Core Viewpoint - The article discusses the implementation of the new regulatory framework for private investment funds in China, which aims to enhance transparency and protect investors' rights in a market valued at 22 trillion yuan [2]. Group 1: First Layer of Protection - The new regulations introduce "penetrating disclosure," allowing investors to see the underlying assets of their investments, breaking the previous information black box created by complex fund structures [4]. - Fund managers are now legally required to disclose the final investment targets, ensuring that investors know exactly where their money is going, regardless of the complexity of the product structure [4]. Group 2: Second Layer of Protection - A comprehensive information disclosure framework covering the entire lifecycle of funds has been established, enabling investors to continuously monitor their investments [5]. - The framework includes periodic reports (quarterly and annual) and temporary reports for significant events, ensuring timely and relevant information is provided to investors [5][6]. Group 3: Third Layer of Protection - The new regulations set strict standards and responsibilities to ensure that the information provided to investors is truthful, accurate, and understandable [7]. - Prohibited practices include misleading disclosures about investment performance and the obligation to provide clear risk warnings for complex and high-risk products [7]. - The responsibility for compliance has been extended to fund managers' shareholders and actual controllers, creating a multi-layered accountability system to enhance information credibility [7].