Shenzhen mode means that the trust plan issued by an investment company or an asset management company is an open trust plan. The beneficiaries of the trust plan are unified, there is no guarantee, and investors have to bear all market risks. This kind of trust plan is issued more in Shenzhen market, so it is called Shenzhen model.

2. Shanghai model

The Shanghai model means that the trust plans issued by investment companies or asset management companies are structured trust plans, and the beneficiaries of the trust plans are divided into priority beneficiaries and general beneficiaries. This model is more suitable for customers with conservative risk preference. Because there are many trust plans issued in this way in the Shanghai market, it is called the Shanghai model.

3. Yunnan model

Yunnan model refers to a trust plan issued by a trust company, with one trustee and one manager. As the trustee and manager of the trust plan, the trust company has no investment consulting company, which reduces the risk of information asymmetry to some extent. Because this model is only adopted by Yunnan International Trust Co., Ltd., it is called Yunnan model.

In the Shenzhen model and the Shanghai model, because the trustor, trustee, investment consultant, fund and securities custodian are independent of each other, there are certain constraints in their operation, which is in line with the development direction of fund governance. However, in order to obtain higher income, the trustee still has insider trading behavior. In the Yunnan model, because the trustee and the fund manager are the same person, the principal-agent chain is shortened, which reduces the risk of information asymmetry, but at the same time increases the moral hazard of the trustee and easily damages the interests of investors. This is not the future development direction of Sunshine Private Equity Fund.

The above is "What are the operating modes of Sunshine Private Equity Fund?" Specific introduction. As Sunshine Private Equity Fund is a high-risk investment, it faces market risks such as policy, economic cycle, interest rate and inflation, as well as operational risks such as trustees and securities brokers, as well as war risks and financial crisis risks. Therefore, the above risks should be disclosed one by one in the trust plan.