Core Viewpoint - The private equity fund industry is undergoing a structural adjustment prioritizing quality over scale, with a notable increase in voluntary cancellations of private institutions compared to forced cancellations by the association [1][2]. Group 1: Industry Trends - The trend of "survival of the fittest" continues in the private equity sector, with a significant increase in voluntary cancellations and a decrease in forced cancellations by the China Securities Investment Fund Industry Association (CSRC) [2][4]. - As of September 28, 2023, a total of 873 private fund managers have completed cancellations this year, with 459 being voluntary and 340 being forced by the association [2]. - In comparison to the same period last year, the total cancellations were 1,279, with only 425 being voluntary and 708 being forced [2]. Group 2: Compliance and Regulation - The rise in voluntary cancellations is attributed to increased compliance costs and intensified market competition, leading smaller and less capable institutions to exit the market [2][4]. - The CSRC has issued disciplinary actions against 78 private institutions this year, focusing on key compliance issues such as information disclosure violations and internal control failures [3]. - Notable cases include disciplinary actions against Lupu Wealth Management and Yuxin Private Fund Management for failing to disclose critical information and for internal control deficiencies, respectively [3]. Group 3: Future Outlook - The trend of "survival of the fittest" is expected to persist, with compliance capabilities becoming a core consideration for investors when selecting private equity institutions [4]. - Leading institutions with robust compliance systems and stable performance are likely to attract more capital, potentially increasing industry concentration [4].

年内超800家私募注销登记 超半数主动离场 ◎记者 马嘉悦 中国证券投资基金业协会（下称"中基协"）公示信息显示，截至9月19日，今年以来超800家私募注销登 记，其中主动注销登记的管理人数量占比超过50%。值得一提的是，去年同期私募注销登记数量超1200 家，但主动注销登记的占比不足35%。 在业内人士看来，主动注销登记私募占比提升，是行业生态持续净化的体现。近年来，随着监管逐步细 化，越来越多私募从"不敢违规"转为"不想违规"，私募业自律水平进一步提升。 ■私募新观察 主动注销登记私募占比提升 近日，中基协发布公告称，北京华软金宏资产管理有限公司等2家机构不能持续符合管理人登记要求， 协会将注销2家机构的私募基金管理人登记。 截至9月19日，今年以来注销登记的私募基金管理人达851家。 "协会注销"和"主动注销"成为主要原因。具体而言，"主动注销""协会注销""12个月无在管注销"以及"依 公告注销"四种类型注销登记数量分别为449家、332家、67家和3家。 值得注意的是，从去年数据来看，私募业"劣币出清"曾以协会注销登记为主。中基协数据显示，去年同 期协会注销登记数量为705家，主动注销登记为406家 ...

Core Insights - The private equity industry in China is undergoing positive changes, with over 800 private equity firms deregistering as of September 19 this year, and more than 50% of these deregistrations being voluntary [1][3]. Group 1: Industry Transformation - The increase in the proportion of voluntarily deregistered private equity firms reflects a purifying trend in the industry, as regulatory scrutiny has intensified, leading firms to shift from "not daring to violate" to "not wanting to violate" regulations [1][4]. - The number of deregistered private equity fund managers this year reached 851, with voluntary deregistrations (449) surpassing those initiated by the association (332) [3][4]. Group 2: Competitive Landscape - The rapid reshuffling of the billion-yuan tier indicates accelerated industry competition, with several firms, including Yingxue Investment and Banxia Investment, exiting the billion-yuan club due to compliance issues and poor performance [4][5]. - Nearly 10 private equity firms have dropped out of the top tier this year due to compliance problems or performance declines, disrupting the rankings within the billion-yuan tier [5]. Group 3: Compliance and Risk Management - There is a notable increase in compliance awareness among private equity firms, with many actively enhancing their compliance and risk management capabilities to foster long-term competitiveness [6]. - Firms are establishing robust internal controls and risk management systems, emphasizing the importance of compliance as a foundation for sustainable growth [6][7].

Group 1 - Two private equity firms, Wanmeng Shengshi (Beijing) Investment Co., Ltd. and Beijing Kongtian Junrong Industrial Investment Private Fund Management Co., Ltd., were deregistered due to 12 months of inactivity [1] - As of July 20, 52 private equity firms have been deregistered in July alone, with a total of 656 firms deregistered since the beginning of the year [2] - The number of actively deregistered private equity firms has increased by 8.45% compared to the same period last year, indicating a shift towards a more competitive market [3] Group 2 - The deregistration of over 600 firms reflects a natural market cleansing process, suggesting a transition from rapid growth to high-quality development in the private equity industry [3] - The increase in voluntary deregistrations may be attributed to stricter regulatory environments and changing market conditions, leading some firms to optimize their business structures [3][4] - Notably, 204 of the deregistered firms had been registered as private fund managers before July 20, 2015, indicating that over 30% of the firms deregistered this year had been in operation for more than ten years [3]