Compared to previous years, private fund registration and private fund product filing are still two major areas of "shrinking" this year, with the number of newly registered securities private funds dropping significantly. Since October, there have been no new registrations of securities private funds, and the 10 newly registered private funds are all equity private funds. Industry insiders have expressed that the numbers for a single month are just a verification, but what cannot be ignored is that the threshold for private fund registration is getting higher. According to the Asset Management Association of China, as of October 30th, a total of 125 new private funds have been registered this year, including 36 private securities investment funds, 89 private equity and venture capital funds. In the same period in 2022 and 2023, there were 606 and 255 newly registered private funds respectively. While the number of newly registered private funds has significantly decreased this year, a total of 1324 private funds have been deregistered since the beginning of the year. Among them, there were 437 private securities investment funds, 847 private equity and venture capital funds. In terms of deregistration types, there were 722 association deregistrations, 452 voluntary deregistrations, and 137 deregistrations for being inactive for 12 months. It is worth noting that since 2023, the number of private funds deregistered by the association has been significantly more than voluntary deregistrations. Statistics show that out of the 125 new registered private funds this year, 90 of them have no registered products, accounting for over 70% of private funds without registered products. A total of 8241 new registered private fund products have been filed this year, compared to 27100 and 20714 new registered private fund products in the same period in the past two years, which is 3.3 times and 2.5 times more, respectively. Looking at monthly data, in February and May of this year, the number of newly registered private funds did not exceed 10. In terms of institution types, in February and March of this year, there was only one newly registered private securities investment fund each, and in May, there were only two newly registered private securities investment funds. As of October 30th, the 10 newly registered private funds in October were all private equity and venture capital funds, with no new registrations for private securities investment funds. Comparing data from the past three years, the overall number of registered private funds has been decreasing each year, and the proportion of newly registered securities private funds has also been decreasing year by year. Among the 125 new registered private funds this year, the proportion of private securities investment funds is 28.8%; in the same period in 2022 and 2023, the proportion of newly registered private securities investment funds was 43.57% and 37.23%, respectively. No new registrations of securities private funds in October As of October 30th, there have been a total of 125 new registered private funds this year, including 36 private securities funds, 89 private equity and venture capital funds. According to statistics, there were a total of 411 newly registered private funds in the same period in 2023, including 153 private securities investment funds, 255 private equity and venture capital funds; and a total of 1088 newly registered private funds in the same period in 2022, including 474 private securities investment funds, 606 private equity and venture capital funds. Looking at monthly data, from January to September of this year, the numbers of newly registered private funds were 18, 6, 10, 17, 7, 10, 10, 20, and 17 respectively. Among them, the number of newly registered private securities investment funds was 7, 1, 1, 5, 2, 5, 6, 6, and 3, while the numbers of newly registered private equity and venture capital funds were 11, 5, 9, 12, 5, 5, 4, 14, and 14. As of October 30th, there have been 10 new registrations in October, all of which are private equity and venture capital funds, with no new registrations for private securities investment funds. In February and May of this year, the number of newly registered private funds did not exceed 10. In terms of institution types, in February and March of this year, there was only one newly registered private securities investment fund each, namely Beida Huang's fundamental fund and Guangzhou Mountain Fund; in May, there were only two newly registered private securities investment funds, namely Shenzhen Xinghaiyuan and Shanghai Hongyuan. According to the Asset Management Association of China, Beida Huang Agricultural Reclamation Group is the controlling shareholder of Beida Huang Fisheries Fund, and also has a venture capital fund Longping High-Tech under its umbrella; Shanghai Hongyuan's controlling shareholder Zhang Kaicheng previously worked at the globally renowned quantitative hedge fund Two Sigma as a quantitative investment portfolio strategist and vice president; Shenzhen Xinghaiyuan's controlling shareholder Li Zhenxing joined Southern Fund as a fund manager after working at Great Wall Fund for 7 years. In August, another veteran fund manager, Wu Chuanyan, set up his own private equity firm Shenzhen Yino, which completed registration. Since October, Shenzhen Yino has filed 4 products. As of October 30th, out of the 125 new registered private funds this year, 90 have no registered products. According to statistics, there are currently 6, 1, 8, 12, 6, 5, 8, 20, 14, and 10 private funds without registered products from January to October. According to the Asset Management Association of China, a total of 8241 new registered private fund products have been filed this year, including 4747 private securities fund products, 2071 venture capital fund products, and 1147 private equity fund products. As a reference, the numbers of new registered private fund products in the same period in 2022 and 2023 were 27100 and 20714 respectively. In addition, looking at three years of data, private securities fund products have consistently had the highest annual filing numbers. PetroChina's private asset allocation fund actively deregisters Since the beginning of the year, a total of 1324 private funds have been deregistered. Among them, there were 437 private securities investment funds, 847 private equity and venture capital funds, 45 other private investment funds, and 1 private asset allocation fund; in terms of deregistration types, there were 722 association deregistrations, 452 voluntary deregistrations, 137 deregistrations for being inactive for 12 months, and 13 deregistrations based on public announcements. On May 11th this year, the Asset Management Association of China for the first time deregistered 96 private funds due to "being inactive for 2 months". On June 28th, China PetroChina, controlled by PetroChina, voluntarily deregistered China PetroChina Group Retirement Asset Management Co., Ltd. According to the Asset Management Association of China, this private fund was established in June 2018, completed registration in July 2020, with a registered and paid-up capital of 850 million yuan. In June 2021, it filed the "China Oil Retirement Conservative Selection FOF1". According to the Asset Management Association of China, a total of 2372 private funds were deregistered in the same period in 2023, including 153 private securities investment funds, 255 private equity and venture capital funds; and a total of 1088 private funds deregistered in the same period in 2022, including 474 private securities investment funds, 606 private equity and venture capital funds.Gold, there are 695 private equity funds and 1603 venture capital funds respectively; a total of 1757 private equity funds were deregistered in the same period in 2022, of which there are 470 private equity funds, and 1129 venture capital funds.In terms of cancellation types, in the same period of 2023, there were 1828 private equity funds cancelled by the association, 502 actively cancelled, and 13 cancelled according to announcements; in the same period of 2022, there were 552 cancelled by the association, 1197 actively cancelled, and 8 cancelled according to announcements; in the same period of 2021, there were 478 cancelled by the association, 501 actively cancelled, and 30 cancelled according to announcements. Since 2023, the number of private equity funds cancelled by the association has been significantly higher than the number actively cancelled. The data from the past three years show that the number of actively cancelled private equity funds has always been higher than those cancelled by the association. It is worth mentioning that on January 20, 2023, 1449 private equity funds were cancelled in a "group-style" manner, with 1445 cancelled by the association and the remaining 4 actively cancelled. In addition to having their private fund management registration revoked by the Asset Management Association of China, many private equity funds and senior executives have also been warned, publicly criticized, and had their product registration suspended as administrative penalties. According to statistics, during the same period, the AMAC issued 137 and 366 disciplinary announcements to private equity institutions and personnel respectively. In the same period of 2023, the association issued 77 and 142 disciplinary announcements to private equity institutions and personnel respectively. In the entire year of 2022, the AMAC issued 54 and 73 disciplinary announcements to private equity institutions and personnel respectively; in 2021, the AMAC issued 35 and 12 disciplinary announcements to private equity institutions and personnel respectively. This article is reprinted from Caixin, GMTEight editor: Chen Wenfang.