As of July 2016, the papers of Opinions on Register of Private Equity Fund for nine entities produced by the Lifang's team were all accredited by the Asset Management Association of China (AMAC), the national NPO of the fund industry established by relevant institutions in June 2012. Lifang's corporate lawyers have provided the opinion papers for the nine entities, namely Beijing Yiyuanda Investment Management Ltd., Shanghai Shilianhang Equity Investment and Management Ltd., Xizhang Yifeng Investment Management Ltd., Shanghai Yage Investment Management Ltd., Beijing Xinwen Capital Management Ltd, Shanghai Zhongchengzhanli Fortune Investment Management Ltd., Suzhou Industrial Park Xinwen Capital Management Ltd., Xinwen Capital Management Ltd(Shenzhen), Shanghai Yuanfu Asset Management Centre(LP).
AMAC issued the Announcement of Several Issues Concerning Further Regulations on Register of Private Equity Fund on February 5, 2016, in line with the demands on the current private equity fund market to be further regulated, protect the interests of investors, and promote honesty, discretion and diligence. Upon the publication of the announcement, if an entity applies for the register or a registered entity experiences major changes in some parts or faculties, they should submit, in due course, a paper of legal opinion compiled by a Chinese law firm or firms to AMAC for the record of registration.
Drafting the paper for registration is rather complicated. It involves great amount of effort to carry out professional, careful, and all-around due diligence. As it is a newly introduced regulation, there is no ready and official reference to learn from; lawyers have to be very familiar with the relevant laws and regulations and have extensive experience in order that their opinion would not be withheld or rejected by AMAC. Lifang, however, has demonstrated a high standard of professional competency and outstanding skills in helping those clients achieve a 100% success rate when facing the challenging situations.