Core Viewpoint - The private equity industry in China is undergoing a significant cleansing process, with over 24,000 private fund managers having been deregistered in the past decade, marking a transition from a chaotic era to a more mature phase characterized by stronger players surviving and thriving [1][3][15]. Group 1: Industry Overview - As of October 13, 2023, there are 19,614 active private fund managers in China, including 7,684 private securities fund managers and 11,740 private equity and venture capital fund managers [3]. - The number of private fund managers has been steadily declining over the past decade, with 1,014 deregistrations occurring in 2023, a decrease of 22% compared to the previous year [4][7]. - The deregistration wave began in 2016, with a peak of 11,249 deregistrations that year, primarily due to the crackdown on "shell private equity" firms [5][8]. Group 2: Regulatory Environment - The recent deregistration trend is attributed to a combination of regulatory pressure and market conditions, with the introduction of stringent regulations raising compliance costs and operational thresholds for private fund managers [9][10]. - The new regulations, effective May 1, 2023, have significantly increased the capital and operational requirements for private equity firms, effectively elevating the bar to a level comparable to public funds [9][10]. - The regulatory environment has led to a systematic elimination of non-compliant and underperforming firms, with a focus on enhancing the quality of the remaining players in the industry [13][19]. Group 3: Market Dynamics - The current market conditions are described as a "frozen period," with significant challenges for private equity firms, particularly those in the equity sector, due to reduced IPO activity and increased exit difficulties [10][12]. - The operational costs for maintaining a private equity license have escalated, with annual expenses ranging from 1 million to several million yuan, further straining smaller firms [10][11]. - The industry is witnessing a trend where larger, more established firms are likely to dominate, while smaller firms face diminishing survival prospects, leading to increased market consolidation [15][17]. Group 4: Future Outlook - Experts predict that the trend of deregistration will continue, but at a slower pace, with estimates suggesting that the number of deregistrations may not reach the levels seen in previous years [14]. - The future competition in the private equity sector will focus on specialization, compliance, and brand strength, with larger firms likely to expand while smaller firms may struggle to survive [17][18].

21世纪经济报道特约记者 庞华玮 据中基协数据统计，年内又有逾千家私募管理人注销。而近10年来，已有超2.4万家私募管理人成为历史。 事实上，近10年私募基金管理人的数量在持续下降，这与基金行业的注销潮息息相关。 据中基协官网数据统计，截至10月13日，年内已注销私募基金管理人1014家，较去年同期1297家，减少283家，降幅约22%。其 中，"主动注销""协会注销""12个月无在管注销"以及"依公告注销"4种类型注销数量分别为486家、454家、71家和3家。 而9月下旬，在国新办举行的"高质量完成'十四五'规划"系列主题新闻发布会上，中国证监会主席吴清介绍，"私募基金风险整治 扎实推进，约7000家僵尸机构完成出清，'伪私募'等增量风险基本得到遏制。" 这场始于2016年的行业大出清，已从政策驱动的"一次性清理"，演变为监管与市场共同作用的常态化"深度洗牌"。 当备案门槛升至千万、运营成本高达百万，私募行业正彻底告别"草莽时代"，走向"强者恒强"的成熟发展阶段。 两轮注销潮 近10年来，私募基金行业加速出清。 目前来自中国证券投资基金业协会（以下简称"中基协"）的最新数据显示，截至2025年8月末，存续 ...

Core Viewpoint - The private equity industry is undergoing a significant regulatory crackdown, with multiple firms facing penalties for various violations, indicating a trend of increased scrutiny and potential market exit for non-compliant entities [1][3][4]. Group 1: Regulatory Actions - Zhejiang Securities Regulatory Bureau issued a warning letter to Jiaming Asset Management for non-compliance with fund contract investment scopes and providing non-actual investment agreements to custodians [4]. - Hainan Securities Regulatory Bureau ordered Jiayue Private Securities Fund Management to rectify issues related to inter-fund investments and fundraising from non-qualified investors [4]. - Other firms, including Beijing Yanstone Investment and Shanghai Leitu Asset Management, also received warning letters from their respective regulatory bodies [5]. Group 2: Industry Trends - The private equity industry is experiencing a rapid exit of problematic firms, with 580 firms having been deregistered this year alone, continuing a trend from previous years [6][7]. - Cumulatively, since 2021, a total of 8,063 private equity firms have been deregistered, reflecting ongoing challenges within the industry [8]. - As of April 2025, there are 19,891 active private equity fund managers managing a total of 20.22 trillion yuan in assets, with a significant portion in private securities and equity investment funds [8].

Core Viewpoint - The article highlights the recent regulatory actions against several private equity firms in China, indicating ongoing scrutiny and a trend of industry consolidation due to compliance issues [1][6]. Group 1: Regulatory Actions - Zhejiang Securities Regulatory Bureau issued a warning letter to Hangzhou Jiaming Asset Management Co., citing violations such as non-compliance with fund investment agreements and providing false investment contracts to custodians [3]. - Hainan Securities Regulatory Bureau mandated corrective measures for Hainan Jiayue Private Securities Fund Management Co., due to issues like inter-fund investments without proper management systems and fundraising from non-qualified investors [4]. - Other firms, including Beijing Yanstone Investment Management Center and Shanghai Leitu Asset Management Co., also faced regulatory actions, with warning letters issued by local securities regulatory authorities [5]. Group 2: Industry Trends - The private equity industry in China is experiencing a significant wave of exits, with 580 firms having been deregistered this year alone, continuing a trend of rapid industry consolidation [6][7]. - Of the 580 deregistered firms, 266 opted for voluntary deregistration, while 275 were deregistered by the association, indicating a mix of proactive and reactive measures within the industry [7]. - Cumulatively, since 2021, a total of 8,063 private equity firms have been deregistered, reflecting ongoing challenges within the sector [7]. Group 3: Current Market Landscape - As of April 2025, there are 19,891 active private equity fund managers managing a total of 141,579 funds, with an aggregate management scale of 20.22 trillion yuan [7]. - The breakdown of active fund managers includes 7,827 managing private securities investment funds, 11,867 managing private equity and venture capital funds, and 6 managing asset allocation funds [7].