Xingquan Fund is not a private equity fund. Xingquan Fund is Public Offering of Fund. Xing Zheng Global Fund Management Co., Ltd. (named "Xingye Fund Management Co., Ltd." when it was founded, hereinafter referred to as Xingquan Fund) is not a private fund. Xingquan Fund is Public Offering of Fund. Xing Zheng Global Fund Management Co., Ltd. (named "Xingye Fund Management Co., Ltd." when it was founded, hereinafter referred to as Xingquan Fund) is not a private fund. Xingquan Fund is Public Offering of Fund. Xing Zheng Global Fund Management Co., Ltd. (named "Xingye Fund Management Co., Ltd." when it was founded, hereinafter referred to as Xingquan Fund) is not a private fund. Xingquan Fund is Public Offering of Fund. Xing Zheng Global Fund Management Co., Ltd. (established as "Industrial Fund Management Co., Ltd.", hereinafter referred to as "Industrial Fund Management Co., Ltd.").