There is not much difference between public offering and private offering. The cooperative institutions in Public Offering of Fund are generally large commercial banks (commonly known as consignment channels), and the cooperative institutions of private equity funds are mostly third-party wealth management, mainly because the entry threshold of banks is too high. Even if they enter the white list of banks, because private equity products usually start at RMB 6,543,800+0,000, they need to discuss the share with the private banking department of banks, which is much higher than that with the personal finance department.