Group 1 - In August 2025, the Asset Management Association approved the registration of 5 new private equity and venture capital fund managers, a decrease of 11 from the previous month [1] - Among the newly registered institutions, 4 are state-owned and 1 is a market-oriented entity [1] Group 2 - The newly registered fund managers include: 1. Yangzhou Zhanzheng Private Fund Management Co., Ltd. with a registered capital of 16 million RMB [2] 2. Suzhou Industrial Investment Private Fund Management Co., Ltd. with a registered capital of 100 million RMB [6] 3. Suzhou Yida Private Fund Management Co., Ltd. with a registered capital of 10 million RMB [6] 4. Taizhou Zhanzheng Private Fund Management Co., Ltd. with a registered capital of 20 million RMB [6] 5. High-tech Venture Capital (Shijiazhuang) Private Fund Management Co., Ltd. with a registered capital of 15 million RMB [6] Group 3 - Yangzhou Zhanzheng was established on August 8, 2024, and is a joint venture between Jiangsu Gaotou and Yangzhou Chuangtou [2] - Suzhou Industrial Investment focuses on strategic emerging industries and aims to upgrade Suzhou's industrial system [3] - Suzhou Yida is a private entity with shareholders from various backgrounds [3] - Taizhou Zhanzheng aims to strengthen key industries such as healthcare and new materials [4] - High-tech Venture Capital (Shijiazhuang) is fully owned by the Shijiazhuang High-tech Industrial Development Zone [4] Group 4 - Among the 5 new fund managers, 2 have a registered capital contribution ratio of 100%, while the remaining 3 have lower ratios of 50% [7] - The average time taken for the registration process was 114.4 days, with the fastest being Suzhou Industrial Investment at 33 days and the slowest being Yangzhou Zhanzheng at 287 days [8] Group 5 - Each of the 5 fund managers utilized different law firms for their registration process [9] - The law firms involved include Jiangsu Century Tongren Law Firm and Beijing Zhonglun (Shanghai) Law Firm among others [9]

Group 1 - As of June 2025, there are 140,558 active private equity funds in China, with a total scale of 20.26 trillion yuan, slightly down from 20.27 trillion yuan at the end of May 2023 [1] - In June 2023, 1,540 new private equity funds were registered, with a total scale of 500.57 billion yuan. This includes 1,131 private securities investment funds with a scale of 299.83 billion yuan, 147 private equity investment funds with a scale of 92.63 billion yuan, and 262 venture capital funds with a scale of 108.11 billion yuan [1] - The number of active private fund managers reached 19,756 by the end of June 2023, including 7,761 private securities investment fund managers and 11,801 private equity and venture capital fund managers [1] Group 2 - The geographical distribution of registered private fund managers shows that the majority are concentrated in Shanghai, Beijing, Shenzhen, Zhejiang (excluding Ningbo), Guangdong (excluding Shenzhen), and Jiangsu, accounting for 72.19% of the total, slightly down from 72.2% at the end of May 2023 [2] - The top six regions by fund management scale are Shanghai, Beijing, Shenzhen, Guangdong (excluding Shenzhen), Jiangsu, and Zhejiang (excluding Ningbo), which together account for 75.11% of the total, up from 75.06% at the end of May 2023 [2]