According to Shun Kai's inquiry. Private fund managers can change managers after they are cancelled. The new manager must meet the requirements of the association, be able to contribute capital in his own currency, and the ownership structure should be clear and not modern. The change of legal representative/managing partner (designated representative) requires special legal advice. If the actual controller changes, a full set of legal opinions shall be submitted, and the new actual controller shall meet the relevant requirements of the newly established private placement manager.