Trust and fund business basically belong to two businesses. From the perspective of business scope alone, the trust has a wide business scope. In addition to Public Offering of Fund's products like stocks and bonds, we can also issue umbrella trust, fixed income trust, equity pledge trust and other financing products that Public Offering of Fund can't do. Then, with the gradual liberalization of the supervision of the CSRC, the business scope of the fund account has also been initially expanded. Basically, what the trust can do can be done in the capital account. However, unlike Public Offering of Fund, trust and fund accounts can be issued to the open market, and the initial amount is higher, generally above100W.

Thank you, adoption.