Beijing Dao Tai Liang He Private Fund Management Co., Ltd., one of the settled institutions in Beijing Fund Town, completed its wholly-owned foreign enterprise, private fund manager ("WFOE PFM") registration with the Asset Management Association of China ("AMAC") on February 9. It is the first WFOE private securities manager registered in China this year, and the first WOFE PFM in Beijing.

　　Beijing Dao Tai Liang He Private Fund Management Co., Ltd. was founded on July 21, 2021, with a registered capital of RMB 15 million. On September 3 of the same year, as a result of the multi- and high-level opening-up in the financial sector of Beijing, it officially signed an agreement to settle in Beijing Fund Town at the 2021 China International Fair for Trade in Services.

　　Beijing Fund Town, a pilot town for the standardization of national-level fund institution services and one of the first demonstration bases of trade in services in Beijing, is committed to pursuing development through opening up, for the "going global" of trade in services and "bringing in" of fund-related institutions. It has previously attracted the world's leading private fund institutions such as Lone Star Funds and Bain Capital to settle in.

　　Beijing Fund Town's relevant responsible person said that they would continue to optimize the business environment, build a professional, efficient, and open services platform, and serve the high-level opening-up of China's capital market and the construction of Beijing's Two Zones. Also, they would enhance preventive measures for financial risks and create a fund ecosystem with integrity and safety. They would guide the settled institutions in the town to continuously improve their specialized operations and their awareness of compliance operation with the support of the National Investor Education Center, strengthen investor education, protect the legitimate interests of investors, and promote high-quality growth with high-level opening up.

　　The information shows that Beijing Dao Tai Liang He is a wholly-owned subsidiary of Dynamic Technology Lab Private Limited ("DTL"), a Singapore-based quantitative fund management company. DTL is a high-tech institutional investor with an asset under management of USD 3 billion (approximately equivalent to RMB 19.1 billion) and with a daily global turnover of more than USD 600 million. The introduction and compliance of this foreign private fund will have a positive demonstration effect on gathering all global asset managers together in Beijing.

　　In recent years, a steadily growing number of foreign enterprises have participated in the private fund sector in China. According to the AMAC, as of December 30, 2021, there have been 38 registered foreign private fund managers with 142 active management products and a total asset under management of RMB 34.195 billion since the release of the Questions and Answers regarding the Registration and Filing of Private Funds (No.10) in 2016, in which it is clearly stated that wholly foreign-owned private fund managers and foreign joint-venture private fund managers are allowed to carry out private fund management operations within China, and the parent companies of such managers are on the capital markets in North America, Asia, Europe, Africa, etc. The opening up of the private equity market has gradually stimulated the vitality of the private equity market, which is becoming an important driving force for the development of the private equity industry.