The initial fund price is 1. The fund issuance price refers to the price of each fund share determined by the fund sponsors when they issue the fund shares for the first time, which generally consists of two parts: the fund face value and the fund issuance cost. Funds are generally issued at face value and cannot be issued at a premium.

In China, there are two main ways to issue securities investment funds:

Online issuance refers to the sale of issued fund shares to the public through securities business departments all over the country connected to the trading system of stock exchanges. Mainly the way of issuing closed-end funds;

Offline issuance: refers to funds issued to the public through banks or securities outlets distributed in a certain area. Mainly the way of issuing open-end funds.