More often, some people firmly believe that "trust is a public offering!" One reason given by them is that many trust shareholders are state-owned enterprises, and trust companies can advertise and cooperate with banks.
However, I have always insisted that although trust products have some characteristics of public offering, they are private offerings. I also agree that publicly offered products must meet the following three conditions: they can advertise in the secondary market like stocks, but they are faced with small investors. Obviously, trust is a private product.
In fact, I have always thought that "in a broad sense, trust is an integral part or part of private placement".
At the same time, many people, including professionals, are vague about fundraising, public enterprises and related concepts; For example, they think that "public offering is state-owned and private offering is private"; This is a very big misunderstanding. Let me summarize the following points here:
1. Public offering is not necessarily state-owned; On the contrary, many are private; For example, most of the shares of listed companies should be privately owned.
2. Private placement, not necessarily private placement; On the contrary, many are state-owned; For example, many venture capital funds in China are funded by the government or invested by state-owned enterprises.
If you understand the above two points, you should also understand the following two points.
3. State-owned, not necessarily public;
4. Private, not necessarily private; Zhang Jian: Senior real estate investment, financing and strategy expert, founding partner of Fanghua Fund, vertical and horizontal partner of Peking University, and special expert of Tsinghua Real Estate President Chamber of Commerce. Graduated from Tongji University and West Sydney. He has more than 20 years of experience in real estate market, investment, finance and strategy. Providing real estate investment and financing, strategic consulting services, enterprise training and lectures for Shimao Group, Vanke Group, China Enterprise, China Housing Group, Hongkong Construction, Macquarie Bank, Peking University, Tsinghua University, Zhejiang University and Shanghai Jiaotong University. Published six real estate monographs, including Real Estate Investment, Real Estate Enterprise Financing and Real Estate Investment Fund Practice.