Legal analysis: company fund: a limited company with no more than 50 employees and a joint-stock company with no more than 200 employees. Partnership fund: no more than 50 people. Trust (contract) fund: no more than 200 people.

Legal basis: People's Republic of China (PRC) Securities Investment Fund Law.

Article 89 A fund manager who serves as a non-public offering fund shall go through the registration formalities with the fund industry association in accordance with regulations and submit basic information.

Article 90 Without registration, no unit or individual may engage in securities investment activities by using "fund", "fund management" or similar names; However, unless otherwise provided by laws and administrative regulations.