AMAC Gives Exceptional Certifications To Managers At Sequoia, Hony, IDG
Neil Shen, founding managing partner of Sequoia Capital China, Hugo Shong, founding partner of IDG Capital Partners, and Hony Capital’s chief executive officer John Zhao are among dozens of well-known venture and private equity fund managers given exceptional certifications without having to pass a required official qualification exam.
The Asset Management Association of China (AMAC) released a notice last week detailing the names and reasons of why these managers are allowed to not take the required test.
Other notable investors on the list include Liang Xinjun, co-founder of Fosun Group, Sha Wang, venture partner of Asia Alternatives, David Haifeng Liu, Chief president of KKR, Andrew Y. Yan, managing partner of SAIF Partners, Xu Xiaoping, founder of Zhen Fund, Lei Jun, and co-founder of Shunwei Capital and Xiaomi Inc.
Around 30,000 Chinese private equity and venture fund managers are required to pass an official test before May 1, or they would not be allowed to continue managing their funds, according to earlier AMAC rules.
In total, 34 investment managers have been given exceptional certifications by AMAC.
All of them serve on the committees of a number of professional industry associations affiliated with AMAC, including the China Venture Capital & Private Equity Association.
These committee members are the most respected and experienced professionals in the industry. The exceptional certification makes the qualification process more practical, an unnamed insider source told Chinese media.
AMAC says that other investment managers meeting one of four requirements can apply for similar exceptional certifications.
The four requirements include: working in the venture and private equity industry for six years or more and having successfully exited at least two projects; having worked as senior management of a publicly listed company or a sizeable private company for over 12 years; having worked in senior management role for over 12 years; and having taught in university or worked in finance-related research institutions for over 12 years.
All applicants are also required to submit two recommendation letters from well-know investors in the industry.
Read more info. via:
The Asset Management Association of China (AMAC) www.amac.org.cn