Legal Analysis: The following are the laws and regulations on private equity funds: People's Republic of China (PRC) Securities Investment Fund Law, People's Republic of China (PRC) Trust Law, Interim Measures for Supervision and Management of Private Equity Funds, Measures for Registration of Private Equity Fund Managers and Fund Filing (Trial), Announcement on Further Regulating the Registration of Private Equity Fund Managers, Guidelines for Internal Control of Private Equity Fund Managers and Guidelines for Fund Outsourcing Services (Trial).

Legal Basis: Interim Measures for the Supervision and Administration of Private Investment Funds Article 1 In order to regulate the activities of private investment funds, protect the legitimate rights and interests of investors and related parties, and promote the healthy development of the private investment fund industry, these measures are formulated in accordance with the Securities Investment Fund Law and the Opinions of the State Council on Further Promoting the Healthy Development of the Capital Market.