Only two companies were allowed to register as private fund managers (PFMs) in China in May, down from 139 the previous month, as tightened regulations governing the $2.9 trillion industry took effect on the first day of May.
The two firms, Juhai Venture Capital Management Co. Ltd. and Zhejiang Jintou Dingxin Private Fund Management Co. Ltd., have been registered as managers of private equity and venture capital funds, according to the website of the Asset Management Association of China (AMAC).