Listed companies do not consolidate their statements because they are investors and do not conform to the rules for compiling consolidated statements. In addition, there is another case where listed companies do not prepare consolidated statements because they have no holding subsidiaries.

Securities investment fund refers to an investment tool that forms an independent fund property by selling the funds raised by fund shares, which is managed by the fund manager and the fund custodian, and makes securities investment in the form of portfolio, and the fund share holders enjoy the benefits and bear the risks according to their shares.