Legal analysis: The issuers of Dagong issue are public investors and qualified investors. If the bond is reduced from a public offering to a small public offering, public investors can no longer buy it, but the issuer who can sell the public offering in the early stage is a qualified investor. There is no limit to the number of subscribers or investors. The issuer of corporate bonds shall be a qualified investor, and each issue shall not exceed 200.

Legal basis: Article 13 of the Interim Measures for the Supervision and Administration of Private Equity Funds The following investors are regarded as qualified investors: 1. Pension funds such as social security funds and enterprise annuities, and social welfare funds such as charitable funds; 2. Investment plans established according to law and filed with fund industry associations; 3. Private fund managers and their employees who invest in the private funds they manage; 4. Other investors as stipulated by China Securities Regulatory Commission.

In the form of partnership, contract and other unincorporated persons, if the funds of most investors are pooled to directly or indirectly invest in private equity funds, the private equity fund manager or private equity fund sales organization shall thoroughly check whether the final investor is a qualified investor and calculate the number of investors in a consolidated manner. However, investors who meet the requirements of items 1, 2 and 3 of this article invest in private equity funds, and it is no longer necessary to examine whether the final investor is a qualified investor, and the number of investors is calculated on a consolidated basis.