For many hedge fund managers, China represents an enormous investment management opportunity.  However, China’s extensive capital controls have, to a degree, impeded entry into the potentially sizeable market.  To access the opportunity in a manner consistent with relevant capital controls, investment managers recently have been evaluating the potential use of collective investment management schemes (CIMs) as a means of managing assets in China.  Although hedge fund managers may not currently manage a Chinese CIM, the CIM industry in China is young and has been compared to the nascent hedge fund industry in the U.S. in the 1960s.  CIM industry observers predict that as time passes and the CIM industry matures, Chinese CIMs will increase in number and size.  As a result, hedge fund managers active in the China market or considering entering it may benefit from a thorough analysis of the relevant business and regulatory considerations raised by CIMs.  This article provides that analysis.