That is, it is sold to the general public through local securities business departments networked with the stock exchange system; It can also be issued offline, that is, to the public through approved banks or securities business outlets. Fund listing is aimed at closed-end funds. According to China's relevant regulations, after the establishment of closed-end funds, fund managers can apply to the China Securities Regulatory Commission and the stock exchange for listing of funds. After approval, the fund can be listed on the stock exchange. If investors in the fund want to sell or buy, they can do so on the stock exchange through securities brokers. Unlike closed-end funds, open-end funds are not allowed to go public, that is, investors are not allowed to buy and sell fund shares. Investors who want to buy and sell open-end funds (also known as subscription and redemption) should do so in other places that meet the relevant provisions of the state, not through the stock exchange, and the trading object should be the fund manager or his agency. Generally speaking, the issuance and listing of funds actually go through two steps: fund initiation-that is, fund sponsors set up fund companies and issue fund shares to investors-to raise funds. The two are usually mixed together. Fund issuance and raising are linked together, and the procedures are similar to the establishment of joint-stock companies and the initial issuance of stocks. So, what are the ways to issue funds? There are mainly the following types: 1, issuing funds through securities companies, and selling or redeeming funds through stock exchanges and securities company networks. At present, the issuance and trading of closed-end contract funds in China are carried out in this way. 2. Issuing funds through bank outlets Banks have many business outlets, and selling funds through branch networks of banks is a widely used channel for fund management companies. 3. Issuing investment consulting companies through investment consulting companies is an intermediary for fund marketing. As an intermediary between investors and fund management companies, we try our best to provide investment consulting services to customers from a fair perspective, objectively evaluate various funds in the market from an expert's point of view, and give reasonable suggestions to investors' investment portfolio. 4. Issue a fund management company through a fund management company to set up a fund direct sales department for customers, and customers subscribe for funds in the fund sales department of the fund management company. 5. Issuance through online trading institutions With the development of information technology, investors can easily purchase funds online.