According to Article 9 of the Disclosure Measures, the information that the information disclosure obligor should disclose to investors includes: (1) the fund contract; (2) Prospectus and other publicity documents; (3) The main rights and obligations in the fund sales agreement (if any); (4) Investment of funds; (5) assets and liabilities of the fund; (six) the distribution of fund investment income; (seven) the expenses and performance pay arrangements undertaken by the fund; (8) Possible conflicts of interest; (nine) major litigation and arbitration involving private fund management business, fund property and fund custody business; (ten) other important information that affects the legitimate rights and interests of investors as stipulated by the China Securities Regulatory Commission and the China Fund Industry Association.

The information disclosure report of the information disclosure obligor includes monthly report, quarterly report and annual report. The monthly report shall be completed within 3 working days after the end of each month. The quarterly report shall be completed within 10 working days after the end of each quarter. The annual report shall be completed within 6 months after the end of each fiscal year, and the previous annual report shall be released before June 30 of each year.

Disclosure of private equity investment funds;

In terms of the time and frequency of information disclosure, the Guidelines stipulate that the semi-annual report should be completed before the end of September of that year and the annual report should be completed before the end of June of the following year. Information disclosure obligors may voluntarily submit quarterly reports (including the first quarter and the third quarter), which shall be completed within 30 working days after the end of each quarter.

In other words, equity and venture capital private placement should disclose annual and semi-annual reports, but quarterly reports should be voluntary. This is quite different from the disclosure frequency requirements of private equity securities.

The first is the semi-annual report, which needs to disclose the basic situation of the fund, fund managers and fund custodians, fund investment operation, fund expenses details and so on. Among them, information of fund investors, special information of fund-held projects and manager's report are all optional items.

The second is the annual report, which needs to be disclosed: first, the fund products, including basic information of the fund, descriptions of the fund products, fund managers and fund custodians, fund investors (optional), outsourcing institutions, etc.; The second is the operation of the fund, including the cumulative operation and the statements of the projects held; The third is the main financial indicators, fund expenses and profit distribution, including the main accounting data and financial indicators, fund expenses details and fund profit distribution in the past three years; Fourth, the change of fund investors; Fifth, the manager reports; Sixth, the custodian report; Seventh, the audit report.

Finally, quarterly reports can be disclosed voluntarily. Need to disclose the basic situation of the fund, fund manager and fund custodian, fund investment operation, fund expenses details, etc. , including information of fund investors, special information of fund-held projects, manager's report, etc. They are all optional items.