In March, only three new private fund managers were registered, all registered in Shanghai | Rui Shou Analysis

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Newly Registered Fund Managers in March

In March 2026, the Asset Management Association of China approved the registration applications of 3 private equity and venture capital fund managers. Among these registered institutions, there is 1 state-owned institution and 2 market-oriented institutions.

Introduction of Fund Managers

Shanghai Baoshan Guotou Private Equity Fund Management Co., Ltd. (referred to as “Baoshan Guotou Fund”) is a state-owned private equity fund management organization under Baoshan District State-owned Capital Investment Management (Group) Co., Ltd., officially registered with the China Securities Investment Fund Industry Association on March 13, 2026 (Registration Number: P1075094). Baoshan Guotou Fund focuses on serving Baoshan District’s “3+3+6” modern industrial system and the “Northern Transformation” strategy. Its core businesses include initiating and establishing a 2 billion yuan science and technology innovation industry parent fund, investing in third-party sub-funds, and managing active sub-fund investments. The goal is to build an industrial fund cluster through a “parent fund + direct investment” dual-driven approach, providing capital support for the main platform of regional science and technology innovation centers. (Source: Baoshan State-owned Assets)

Qicheng Jiaxin (Shanghai) Private Equity Fund Management Co., Ltd. (referred to as “Qicheng Jiaxin”) was established on July 3, 2025, with a registered capital of 10 million yuan. From the equity structure, Qicheng Jiaxin was jointly established by Chen Han holding 76% and Shanghai Kaitu Enterprise Management Partnership (Limited Partnership) holding 24%. The latter is also jointly held by Chen Han and Zhang Zhida, each with 50%. Regarding shareholder background, Qicheng Jiaxin is a market-oriented institution. (Source: Tianyancha)

Shanghai Tongyang Private Equity Fund Management Co., Ltd. (referred to as “Tongyang Fund”) was jointly initiated by Shanghai Tongji Technology Industrial Co., Ltd. (A-share code: 600846, referred to as “Tongji Technology”), Yangpu Venture Capital, and a professional investment team. It completed registration with the China Securities Investment Fund Industry Association in March 2026 (Number: P1075104). As a key platform for Tongji Technology to build an “Fund + Base + Industry” ecosystem, Tongyang Fund relies on Tongji University’s innovation capabilities and Yangpu District’s industrial policies. It focuses on early-stage, small-scale investments in hard technology sectors such as artificial intelligence and advanced manufacturing, aiming to accelerate the commercialization of university research projects through capital empowerment. (Source: Tongji Technology)

Office Addresses

From the office addresses, the registered and operational locations of the 3 institutions are in the same area.

Time Interval from Establishment to Registration

Regarding the time between establishment and registration, Baoshan Guotou Fund has been established for over 1 year, while Qicheng Jiaxin and Tongyang Fund have been less than 1 year since their founding.

Registered Capital and Paid-in Capital Analysis

In March 2026, the 3 newly registered private fund managers had a registered capital paid-in ratio of 90% for Baoshan Guotou Fund, and 100% for both Qicheng Jiaxin and Tongyang Fund.

Processing Time

According to disclosed information, among the newly registered fund managers in March, Baoshan Guotou Fund processed registration the fastest, taking 103 days; Qicheng Jiaxin took longer, at 166 days. On average, institutions took 139.3 days to prepare materials, received 1 feedback on completeness, and 2-3 feedbacks during the registration process.

Law Firms

Based on available information, in March 2026, the newly registered private fund managers engaged a total of 3 law firms for registration services: Beijing DeHeng Law Offices (Shanghai Office), Beijing Jingtian & Gongcheng Law Firm Shanghai Branch, and Beijing Bangsheng Law Firm.