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I am going to have to fund this...

Devon Archer
646 436 3745

Begin forwarded message:

> From: "YU, Felix" <felix.yu@bhrpe.com>
> Date: November 8, 2014 at 10:45:43 PM PST
> To: "'zhoubing'" <zhoubing@bankofchina.com>, <ouwenzhi_bgi@bocgroup.com>, '徐建新' <xujianxin@teda.com.cn>, <luchangqi@ample-harvest.com>, '丰实lindsay' <lindsaywright@hk.jsfund.cn>, <anthonyfan88@me.com>, <darcher@rosemontseneca.com>, <hbiden@rosemontseneca.com>, "'Bulger Jim'" <jbulger@thorntonai.com>, <jonathan.li@bohaicapital.com>, "'Xue Ming'" <xueming@bohaicapital.com>
> Cc: '蒋明[Jiang Ming]' <jiangming@harvestcm.com>, "'Jason Zhu'" <jason.zhu@bhrpe.com>
> Subject: 答复: 投资实体/壳公司设立SPVs/Shell COs Set Up
>
> 各位董事：
> Dear board members,
>
> 在我们如下邮件汇报的基础上，在此就题述事宜进一步汇报如下：
> Further to our email below, please be informed of:
>
> 1. 目前我们在上海设立了3家有限合伙企业，即BHR Fund、BHR Fund I以及 BHR Fund II，现将有关情况汇报如下：
> 3 limited partnership funds, i.e., BHR Fund, BHR Fund I and BHR Fund II, have been registered in Shanghai, details on which are as follows:
>
> Ÿ 根据上海的相关规定，在上海设立的有限合伙制私募股权基金最低认缴出资额为人民币1亿元，每一位合伙人最低认缴出资额为人民币500万元。因此，BHR Fund、BHR Fund I以及 BHR Fund II于设立时，认缴出资额为人民币1亿元，GP认缴出资额均为人民币500万元。
> Per Shanghai local rules, the aggregate capital commitment of PE funds organized as limited partnerships shall be no less than RMB100m with capital commitment by each partner being no less than RMB5m. Therefore, the aggregate capital commitment of each of BHR Fund, BHR Fund I and BHR Fund II is currently set at RMB100m with capital commitment by each of its GPs being set at RMB5m.
>
> Ÿ 为实施中石化项目，我们目前在上海设立了BHR Fund。BHR Fund于设立时由BHR和CATL（为竞标中石化项目引入的战略合作伙伴）作为GP认缴出资各人民币500万元，薛明作为LP认缴出资人民币9000万元，后为避免薛明个人承担出资义务，薛明已将其作为LP的出资义务全部转让给昂驹。但需要指出的是，在BHR Fund投资人进入之后，BHR Fund的认缴出资额将增加到人民币60亿元，昂驹的出资义务将由BHR Fund的投资人承接并承担。
> For the purpose of the Sinopec deal, BHR Fund has been registered in Shanghai with BHR and CATL (our strategic partner in the bid for the deal) as GPs and Xue Ming previously as LP. Kindly note that no capital has been paid by Xue Ming as LP to the fund and Xue Ming has transferred his obligation to pay capital as LP to the fund to Angju which will then transfer such obligation to investors of the fund when the aggregate capital commitment of the fund is increased to RMB6b.
>
> Ÿ 基于初步商谈，我们就中石化项目可能取得另外约人民币55亿元的投资额度，为此我们在上海设立了BHR Fund I。BHR Fund I于设立时由薛明作为GP认缴出资人民币500万元，BHR作为LP认缴出资人民币9500万元。为实施该项目，薛明将会将其作为GP的出资义务全部转让给BHR，BHR将会将其作为LP的出资义务全部转让给昂驹。但需要指出的是，在BHR Fund I投资人进入之后，BHR Fund I的认缴出资额将增加到约人民币55亿元，昂驹的出资义务将由BHR Fund I的投资人承接并承担。
> For the purpose of a potential additional RMB5.5b investment amount for the Sinopec deal currently under preliminary negotiation, BHR Fund I has been registered in Shanghai with Xue Ming as GP and BHR as LP. Kindly note that (i) no capital has been paid by Xue Ming as GP to to the fund, neither has BHR as LP; and (ii) Xue Ming will transfer his obligation to pay capital as GP to the fund to BHR and BHR will transfer his obligation to pay capital as LP to the fund to Angju which will then transfer such obligation to investors of the fund when the aggregate capital commitment of the fund is increased to RMB5.5b.
>
