund managers in writing to proceed with the disposal according to procedures. If the Industrial Investment Fund still holds investments projects that have not been exited upon expiration of the term, after approval by the District Government, the operating term of the Industrial Investment Fund may be extended until all projects have exited. No new investments projects shall be added during the extension period.

　　Article 31: The operating term of sub-funds shall, in principle, not exceed that of the Industrial Investment Fund. In case of significant items changes during the operating term or if an extension is required upon expiration, such changes or extensions shall be reviewed by the decision-making authority of the Industrial Investment Fund and approved by the District Government before proceeding. After sub-funds fulfilling the investment requirements set by the Industrial Investment Fund, under conditions where qualified transferees are available, the Industrial Investment Fund may exit the sub-funds. The Industrial Investment Fund shall generally hold the same equity and rights as other capital contributors, and in principle, exit at the market fair value.

　　Article 32: For direct investment projects, when exiting, if the holding period of the Industrial Investment Fund’s equity stake in the direct investment projects is within 3 years (inclusive), and the invested enterprises meet the performance targets stipulated in the investment agreements, the transfer price can be determined based on the original investment price. For holdings between 3 to 5 years (inclusive), and the invested enterprises meet the performance targets stipulated in the investment agreements, the transfer price can be determined based on the sum of the original investment amount and returns calculated by the one-year Loan Prime Rate (LPR) of the bank for the same period. The calculation formula is: transfer price = amount contributed by the Industrial Investment Fund + amount contributed by the Industrial Investment Fund × one-year LPR of the bank for the same period × the term (with interest calculated from the day following the expiration of the three-year investment period). For holdings more than 5 years and the invested enterprises do not meet the targets, the market-based exit methods may apply.

　　Article 33: The fund managers shall manage exits from direct investment projects through means such as selling equity on the secondary market after listing, agreement transfers, repurchases and liquidations. The entrepreneurial teams of the invested enterprises are encouraged and supported to repurchase equity under conditions and prices agreed upon in the investment agreements. Once an investment project meets the conditions for exit, the fund managers shall develop an exit scheme which shall be reviewed and approved by the Investment Decision-making Committee before implementing the project exit.

　　Article 34: After project exits, profits distribution shall follow the principle of “principal returning before profits distribution”. Initially, distributions shall be made according to the paid-in capital contribution ratio of all partners. Any remaining profits shall first be distributed to the government portion based on a benchmark interest rate (as specified by the fund managers in partnership agreements or similar documents). Excess profits beyond the benchmark profits shall then be distributed between the government portion and the fund managers according to the ratios as specified in the partnership agreements. Government-owned investment profits and interests shall be promptly and fully remitted to the State Treasury in accordance with relevant fiscal regulations. Losses of investment funds shall be jointly borne by the contributors, with the government bearing limited liability to the extent of its contribution amount.

　　Article 35: To better leverage the guiding role of government contribution, the government may moderately concede benefits, but shall not promise other contributors protection against loss of the Industrial Investment Fund’s investments principal, nor promise minimum returns, except as otherwise provided by national regulations.

　　Article 36: Upon termination (including dissolution and bankruptcy) of the Industrial Investment Fund, the fund managers shall organize liquidation in accordance with relevant laws and regulations and report the liquidation status to the Technology, Industry and Information Bureau of the District.

Chapter IX Supervision, Inspection and Reporting Mechanism

　　Article 37: The Industrial Investment Fund shall be subject to performance evaluations by the District Finance Bureau and supervision by the District Audit Bureau regarding funds operation status.

　　Article 38: The fund managers shall submit written reports to the Technology, Industry and Information Bureau of the District and the District Finance Bureau within 20 working days after completing an investment or exiting a project.

　　Article 39: The entrusted management agreements shall clearly stipulate the establishment of a regular reporting system, that the fund managers shall submit written reports to the Technology, Industry and Information Bureau of the District and the District Finance Bureau on the funds operation status, asset and liability situation, investment gains and losses, and other significant matters that could affect investors’ rights; and shall also prepare and submit balance sheets, profit and loss statements, cash flow statements, fiscal fund deposit statements, fund project tables and other statements to the Technology, Industry and Information Bureau of the District and the District Finance Bureau. Quarterly reports shall be submitted within 10 working days after the end of each quarter, semi-annual reports within 60 days after the first half of the year ends, and annual reports within 4 months after the end of each year.

　　Article 40: In accordance with the General Accounting System for Finance(C. K. [2022] No. 41) and the Interim Measures for the Management of Government Investment Funds(C. Y. [2015] No. 210), the District Finance Bureau shall reflect the assets and rights and interests formed by the government contribution in the Industrial Investment Fund.

　　Article 41: The entrusted management agreements shall specify that in case of activities violating laws and regulations, major potential losses from investment project exits, or other significant issues during the operation of funds, the fund managers shall submit a written report to the Technology, Industry and Information Bureau of the District and the District Finance Bureau within 5 working days of discovery.

　　Article 42: If negligence or other problems and risks are identified or suspected with the fund managers, the Technology, Industry and Information Bureau of the District may issue written or oral rectification suggestions to such fund mangers. In cases where illegal or negligent behavior is confirmed, the fund manager shall bear corresponding legal responsibilities for any resulting losses in accordance with the law. For investments that have been made in accordance with laws and regulations and have gone through the prescribed procedures, if investment losses are caused by force majeure, policy changes or other factors, the fund managers shall not be held responsible.

　　Article 43: The assessment mechanism for funds management and operation of the Industrial Investment Fund shall be established. Assessments shall focus on overall effectiveness, conducting comprehensive performance evaluation on the policy objectives and outcomes of the Industrial Investment Fund, rather than rigidly evaluation on individual investment project profits and losses or other economic benefits indicators. The assessments results shall be linked to the management fee rate that the fund managers may accrue for the current year.

Chapter X Supplementary Provisions

　　Article 44: Where relevant provisions are not provided for in these Measures, the provisions of the relevant systems for the management of government investment funds of the Government of Guangzhou City shall apply.

　　Article 45: These measures shall come into effect from the date of issuance, with a validity period of 5 years, and the Measures for the Management of the Industrial Investment Fund of Liwan District, Guangzhou City(L. K. G. X. G. [2023] No. 5) shall be simultaneously abolished.