Until recently, the only way for a U.S. fund manager to offer fund management services in China was through a non-controlling interest in a joint venture with a local manager. Earlier this year, the Asset Management Association of China issued a new rule permitting “wholly foreign-owned enterprises” (WFOEs) to offer private funds to qualified Chinese individual and institutional investors. For more on raising capital in China, see “How Private Fund Managers Can Access Investor Capital in Hong Kong and China: An Interview With Mayer Brown’s Robert Woll” (Feb. 23, 2017). In a recent program moderated by Sanjay Lamba, assistant general counsel of the Investment Adviser Association, K&L Gates partners Henry Wang and Joshua J. Yang offered a detailed roadmap to the formation and authorization of a private fund WFOE. This article summarizes the speakers’ insights. For a comprehensive look at opening a hedge fund management company in Hong Kong, see our four-part series “Primary Regulatory and Business Considerations When Opening a Hedge Fund Management Company Office in Asia”: Part One (Dec. 1, 2011); Part Two (Dec. 8, 2011); Part Three (Dec. 15, 2011); and Part Four (Jan. 19, 2012).