Definition of private placement fund: an investment fund established by raising funds from investors in People's Republic of China (PRC) and China by private placement. 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.

Article 2 of the Interim Measures for the Supervision and Administration of Private Investment Funds

The term "private investment fund" as mentioned in these Measures refers to an investment fund set up in People's Republic of China (PRC) by raising funds from investors in a non-public way.

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.