Core Viewpoint - The article discusses the implementation of support measures for private equity funds in the Zhengzhou Airport Economic Comprehensive Experimental Zone, aimed at promoting the development of the private equity industry and attracting social capital to invest in the real economy [5]. Group 1: Support Measures - New private equity funds established or relocated to the zone can receive a settlement reward of up to 20 million yuan based on their paid-in capital or actual managed fund size [2]. - Investment rewards are available for angel, venture capital, or private equity funds that invest in enterprises aligned with the industrial direction of the airport zone, with a maximum reward of 4 million yuan based on actual investment amounts [3]. - Industry support funds will be calculated as 3.5% of total financial service net income and investment income, with an additional 8.5% of annual net profit if it exceeds 30 million yuan [4][20]. Group 2: Eligibility Criteria - The support measures apply to private equity funds established in accordance with national laws and regulations, registered and tax-registered within the airport zone [6][7]. - Funds must have a paid-in capital of no less than 30 million yuan, and management companies must have a registered capital of at least 10 million yuan with managed assets of 30 million yuan or more [9][10]. Group 3: Funding Support Details - Settlement rewards for newly established or relocated private equity funds vary based on the fund's structure and size, with specific percentages and maximum amounts outlined for both corporate and partnership structures [12][13][14]. - Investment rewards for venture capital funds investing in qualifying enterprises can reach up to 400,000 yuan based on the investment amount and duration [17]. - Funds exceeding 20% of paid-in capital may receive industry support funds based on their financial performance [19]. Group 4: Additional Incentives - The government will allow a portion of the after-tax returns from projects to be shared with the management team, with individual team rewards capped at 100 million yuan [22]. - Start-up investment risk subsidies are available for qualifying venture capital funds, providing up to 50,000 yuan per investment, with a maximum of 300,000 yuan per year for each fund management company [23]. - A streamlined "one-stop" service system will be established to facilitate the registration and approval processes for incoming institutions [24].

Group 1 - The A-share market showed a continuous recovery in July, leading to an explosive growth in private equity fund registrations, with a total of 1,298 funds registered, a month-on-month increase of 18%, marking the highest monthly registration since 2025 and breaking a 27-month record [1][3] - Year-to-date, the cumulative number of registered private equity securities products reached 6,759, representing a year-on-year increase of 61.39% [1] Group 2 - The surge in private equity fund registrations was driven by three main factors: the strong performance of the A-share market, the excellent performance of quantitative strategy products attracting significant capital inflow, and the continuous optimization of supply with top institutions and quality products emerging [3] - Equity strategies dominated the private equity fund registration market, accounting for nearly 70% of the total, with 887 equity strategy funds registered in July, reflecting a 24.58% month-on-month growth [4] Group 3 - Multi-asset strategies showed significant growth, with 162 funds registered in July, accounting for 12.48% of the total, indicating a rising demand for diversified allocation as investors seek to mitigate risks from single market volatility [4] - The number of registered funds from billion-level institutions led the market, with 48 out of 676 private equity institutions being billion-level, and the top twelve institutions in terms of registration volume were all billion-level [5] Group 4 - Quantitative product registrations saw a nearly 20% month-on-month increase, making up approximately 47.77% of the total registered products in July, with a total of 620 quantitative products registered [5] - Year-to-date, the number of registered quantitative products reached 3,081, representing a year-on-year increase of 77.68%, with equity strategies being the main contributors to quantitative product registrations [5]

Core Viewpoint - Youmeili Investment, established in April 2014, positions itself as a multi-asset, multi-strategy private fund manager, emphasizing research-driven and technology-enabled investment strategies [2][5]. Group 1: Company Overview - Youmeili Investment has developed a data-driven investment ecosystem and has grown into a private fund manager based in China with a global outlook [2]. - The company utilizes a three-dimensional decision-making model based on valuation, momentum, and risk parity to capture excess return opportunities in asset price fluctuations and derivative hedging [2]. - As of June 2025, Youmeili Investment's products have an average return of ***% within the 10-100 billion scale private equity sector, ranking in the top 10 of quantitative private equity returns over the past three years [2]. Group 2: Development History - Youmeili Investment was founded in 2014 and registered as a private securities investment fund manager in 2017 [6]. - The company reached a self-operated and shareholder personal investment scale of 200 million in 2016 and surpassed 10 billion in management scale by 2020 [6]. - By 2023, the management scale exceeded 40 billion, focusing on medium and low volatility investment strategies [6]. Group 3: Core Team and Advantages - The core investment research team has over 10 years of experience in multi-asset strategies, employing a competitive and collaborative mechanism to ensure effective strategy development [11]. - The company has consistently pursued absolute returns, with representative products achieving positive returns for eight consecutive years and annualized returns exceeding 10% [13][14]. - Youmeili Investment emphasizes digital transformation, leveraging advanced IT technologies to enhance investment management and has obtained multiple software copyrights and patents [15]. Group 4: Investment Strategies - The low-volatility series aims to construct defensive investment portfolios that balance safety and returns through diversified asset allocation, including low-volatility convertible bonds and local government credit bonds [17]. - The composite hedging series utilizes a combination of stocks, ETFs, and convertible bonds to hedge market risks and reduce overall portfolio volatility while enhancing risk-adjusted returns [21].

