1. A fund holds shares of a listed company, and its market value shall not exceed10% of the fund's net asset value;

2. All funds managed by the same fund manager hold securities issued by a company, and shall not exceed 65,438+00% of the securities;

So, your question, a private equity fund, raised 200 million yuan and bought Kweichow Moutai stock, with a market value of 20 million at most.