Because the product has a three-year lock-up period, although it is designed to be traded on the exchange for half a year, the market situation is unknown during this period, and there are many inconveniences in cross-market conversion. Locking in for three years faces certain risks.

Considering the fundamental impact of the new regulation on the liquidity of fixed-income funds and referring to the current discount rate of fixed-income funds, the discount rate of strategic placement funds may be much more reasonable than that of fixed-income funds. But in reality, because China's securities market is still in the early stage of development, investors often can't make rational decisions, which will lead to imitation.

Extended information If the concept of "unicorn" is sought after, the short-term income of the fund is quite abundant. After listing, due to the widespread existence of irrational traders, prices tend to deviate from the normal fluctuation range, and there is a large premium in the market.

For example, Jiashi Yuanhe was hyped by the market for participating in the mixed reform of Sinopec sales company. The first day's premium ended, and then it soon became a discount. The current discount rate is still 8.94%. The popularity of strategic placement funds is unprecedented, which may lead to irrational purchase by investors after listing, forming a "herd effect". The highly hyped fund, the secondary market price will eventually be based on the net value, restricted by the liquidity discount, and it is risky to buy blindly.