Article 88 of People's Republic of China (PRC) Securities Investment Fund Law: Non-public offering funds shall be raised from qualified investors, with a total of no more than 200 qualified investors. The QFII mentioned in the preceding paragraph refers to the units and individuals that have reached the specified asset scale or income level, have the corresponding risk identification ability and risk-taking ability, and their fund share subscription amount is not less than the specified limit. Specific standards for qualified investors shall be formulated by the the State Council Securities Regulatory Authority. The cumulative number of investors in a single private equity fund shall not exceed the specific number stipulated by the Securities Investment Fund Law, the Company Law, the Partnership Enterprise Law and other laws. Where an investor transfers a fund share, the transferee shall be a qualified investor, and the number of investors after the transfer of the fund share shall conform to these provisions.