China Securities Regulatory Commission, Tentative Measures for the Administration of the Privately Raised Securities Investment Fund Business (Draft for Comments)

Main contents: According to the Draft, managers of privately raised securities investment funds should have paid-in capital of at least Rmb10 million. A single private fund should be offered to qualified investors (such as an individual with average annual income of at least Rmb200,000 in the past three years) numbering not more than 200 participants. The amount invested in a single private fund by a qualified investor may not be less than Rmb1 million.