Legal analysis: The China Securities Regulatory Commission and its dispatched offices supervise and manage the business activities of private equity funds according to the Securities Investment Fund Law, the Interim Measures for the Supervision and Administration of Private Equity Funds and other relevant provisions of the China Securities Regulatory Commission.

Legal basis: Article 87 of the Securities Investment Fund Law of People's Republic of China (PRC) raises qualified investors, and the total number of qualified investors shall not exceed 200. The QFII mentioned in the preceding paragraph refers to the units and individuals that have reached the prescribed asset scale or income level, have the corresponding risk identification ability and risk-taking ability, and the subscription amount of their fund shares is not less than the prescribed limit. Specific standards for qualified investors shall be formulated by the the State Council Securities Regulatory Authority.