On May 24th, the Asset Management Association of China (AMAC) issued a document stating that in April, securities and futures operating institutions had a total of 759 private equity management products registered, a month-on-month increase of 0.66% but a year-on-year decrease of 12.15%. The total establishment size was 51.872 billion yuan, a month-on-month decrease of 2.91% and a year-on-year decrease of 11.72%. Among the 759 products registered in April, 68.51% were products of securities firms and their subsidiaries, 23.72% were products of fund companies and their subsidiaries, and the rest were products of futures companies and their asset management subsidiaries. In terms of product types, the average establishment size per unit of collective products registered in April was 0.94 billion yuan, a decrease of 18.26% compared to the previous month, while the average establishment size per unit of single products was 0.39 billion yuan, an increase of 3%. I. Registration status of private equity management products In April 2024, securities and futures operating institutions registered a total of 759 private equity management products, an increase of 0.66% month-on-month but a decrease of 12.15% year-on-year. The total establishment size was 51.872 billion yuan, a decrease of 2.91% month-on-month and a decrease of 11.72% year-on-year. Among the 759 products registered in April, 68.51% were products of securities firms and their subsidiaries, 23.72% were products of fund companies and their subsidiaries, and the rest were products of futures companies and their asset management subsidiaries. In terms of product types, the average establishment size per unit of collective products registered in April was 0.94 billion yuan, a decrease of 18.26% month-on-month, while the average establishment size per unit of single products was 0.39 billion yuan, an increase of 3%. By investment type, fixed-income and mixed-type products accounted for the majority of registered products in April. II. Status of existing private equity management products As of the end of April 2024, the scale of private equity management business of securities and futures operating institutions totaled 12.65 trillion yuan (excluding social security funds and corporate pension funds), an increase of 584.2 billion yuan from the end of the previous month, a growth of 4.8%. By product type, the number and size of single asset management plans in existence were higher than collective asset management plans. By investment type, fixed-income products accounted for the largest proportion in terms of quantity and size among the four types of products, followed by mixed-type products in quantity and equity-type products in size. The quantity and size of futures and derivatives products were relatively small. III. Distribution of private equity management business scale of Securities and Futures Operating Institutions As of the end of April 2024, the average scale of private equity management business managed by securities companies and their asset management subsidiaries was 588 billion yuan, with a median management scale of 232 billion yuan; the average management scale of private equity funds managed by securities company subsidiaries was 86 billion yuan, with a median management scale of 22 billion yuan; the average management scale of private equity management business managed by fund management companies was 369 billion yuan, with a median management scale of 95 billion yuan; the average management scale of private equity management business managed by fund subsidiaries was 189 billion yuan, with a median management scale of 39 billion yuan; the average management scale of private equity management business managed by futures companies and their asset management subsidiaries was 26 billion yuan, with a median management scale of 3 billion yuan.