On July 1, 22, China Securities Regulatory Commission formulated and promulgated the Rules for the Establishment of Foreign-funded Fund Management Companies (hereinafter referred to as the Rules), which was formally implemented. According to Article 11 of the Measures for the Administration of Securities Investment Fund Management Companies, "the number of shares in fund management companies by one institution or multiple institutions controlled by the same actual controller shall not exceed two, and the number of holding fund management companies shall not exceed one." This is called "one participation and one control" for short in the industry. This is the origin of "one participation and one control", which is commonly called "1+1 principle" in the market.