50 China PE firms win licenses from AMAC
The Asset Management Association of China (AMAC), a group set up by the China Securities Regulatory Commission (CSRC), has issued licenses to the first batch of 50 private equity firms in China, allowing them to legally offer asset management products.
The licenses are being distributed to two groups: non-publicly offered funds, also known as "sunshine funds," which invest privately raised capital in public companies; and private equity funds investing in private companies.
A total of 17 PE firms including CDH Investments, Gopher Assets, and CITIC Capital have obtained the licenses to operate private equity funds, according to an announcement.
The move implies that domestic private equity firms have the same legal status in the country as mutual funds. Both are supervised by the CSRC.
In January, the industry body announced rules addressing domestic private equity firms' record management, operational standards and information disclosure. It has urged domestic private equity managers to register by the end of April. PE funds that do not register with the AMAC will be regarded as fundraising illegally.
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