Not less than sixty-five percent. According to Cai Xi's survey. China Securities Regulatory Commission stipulates that Public Offering of Fund's position shall not be less than 65%. The main purpose is to stabilize the stock market and prevent ups and downs. The reasons are as follows: from the international practice, fund assets that are greatly and flexibly adjusted between stocks and bonds should belong to mixed products. The income source of stock funds should be mainly to dig deep into valuable stocks. Frequent and substantial positions adjustment can easily lead to chasing up and down, easily lead to fund style drift and aggravate capital market volatility. Therefore, Public Offering of Fund's position requirement is not less than 65%.