Headwater Capital Company Limited was registered in Hong Kong on March 13, 2023. On October 16 of the same year, it was granted a Type 9 license (Asset Management) by the Securities & Futures Commission of Hong Kong and officially became the investment manager of the fund starting January 2, 2024. Prior to January 1, 2024, the fund's investment manager was Headwater Investment Management Limited, which was registered in the BVI in May 2015. Wu Dingwen is the sole shareholder, with a registration number of 2046369 and an Approved Manager license number of lBR/AIM/20/0385. The domestic affiliated company, Zhejiang Qinyuan Investment Management Co., Ltd., was established in 2014 and is dedicated to investing in the secondary markets of China, Hong Kong, and the United States. It completed registration with the Asset Management Association of China (AMAC) on January 28, 2015. The current registered location is Ningbo, Zhejiang, with the office located in Hangzhou.