Guangzhou Development District (Huangpu District), Implementing Rules for Direct Equity Investment by Science and Technology Innovation and Venture Capital Funds of Funds

Main contents: In principle, the investment limit on a seed direct investment in any one enterprise may not exceed RMB 2 million, may not exceed 50% of the financing round in question and such investment may not serve as a standalone institutional investor in the round in question; in principle, the shareholding percentage may not exceed 40% in the aggregate and the seed investment may not serve as a standalone major shareholder or the de facto controller (Article 10).