(1) Illegally engaging in securities and futures investment consulting refers to the institutions and individuals that do not have legal securities and futures business qualifications and provide investors or clients with securities and futures investment analysis, prediction or suggestions, etc. with direct or indirect paid consulting services.

(2) Illegally engaging in entrusted financial management of securities and futures refers to the business activities of institutions and individuals who do not have legal securities and futures business qualifications to openly solicit customers through the Internet, radio and television and other media and engage in securities and futures investment and financial management on behalf of customers.

(3) Illegal issuance of shares refers to the act of issuing shares to an unspecified object without the approval of the China Securities Regulatory Commission, and after issuing shares to a specific object, the cumulative number of shareholders exceeds 200, and the act of transferring shares to the public without the approval of the China Securities Regulatory Commission, or transferring shares to a specific object, resulting in the cumulative number of shareholders exceeding 200.