The following investors are regarded as qualified investors: (1) pension funds such as social security funds and enterprise annuities, and social welfare funds such as charitable funds. (2) Investment plans established according to law and filed with fund industry associations. (3) Private fund managers and their employees who invest in the managed private funds. (4) Other investors as stipulated by the China Securities Regulatory Commission. Investors who meet the requirements of (1) (2) and (4) above invest in private equity funds, and it is no longer necessary to check whether the final investor is a qualified investor, and the number of investors is calculated on a consolidated basis.