Legal analysis: The core of the new asset management regulations is to break the mode of just exchange, multi-layer nesting and prohibition of fund pool, clean up financial chaos, reduce hierarchical leverage, return asset management business to the origin of active management, create a level playing field, prevent financial risks and strengthen financial support for entity enterprises. In the short run, cleaning up illegal financial management funds may cause market fluctuations, but in the long run, it is very beneficial to the healthy development of the stock market.

Legal basis: Guiding Opinions on Standardizing the Asset Management Business of Financial Institutions Article 2 Asset management business refers to financial services that financial institutions such as banks, trusts, securities, funds, futures, insurance asset management institutions and financial asset investment companies accept the entrustment of investors to invest and manage the assets of entrusted investors. Financial institutions perform the obligations of honesty, credit and diligence for the benefit of customers, and charge corresponding management fees. Customers bear investment risks and gain income. Financial institutions can agree with customers in advance in the contract to collect reasonable performance remuneration, which should be included in the management fee, and correspond to the products one by one and be settled one by one, and different products should not be mixed. Asset management business is an off-balance-sheet business of financial institutions, and financial institutions may not promise to protect capital and income when conducting asset management business. When payment is difficult, financial institutions may not advance in any form. Financial institutions may not carry out on-balance-sheet asset management business.

Private investment funds shall be governed by special laws and administrative regulations on private investment funds. If there are no specific provisions in the special laws and administrative regulations on private equity investment funds, this opinion shall apply, and the relevant provisions on venture capital funds and government-funded industrial investment funds shall be formulated separately.