1. Different investment managers: the general minimum subscription amount is 1 10,000 yuan, with no more than 50 people. After 50 people, the investment threshold of individual investors needs more than 3 million, and investors above 3 million are not counted within 50 people. There is no limit to the number of institutional subscribers. The establishment requirement is generally 30 million yuan; The actual manager of the "one-to-many" business of the special account is the investment and research team of the fund company's public offering special account. The subscription threshold is not less than 6,543,800 yuan, and the number of people is not more than 200. The establishment requirement is more than 50 million yuan.

2. Different research strength: "One-to-many" research strength will depend on the research background of fund companies. It is generally believed that the research background of fund companies is stronger than that of private equity funds, and they generally have verifiable past performance background and distinctive investment style.

3. Information disclosure cycle and liquidity are different: in terms of information disclosure, the net value is disclosed once a month, and it is also published once a week. In February 2009, China Banking Regulatory Commission required disclosure once a week. Some private placements publish operating reports quarterly, monthly or more frequently. Generally, redemption is open every month, and some are open every week; "One-to-many" requires that the net value be announced to investors once a week, and the time and method of reporting relevant information to investors are stipulated in the asset management contract, so as to ensure that investors can fully understand the operation of the asset management plan and open the redemption application at most once a year. The bid opening time shall not exceed 5 working days in principle. Therefore, the general liquidity of the invested funds will be better than that of the fund "one-to-many".

4. Different investment restrictions: a single asset management plan holds shares of listed companies, and its market value shall generally not exceed 20% of the planned net asset value; All assets entrusted by specific customers managed by the same asset manager (including single-customer and multi-customer specific asset management business) shall not be invested in securities issued by a company, and shall not exceed 20% (different trust companies will vary). The special account "one-to-many" portfolio investment single asset management plan holds shares of listed companies, and its market value shall not exceed10% of the planned net asset value; All assets entrusted by specific customers managed by the same asset manager (including single-customer and multi-customer specific asset management business) shall not be invested in securities issued by a company, and shall not exceed 10% of the securities.