Yes. According to the Measures of Pilot Program for Foreign Invested Equity Investment Enterprises in Shenzhen, an approval from Shenzhen Municipal Financial Regulatory Bureau shall be obtained before you apply for the registration of a foreign invested equity investment enterprise in Shenzhen.

Yes. According to the Measures of Pilot Program for Foreign Invested Equity Investment Enterprises in Shenzhen, the registered capital (or subscribed capital contribution) for a foreign invested equity investment management enterprise shall not be less than USD2 million or the equivalent. For a foreign invested equity investment enterprise, the subscribed capital contribution shall not be less than USD15 million or the equivalent.

• According to the Measures of Pilot Program for Foreign Invested Equity Investment Enterprises in Shenzhen, foreign investors of a foreign invested equity investment management enterprise shall meet either of the following conditions:
  

  1.	in the fiscal year prior to applying, hold proprietary assets (net assets) of not less than USD100 million or its equivalent or hold assets under management of not less than USD200 million or its equivalent;
  2.	hold an asset management license issued by the Hong Kong Securities and Futures Commission (or other offshore financial regulatory authority).

• A domestic or foreign investor must satisfy the following conditions to become a limited partner of a foreign invested equity investment enterprise:
  

  1.	be an institution or individual which has corresponding risk identification ability and risk-taking ability;
  2.	in the case of an institutional investor, have a sound governance structure and solid internal control systems, and have not received punishment from judiciary or relevant regulatory authorities in its place of residence for last three years; if a foreign institutional investor, possess net assets of not less than USD5 million or its equivalent, with a single investment of not less than USD1 million or its equivalent; if a domestic institutional investor, hold net assets of not less than RMB10 million, with a single investment of not less than RMB1 million;
  3.	in case of individual investors, sign an equity investment enterprise (fund) risk disclosure letter; for both the domestic and foreign individual investors, hold financial assets of not less than RMB3 million or achieve an average annual income of not less than RMB500,000 for last three years, with a single investment of not less than RMB1 million.