Core Viewpoint - The Shenzhen Securities Regulatory Bureau has highlighted significant violations among private fund managers, including engaging in unrelated business activities, using managed funds for profit transfer, and participating in illegal activities, prompting increased regulatory scrutiny [1][2][3]. Summary by Relevant Sections Violations Identified - Private fund managers are involved in activities unrelated to fund management, such as selling pseudo-gold exchange products and providing consulting services [2][3]. - Specific cases include a private equity firm promoting a real estate company's debt products and charging over 1.5 million yuan in consulting fees [2]. - Some firms derive most of their income from unrelated activities, such as selling investment courses through social media [2]. Profit Transfer and Illegal Activities - Violations include using managed funds to provide liquidity support for designated bonds and charging large consulting fees not included in fund assets [3]. - Notable illegal activities involve unregistered partnerships soliciting funds and using management qualifications to facilitate illegal fundraising [3][4]. - Instances of market manipulation and illegal margin trading using private fund assets have been reported [4]. Regulatory Requirements - The Shenzhen Securities Regulatory Bureau has set forth four key requirements for private fund managers: focus on core business, enhance compliance and internal controls, prevent illegal activities, and ensure sustainable operational capacity [5]. - Firms must avoid engaging in unrelated business activities and prioritize investor interests while strengthening compliance mechanisms [5]. - Continuous investment in resources is necessary to maintain compliance with regulatory standards, and firms lacking operational capacity should consider voluntary deregistration [5].

Core Viewpoint - The Shenzhen Securities Regulatory Bureau has reported that some private fund managers are engaging in illegal activities, using their qualifications to facilitate crimes such as illegal fundraising, market manipulation, and off-market financing, which severely disrupts financial order [1][2][3] Group 1: Illegal Activities - Certain private fund institutions are exploiting their qualifications to engage in illegal fundraising, market manipulation, and off-market financing, effectively turning their management qualifications into a "pass" for criminal activities [1] - The report highlights five typical cases of illegal activities, including the establishment of numerous unregistered limited partnership enterprises for public fundraising, which involves a large amount of capital and numerous investors, indicating illegal fundraising crimes [1][2] - Other illegal activities include lending management qualifications to facilitate illegal public deposit collection, market manipulation by controlling fund accounts, using private funds for off-market financing, and engaging in illegal business operations through virtual sub-accounts [2] Group 2: Regulatory Response - The Shenzhen Securities Regulatory Bureau emphasizes that private fund institutions and their personnel must not breach legal and ethical standards by using their qualifications for illegal activities [3] - Institutions are urged to enhance their investment in compliance, risk control, and operational capabilities to ensure ongoing compliance with regulations [3] - The bureau plans to strengthen regulatory inspections of private fund managers' compliance operations and hold accountable any violations, while encouraging institutions to focus on their core investment activities and improve their compliance and risk management mechanisms [3]

Core Viewpoint - Evolutionary Asset Management, established in June 2014, is one of the early private fund managers in China to combine active management and quantitative investment, achieving significant performance in a differentiated market environment [2][5]. Group 1: Company Overview - Evolutionary Asset Management has a mature management system and an experienced research team, with investment management experience across various cycles, markets, and strategies [2][8]. - The company has received both "subjective + quantitative" dual Golden Bull Awards, highlighting its recognition in the industry [2][8]. Group 2: Performance Highlights - The company's quantitative strategies have shown outstanding excess performance this year, with an average return of ***% over the past six months, ranking first among private quantitative funds [2]. - The "Evolutionary Multi-Prism Hedging No. 1 B-Class Share" managed by founder Wang Yiping ranks first in the top 10 "stock market neutral" products among private funds, with a recent scale of approximately *** million and returns close to ***% over the past six months [2]. Group 3: Future Strategy - The company plans to continue its commitment to "logical quantification" and will enrich its product line to create long-term returns for investors [2].

