Legal analysis: Private equity funds have financial licenses. The official name of a financial license is the Business License of a Financial Institution, which is an official document to approve a financial institution to conduct business. The financial licenses that need to be approved in China mainly include banks, insurance, trusts, brokers, financial leasing, futures, funds, fund subsidiaries and fund sales.

Legal basis: Interim Measures for the Supervision and Administration of Private Investment Funds

Article 3 Private equity fund business shall follow the principles of voluntariness, fairness, honesty and credibility, safeguard the legitimate rights and interests of investors, and shall not harm the national and social public interests.

Article 4 Private equity fund managers and institutions engaged in private equity fund custody business (hereinafter referred to as private equity fund custodians) manage and use private equity fund property, and institutions engaged in private equity fund sales business (hereinafter referred to as private equity fund sales institutions) and other private equity fund service institutions shall fulfill their duties and fulfill their obligations of honesty, credibility, prudence and diligence.

Private equity fund practitioners shall abide by laws and administrative regulations, and abide by professional ethics and codes of conduct.