Core Viewpoint - The private equity fund industry in China is undergoing a significant consolidation, with a total of 483 private fund managers being deregistered as of May 22, 2023, primarily due to stricter regulatory measures and the elimination of non-compliant institutions [1][2][4]. Group 1: Deregistration Statistics - As of May 22, 2023, 483 private fund managers have been deregistered this year, with the main reasons being "association deregistration" and "voluntary deregistration" [1][2]. - Among the deregistered, 255 were due to "association deregistration," 199 due to "voluntary deregistration," and 28 due to "12 months without management" [2][4]. - January 2023 saw the highest number of deregistrations, with 277 private fund managers exiting the market, followed by 24 in February, 75 in March, and 76 in April [4][5]. Group 2: Regulatory Environment - The China Securities Investment Fund Industry Association (CSRC) has intensified its regulatory oversight since 2023, leading to the removal of many non-compliant private fund managers [2][5]. - The current approval process for private fund managers is characterized by a "strict entry and lenient exit" approach, aimed at protecting investors by ensuring only qualified institutions remain in the market [6][8]. - The recent "Guiding Opinions" issued by the Supreme People's Court and the China Securities Regulatory Commission emphasize the need for stricter legal frameworks and penalties for misconduct within the private fund sector [7][8]. Group 3: Future Outlook - The private fund industry is transitioning from a phase of "wild growth" to one focused on high-quality development, with ongoing efforts to eliminate underperforming and non-compliant fund managers [8]. - The regulatory framework aims to ensure that only responsible fund managers who prioritize risk control and value creation for investors remain operational [8].

Core Insights - As of the end of 2024, the number of private securities investment funds reached 87,833, with 6,386 new funds registered in 2024. The total assets under management amounted to 5.21 trillion yuan, with 8,000 active private fund managers and 88 managers overseeing over 10 billion yuan [1]. Group 1: Private Fund Development - The private fund industry is experiencing robust growth, as evidenced by the significant number of new registrations and the total assets under management [1]. - The eighth "Wind Strongest Private Fund" selection results were announced, featuring 16 categories based on various strategies and performance metrics [1]. Group 2: Award Winners - Notable private fund managers recognized for their innovative strategies include Nanjing Beiyang Private Fund Management Co., Ltd., and Shanghai Qincheng Private Fund Management Partnership [4][5]. - The selection process for the "Wind Strongest Private Fund" involved criteria such as the requirement for managers to have a minimum of 1 billion yuan in self-managed assets and to provide complete and accurate information [13][14]. Group 3: Strategy Categories - Various strategy categories were highlighted, including quantitative stock selection, market-neutral strategies, and macro strategies, with specific firms excelling in each category [6][7][8][9][11]. - The rankings were based on the performance of products over the past three years, considering factors like long-term performance, asset management scale, and operational status [14]. Group 4: User Engagement - Users can access the "Wind Private Fund Database" to view the award-winning institutions for 2024 and generate shareable content [12]. - The platform provides comprehensive data coverage on private funds, including net asset values and performance metrics [15].

Core Viewpoint - The Supreme People's Court and the China Securities Regulatory Commission have jointly issued guidelines to regulate the private equity fund market and protect investors' legitimate rights and interests [1] Group 1: Regulatory Framework - The guidelines emphasize the need for lawful adjudication of disputes between private equity fund managers and investors, focusing on various stages such as product promotion, contract signing, fundraising, registration, investment management, information disclosure, liquidation, and loss determination [1] - The guidelines require accurate identification of the duties and responsibilities of trustees, including fund managers and custodians, based on relevant laws such as the Trust Law and the Securities Investment Fund Law [1] Group 2: Investor Protection - The guidelines aim to comprehensively protect investors' legitimate rights and interests by ensuring that any misappropriation of fund assets by managers that prevents the achievement of fundraising objectives is addressed [1] - Courts are instructed to support investors' requests for early dissolution and liquidation of funds when the fund's assets or underlying investments have no realizable value [1]

福建省人民政府办公厅印发《关于进一步推动资本市场服务科技型企业高质量发展的若干措施》。其中 提到，优化私募基金落地保障服务。提升创业投资备案规范化水平，依法依规开展创业投资基金、创业 投资企业和天使投资人备案工作，符合条件的可按规定申报享受税收优惠政策。落实国家关于健全涉金 融等经营主体准入登记管理制度的要求，优化私募基金准入登记管理流程，完善属地私募基金落地服 务。在有效管控风险的前提下，提高私募基金准入登记效率，发挥私募基金在助推科技创新中的重要作 用。(智通财经) ...

Core Viewpoint - The Shanghai Securities Regulatory Bureau has issued a notice to private fund managers in the region to enhance daily supervision and risk prevention, aiming to promote high-quality development in the private fund industry [1] Group 1: Regulatory Measures - Private fund managers in Shanghai are required to organize concentrated learning sessions on relevant laws and regulations, including the Securities Investment Fund Law and the Private Investment Fund Supervision Regulations [1] - The Shanghai Securities Regulatory Bureau will regularly publish regulatory communications and guide training sessions for compliance in private fund operations [1] - Fund managers must conduct self-assessments and corrections based on their operational status, including aspects such as promotional activities, risk ratings, and investor suitability evaluations [1]

投资者遇到这19家机构须谨慎 3月13日，中国证监会大连监管局通报了最新一期大连私募基金监管情况，曝光了19家名称中含"私募基 金"字样但未在中基协登记备案的机构名单。《证券投资基金法》《私募投资基金监督管理暂行办法》 明确规定，未经登记不具有私募基金从业资质，不能开展私募基金相关业务，投资者遇到这些私募基金 须谨慎。 《私募投资基金监督管理条例》第十条第四款规定,未经登记,任何单位或者个人不得使用"基 金"或者"基金管理"字样或者近似名称进行投资活动,但法律、行政法规和国家另有规定的除外。中国证 监会大连监管局提醒广大投资者：参与私募基金投资,应甄别相关企业是否具备主体资格,理性投资,防范 风险。截至2025年2月,上述企业在大连市注册登记,名称包含"基金"相关字样但未完成中国业内人士金业 协会登记备案。 对此，业内人士表示，私募基金管理人登记及基金产品备案是合规经营的基本要求。 任何机构未经登记，不得从事私募基金业务，不得使用"基金""基金管理"字样。私募基金完成备案前， 除以现金管理为目的开展投资外，不得运作基金财产进行投资。私募基金管理人不得管理未备案的私募 基金。 中国证监会提醒投资者：要树立合规意 ...