legal ground
Article 87 of the Securities Investment Fund Law: Non-public offering funds shall be raised from qualified investors, and the cumulative number of qualified investors shall not exceed 200. The QFII mentioned in the preceding paragraph refers to the units and individuals that have reached the prescribed asset scale or income level, have the corresponding risk identification ability and risk-taking ability, and the subscription amount of their fund shares is not less than the prescribed limit. Specific standards for qualified investors shall be formulated by the the State Council Securities Regulatory Authority.