The so-called funds in China should be called securities investment funds accurately, such as Dacheng, Huaxia, Jiashi and Bank of Communications Schroeder. These Public Offering of Fund are strictly supervised by the CSRC, and their investment direction and proportion are strictly restricted. Most of them manage tens of billions of dollars. According to the principle of "separation of custody and maintenance" in fund operation, the fund custodian designated by the investment company is usually a powerful commercial bank or trust and investment institution, which is mainly responsible for the custody of fund assets, the settlement of money and goods in securities transactions, the transfer of ownership, and the payment of income. , the calculation of the transaction price of the fund, the review of the fund's net assets and the issuance of the fund performance report, the supervision of the fund manager's investment activities and the protection of investors' rights and interests. Under normal circumstances, there is a contractual relationship between the fund custody company and the investment company, and their respective rights and responsibilities are clearly defined. Under any of the following circumstances, the fund custodian shall retire with the approval of the competent department and the People's Bank of China.

1. The fund manager is dissolved, revoked or bankrupt according to law, or its assets are taken over by the receiver;

2. The board of directors of the fund management company has every reason to believe that replacing the fund custodian company is in the interest of the fund holding company;

3. The fund holder representing a certain proportion (such as 50%) or more of the fund shares requests the fund custody company to resign;

4. The competent department or the People's Bank of China has sufficient reasons to believe that the fund custody company cannot continue to perform its fund custody duties. After the resignation of the original fund custodian, the board of directors of the fund company shall nominate and form a resolution in accordance with the procedures listed in the fund articles of association, and propose a new list of fund custodian companies. The original fund custodian can only resign after the new fund custodian company has been examined and approved by the relevant authorities and the People's Bank of China. If there is no new fund custodian company for the fund managed by the original fund custodian company, the fund will be terminated.