> 同样基于初步商谈，我们就某央企H股上市可能获得部分国际配售额度，为此我们在上海设立了BHR Fund II。BHR Fund II于设立时由薛明作为GP认缴出资人民币500万元，BHR作为LP认缴出资人民币9500万元。现为实施该项目，薛明将会将其作为GP的出资义务全部转让给BHR，BHR将会将其作为LP的出资义务全部转让给昂驹。但需要指出的是，在BHR Fund I投资人进入之后，BHR Fund I的认缴出资额将增加到约人民币55亿元，昂驹的出资义务将由BHR Fund I的投资人承接并承担。
> For the purpose of a potential international placement opportunity in connection with a HK IPO by an SOE currently under preliminary negotiation, BHR Fund II has been registered in Shanghai with Xue Ming as GP and BHR as LP. Kindly note that (i) no capital has been paid by Xue Ming as GP to to the fund, neither has BHR as LP; and (ii) Xue Ming will transfer his obligation to pay capital as GP to the fund to BHR and BHR will transfer his obligation to pay capital as LP to the fund to Angju which will then transfer such obligation to investors of the fund when the aggregate capital commitment of the fund is increased.
>
> 2. 为募集设立美元基金，BHR需设立除香港子公司之外的若干其他实体，目前先由BHR CEO设立BVI公司，之后其他相关实体将逐步陆续设立。
> Various offshore entities except our HK sub need to be set up for the purpose of raising and forming our dollar fund. A BVI company has been set up by Jonathan on our behalf and we are expecting that more necessary offshore entities will be set up.
>
> 就目前BHR的股权/权益结构，敬请参见附件。如有任何问题，请联系我们。
> Please refer to the attachment for our ownership structure. If you have any questions or comments feel free to reach out to us.
>
> Kind regards,
> Felix
>
> 发件人: YU, Felix [mailto:felix.yu@bhrpe.com]
> 发送时间: 2014年10月29日 18:51
> 收件人: 'Bing.Zhou@bocigroup.com'; 'ouwenzhi_bgi@bocgroup.com'; '徐建新'; 'luchangqi@ample-harvest.com'; '丰实lindsay'; 'anthonyfan88@me.com'; 'darcher@rosemontseneca.com'; 'hbiden@rosemontseneca.com'; 'Bulger Jim'; 'jonathan.li@bohaicapital.com'; 'Xue Ming'
> 抄送: '蒋明[Jiang Ming]'; 'Jason Zhu'
> 主题: 投资实体/壳公司设立SPVs/Shell COs Set Up
>
> Dear board members,
> 尊敬的各位董事：
>
> As BHR is a new fund manager our strategy is that while we are in the process of raising blind-pooled funds we have been raising deal-based funds to build our track record. Experience learned from the Sinopec deal is that certain investment vehicles need to be in place before we approach or pursue some investment opportunities; otherwise, we may be unable to execute such deals from timeframe and/or procedural perspective. Therefore, various onshore and offshore investment vehicles or shell companies need to be set up by BHR and/or its executives on its behalf. Such investment vehicles or shell companies will make no investments and carry no businesses before required internal approvals are obtained. No substantial costs other than a small amount of registration fees will be incurred.
> 鉴于BHR是一家新成立的基金管理人，我们现在的策略是，在募集综合基金的过程中募集项目基金，以取得过往业绩。基于中石化项目的经验，在寻求或执行项目之前，我们需要设立一些投资实体或壳公司，否则在时间或程序上无法执行或完成项目。所以，我们现在需要自行或由公司管理人员先行代表公司成立一些境内或海外投资实体或壳公司，但在未取得必要的内部审批之前，这些投资实体或壳公司不得从事任何投资或业务。除小额的注册费用之外，设立这些投资实体或壳公司不会产生大量的成本或费用。
>
> Please kindly note that the registration of two PRC limited partnerships, a BVI company, a Cayman company and a Cayman limited partnership is under way for the opportunities we are now pursuing.
> 需要向各位董事汇报的是，因目前部分项目需要，我们正在注册两家境内有限合伙企业、一家BVI公司、一家开曼公司以及一家开曼有限合伙企业。
>
> Feel free to let us know if you have any comments.
> 如各位有任何意见，敬请联系我们。
>
> Kind regards,
> 祝好！
> Felix
> =2