News of CREDIT Prosperity Fund
CREDIT Prosperity Fund Register and Filed in Asset Management Association of China
On April 29, 2014, CREDIT Prosperity Fund Equity Investment Management Co., Ltd. (hereinafter referred to as “CREDIT Prosperity Fund”) was approved by Asset Management Association of China to register as a private investment fund manager, becoming a financial institution undertaking such private fund businesses as private securities investment, equity investment and venture capital investment, among others.
In recent years, private investment fund industry is developing rapidly in China, which plays an active role in facilitating the growth of middle and small-sized enterprises, improving the capital market system and optimizing the allocation of social resources, but the specific administrative authorities for the said industry have not been well defined. In 2013, State Commission Office of Public Sectors Reform published Notice on Responsibilities Division for Managing the Private Equity, making it clear that China Securities Regulatory Commission (CSRC for short) shall undertake the supervision and management of private equity fund. In early 2014, Asset Management Association of China, under the authorization ofLaw of the People’s Republic of China on Securities Investment Fundand CSRC, promulgatedMeasures on the Private Investment Fund Manager Registration and Fund Filing (Pilot), requiring that the various investment funds set up by raising fund in a non-public way from qualified investors, shall complete the manager registration and filing of private fund in according with the Measures.
Since its incorporation, CREDIT Prosperity Fund has been sticking to standardized operation and compliant development. Actively responding to the notice of Asset Management Association of China, the company submitted the complete documents of private fund manager registration, and filed all the private fund managed by its subordinates. Taking this opportunity of registration and filing, CREDIT Prosperity Fund will maintain its business standardization among the best of the industry, and intensify the communication and cooperation with other financial institutions.