To issue commercial factoring investment funds, there must be a "private fund manager" first. According to the Securities Investment Fund Law, fund managers are legally established companies or partnerships. At the same time, according to the explanations of the CSRC and the fund industry association, private fund managers apply the same standards, that is, private fund managers are held by legally established companies or partnerships, and natural persons cannot be registered as private fund managers. Therefore, we should first set up a company or partner as a private fund manager.

Only after the fund industry association has made a private placement record can it register an investment company.