CSRC cracks down on fund managers

China's securities regulator said on Friday that it has completed an inspection of private equity and privately offered fund management companies and is cracking down on illegal activities and protecting the interests of investors.

Zhang Xiaojun, a spokesman for the China Securities Regulatory Commission, said the commission conducted an inspection on 305 private equity and privately offered fund management firms in the first half of 2016.

There were a total of 2,462 individual funds involved. They manage 900 billion yuan ($135.7 billion), accounting for 14 percent of the whole private equity and privately offered fund market.