Legal analysis: Asset management products are divided into public offering products and private offering products according to different ways of raising. Public offering products are publicly issued to an unspecified public. Private placement products are issued to qualified investors in a non-public way. Private equity investment funds, private equity investment funds, asset management plans (small aggregate asset management plans of brokers, targeted asset management plans of brokers, special asset support plans of brokers, asset management plans of specific clients of fund companies, special asset management plans of fund subsidiaries, asset management plans of futures companies, asset management plans of insurance asset management companies), trust plans, OTC options, income swaps, etc.

Legal basis: Interim Measures for the Supervision and Administration of Private Investment Funds

Article 2 The term "private investment fund" as mentioned in these Measures refers to an investment fund established by private offering from investors within the territory of People's Republic of China (PRC).

The investment of private equity fund property includes buying and selling stocks, equity, bonds, futures, options, fund shares and other investment targets agreed in investment contracts.

These Measures shall apply to the registration, fund raising and investment operation of companies or partnerships established for the purpose of investing in private equity funds and assets managed by fund managers or general partners.

These Measures shall apply to securities companies, fund management companies, futures companies and their subsidiaries engaged in private equity fund business. Where other laws and regulations and the relevant provisions of China Securities Regulatory Commission (hereinafter referred to as China Securities Regulatory Commission) provide otherwise for the above-mentioned institutions to engage in private equity fund business, such provisions shall apply.

Article 3 Private equity fund business shall follow the principles of voluntariness, fairness, honesty and credibility, safeguard the legitimate rights and interests of investors, and shall not harm the national and social public interests.

Article 4 Private equity fund managers and institutions engaged in private equity fund custody business (hereinafter referred to as private equity fund custodians) manage and use private equity fund property, and institutions engaged in private equity fund sales business (hereinafter referred to as private equity fund sales institutions) and other private equity fund service institutions shall fulfill their duties and fulfill their obligations of honesty, credibility, prudence and diligence.

Private equity fund practitioners shall abide by laws and administrative regulations, and abide by professional ethics and codes of conduct.