In the industry, channel business refers to securities issuance underwriting business, that is, IPO business and refinancing business of listed companies. All other services are non-channel services. The so-called "channel business" refers to the business that trust companies do not actively and systematically carry out project development, product design, transaction structure arrangement and risk control measures, and do not directly and personally participate in trust asset management. This kind of business only carries out a documentary process for external assets in the trust company in the form of trust contract, and the business return rate is extremely low. Although the channel business has a low rate of return for trust companies, it can help trust companies expand their assets.