Key facts
- In June 2026, zero private equity or venture capital fund managers successfully registered with the Asset Management Association of China (AMAC).
- This is the first month with no approvals since the AMAC registration system was established 12 years ago.
China's venture capital and private equity ecosystem is experiencing a significant shift, driven by stricter regulatory oversight and a growing influence of state capital. A notable development occurred in June 2026 when, for the first time in 12 years, not a single private equity or venture capital fund manager successfully completed the registration process with the Asset Management Association of China (AMAC). This marks a departure from previous periods where approvals were consistently granted.