Effective conditions of the fund contract: when the fund raising period expires, the total amount of fund shares raised by closed-end funds reaches more than 80% of the approved scale, and the number of fund share holders reaches more than 200; The total amount of funds raised by open-end funds shall not be less than 200 million yuan, and the amount raised shall not be less than 2 million yuan. If the above conditions are not met, the recruitment fails.