1. Pre-preparation: Before the establishment of the fund, it is necessary to select the legal person and the fund's executive partner, determine the investment direction of the fund, the amount raised in the first phase of the fund, and the working place. The promoters or organizations of the fund raising need to prepare their own funds of 1% of the total raised funds;

2. Clear division of labor: After the preparation of the first step is completed, the person in charge of the fund will set up a preparatory group or committee for private fund raising to clarify the division of labor. Determine the target group and draw up the investment agreement;

3. Find the target group and start raising funds. When the raised funds reach 70% of the planned amount, the fundraiser can register with the Industrial and Commercial Bureau.

4. After the fund is successfully raised and registered, the fund sponsors may convene a fund shareholders' meeting, at which all necessary legal documents required for the establishment and development of the fund need to be confirmed.

5. Select a fund custody bank and sign a custody agreement with the bank.

In addition, if the fund raising is not established, the fund promoters shall bear all the raising expenses, and the raised funds shall be returned to the fund subscribers at the interest of bank demand deposits within 30 days after the fund raising period ends.