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China fund manager approvals plummet following new rules

Just two companies registered in May, down from 139 in previous month

Chinese authorities have tightened rules for companies seeking to register as private fund managers, concerned about growing financial risks in the lightly regulated industry.   © Reuters

Only two companies were allowed to register as private fund managers (PFMs) in China in May, down from 139 the previous month, as tighter regulations governing the $2.9 trillion industry took effect on the first day of May.

The two firms, Juhai Venture Capital Management and Zhejiang Jintou Dingxin Private Fund Management, have been registered as managers of private equity and venture capital funds, according to the website of the Asset Management Association of China (AMAC).

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