1. Private equity securities license is a certificate obtained by private equity managers in China Securities Regulatory Commission, and it is one of the necessary qualification certificates for engaging in private equity-related businesses, while the investment license is approved by China Securities Regulatory Commission.

2. The securities license for private equity funds is applicable to private equity fund managers, and shall not be used for corporate financing business such as securities issuance and corporate bonds. The investment license is applicable to securities, funds and insurance practitioners who have obtained the qualification of investment consulting business with the approval of the China Securities Regulatory Commission, and institutions and individuals engaged in investment business with the approval of the management department.