But since the market began to boom, fund managers have been gathering more often despite their busy schedules. But stock information isn't the only thing they exchange over dinner and drinks.

"We mostly share our personal business plans, because the overall market is so booming," he said.

Many of his colleagues have transferred from securities companies or publicly sold fund firms either State-owned or Sino-foreign joint ventures to privately fund firms, where the commissions are much higher. The fund manager charges clients with a 20 percent commission.

Veteran fund manager Shi Jinyong prefers to stay at the State-owned Datong Securities Co Ltd in Taiyuan, of North China's Shanxi Province. He said the emerging private funds still don't have a legal status, but they have been widely spreading throughout the securities market.

Private funds attract investors among friends or business partners. Usually, clients' money is stored in their own securities accounts, which are protected by two passwords: a securities password and a deposit password. The clients give the securities passwords to private fund managers to operate stocks, but these managers can't withdraw money without the deposit password.

It's a murky practice, and some wonder whether such private funds illegally raise money or just help friends deal on the stock market.

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