Can't!

one.

No one donated to the fundraiser.

two.

Expenses can only be deducted from specified funds.

There is a bank supervisor in charge.

Securities investment funds should be issued by fund companies approved by the China Securities Regulatory Commission.

The issuance of each fund requires the fund company to first submit a fund application document to the China Securities Regulatory Commission. The content should include: the name of the fund to be applied for, the necessity and feasibility of establishing the fund, fund type, fund size, and duration.

, issuance price, issuance objects, fund transactions or subscription and redemption arrangements, proposed custodian, prospectus, fund contract and custody agreement, etc.

After receiving the documents, the China Securities Regulatory Commission will review the fund company's qualifications, fund custodian qualifications, and the completeness and accuracy of the fund contract, custody agreement, prospectus, and reported information. If the relevant standards are met, the fund company will be formally approved for disclosure.

Issue funds.

Fund Raising: After the fund company receives the documents approving the issuance from the China Securities Regulatory Commission, it should issue a fundraising announcement.

The fundraising period shall not exceed 3 months from the date of announcement of the prospectus, and must meet the following conditions: (1) During the fundraising period, net sales exceed 200 million yuan.

(2) During the fundraising period, the minimum number of subscribers must reach 200.

If the above conditions are not met, the fund manager shall bear the raising costs and return the raised funds plus bank demand deposit interest to the fund subscribers within 30 days from the expiration of the raising period.

From the date investors subscribe during the fundraising period to the establishment, interest on the subscription funds will be calculated based on the interbank dismantling rate or demand deposit rate, and the subscription share will be increased accordingly.

The fundraising period refers to the period from the date of announcement of the prospectus to the date of fund establishment.

Establishment of the Fund After the fund reaches the issuance requirements during the fundraising period, the amount of funds raised must be verified by an accounting firm.

After reporting to the China Securities Regulatory Commission for review, the China Securities Regulatory Commission will issue a document approving the establishment and the fund will be formally established.

Prior to this, funds raised could only be deposited in commercial banks and could not be used.

After the fund is formally established, the fund management company can formally assume the responsibility of fund asset management, use the raised funds to start building positions and carry out investment operations.

Subscription and redemption are not allowed during the position opening period, which is called the "closed period", which generally does not exceed three months.

At the end of the closed period, the fund company should issue an announcement and investors can start subscriptions and redemptions.

During the closed period, the net value is generally announced every Friday.

Fund Custodian In order to fully protect the rights and interests of fund investors and prevent fund assets from being misappropriated for other purposes, the fund must have a certain custodian institution, that is, the fund custodian, to supervise the investment operations of the fund management institution and keep the fund assets.

The custodian is an institution that supervises the fund manager and keeps fund assets based on the principle of "separation of management and custody" in fund operation. It is the representative of the rights and interests of fund holders and is usually served by a powerful commercial bank.

The fund custodian signs a custody agreement with the fund manager, performs its duties within the scope stipulated in the custody agreement and receives certain remuneration.

Fund custodians play an indispensable role in the operation of the fund.