Securities companies cannot issue open-end funds, but they can issue collective asset management plans. Collective asset management plan: as the name implies, it is a collection of customer assets and is managed by professional investors (brokers/fund subsidiaries). It is an innovative financial service product developed by a securities company/fund subsidiary for high-end customers, and the assets agreed in the product to invest in equity or fixed-income investment products.

Securities companies can set up fund companies and then issue open-end funds through established fund companies.