私募基金行业正迎来快速发展期，合规备案是基金管理人业务发展的基础。未能完成备案或备案不合规，不仅可能遭受监管处罚，更可能引发投资者信任危 机，影响业务运营甚至导致牌照被注销。本文将深入分析私募基金管理人备案的核心要素及操作流程。 法律主体方面，管理人必须是合法成立的境内公司或合伙企业，并持有有效营业执照。在资本金方面，实缴货币资本不得低于1000万元人民币，并提供验资 报告。核心团队需具备至少两名符合资质的高管人员，包括法定代表人/执行事务合伙人、合规风控负责人，且需拥有基金从业资格及三年以上相关经验。 合规经营方面，需建立完善的内部治理结构、风险控制制度、信息披露机制和投资者适当性管理体系。在商业计划书方面，需提交明确可行的展业计划，包 括投资策略、运作模式和发展规划。同时，承诺严格遵守《基金法》、《私募投资基金监督管理暂行办法》等相关法规。 最终审核与公示：协会完成实质性审核后，对符合要求的机构进行公示，公示期结束即完成备案。 系统注册与登录：访问中国证券投资基金业协会（AMAC）官网，注册资产管理业务综合报送平台（AMBERS系统）账号。 信息填报：包括机构基本信息、相关制度文件、人员信息登记、股东/合 ...

Core Insights - The latest report on the development of the private equity fund industry in Tianjin indicates that by the end of 2024, the total fund management scale will reach 602.865 billion yuan, maintaining a leading position nationally (8th place) [1] - Over 60% of the funds are directed towards strategic emerging industries such as intelligent technology, green energy, and biomedicine, significantly empowering Tianjin's twelve key industrial chains [1] - The private equity fund industry in Tianjin is characterized by strong foundational support for technological innovation and service to the national strategy [1] Summary by Categories Industry Overview - By the end of 2024, there will be 330 private equity fund managers in Tianjin, ranking 13th nationally, with an average management scale of approximately 1.8 billion yuan, placing 5th in the country [1] - The report highlights three distinct characteristics of Tianjin's private equity fund ecosystem: synergy between policy innovation and market vitality, accelerated integration of industry-academia-research-investment, and a trend towards diversified exit channels [1] Market Dynamics - The head effect in Tianjin's private equity funds is significant, with 13 fund managers managing over 10 billion yuan, accounting for 3.94% of the total; 78 managers between 1 billion and 10 billion yuan, making up 23.64%; and 239 managers managing less than 1 billion yuan, representing 72.42% [1] - In 2024, Tianjin ranks among the top six regions in China for the number of private equity investments in national projects, alongside Beijing, Shanghai, Guangdong (including Shenzhen), Jiangsu, and Zhejiang (including Ningbo) [2] National Context - As of the end of 2024, there are over 20,000 registered private equity fund managers in China, managing approximately 1.991 trillion yuan across 144,000 funds [2] - Despite facing numerous challenges, the private equity fund industry in China continues to develop steadily, with improving quality [2]

Core Insights - The private equity industry is undergoing a significant regulatory tightening, leading to a substantial number of private institutions being deregistered, with nearly 100 institutions deregistered monthly since the beginning of 2025 [1][3] - As of May 28, 2025, a total of 500 private institutions have been deregistered, with 260 due to operational abnormalities, loss of contact, or disciplinary actions [1] - The number of active private fund managers continues to decline, with 19,891 remaining as of April 2025, a decrease of nearly 400 since the beginning of the year [1] Regulatory Actions - Recent reports from regulatory bodies in Beijing and Shenzhen have highlighted various violations by private funds, including improper fundraising and management practices [3] - Over 130 private institutions have faced administrative penalties or regulatory measures from the securities regulatory system since the start of 2025 [3] - A significant case involved Ping An Wealth, which was publicly reprimanded and faced a six-month suspension on product registration due to multiple violations [3] Compliance Requirements - The Beijing Securities Regulatory Bureau has mandated that private fund managers conduct self-assessments against regulatory requirements and rectify any identified violations [4] - Emphasis has been placed on enhancing knowledge of laws and regulations related to private funds and improving internal control management [4]

Group 1 - The company’s wholly-owned subsidiary, Nantong Laiwei Investment Development Co., Ltd., has signed a partnership agreement with Xiamen Zongheng Jinding Private Fund Management Co., Ltd. to participate in a private equity investment fund [1][2] - The fund, named "Qiongqing City Bifang Venture Capital Partnership (Limited Partnership)," has been registered with the Asset Management Association of China and has obtained the Private Fund Registration Certificate [2] - The fund management company is Xiamen Zongheng Jinding Private Fund Management Co., Ltd., and the custodian bank is Industrial Bank Co., Ltd. The registration date is May 27, 2025, with the registration code SAYT62 [2] Group 2 - The company will continue to monitor the progress of this investment and will disclose any significant developments in accordance with relevant laws and regulations [2]