1. Public offering: Advantages: (1) There are a large number of issuers and great potential for raising funds, which is suitable for issuers with a large number of securities issues and a large amount of raised funds. (2) the issue scope is large, which can avoid hoarding securities or being manipulated by a few people. (3) Only publicly issued securities can apply for listing on the exchange, which can enhance the liquidity of securities and improve the social reputation of issuers. Disadvantages: (1) The distribution process is complicated. (2) The registration approval time is long. (3) The issue cost is high. 2. Advantages of private placement: (1) The source of funds is stable. (2) High value-added services. (3) It can reduce the financial cost. (4) Improve the intrinsic value of the enterprise. Disadvantages: (1) After the enterprise transfers its shares, the original shareholders' shares are diluted, even losing their controlling position or completely losing their shares, the relationship between shareholders changes, and their rights and obligations are readjusted. (2) With the change of ownership structure, the management right of the enterprise will change accordingly, and the management right will be owned by the controlling shareholder after the equity transfer. (3) In the case of the change of enterprise management rights, new managers are likely to have different development strategies, and it is not impossible to completely change the original intention and ideas of entrepreneurs. (4) Investors often hope to get a return on investment as soon as possible, and may not pay attention to the long-term development of enterprises like entrepreneurs, so they may change their development strategies in order to realize short-term benefits. Article 10 of the Interim Measures for the Administration of Private Equity Funds shall be raised from qualified investors, and the cumulative number of fund share holders of a single private equity fund shall not exceed 200.