1. Both can invest in securities products between exchanges and banks, including stocks, bonds and funds, and may also include warrants. At present, the vast majority of private placements in Sunshine are non-structural products. Special account "one-to-many" can also issue structured products and QDII.

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2. The actual manager of Sunshine Private Equity is a private equity management company. Generally, the minimum subscription amount is 6,543,800 yuan, with no more than 50 people, and the number of institutional subscribers is not limited. The establishment requirement is generally 30 million yuan; Special account

The actual manager of "one-to-many" business is the special account investment and research team in the fund company's public offering. 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.

3. In terms of information disclosure, Sunshine Private Equity disclosed its net value once a month and also 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 month, 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.

4. Investment restrictions. Sunshine Private Equity 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.

5. Performance pay. Sunshine private placement can extract 20% of the performance commission (when the profit or plan is terminated), and cannot promise the minimum income or expected income; The performance reward of the "one-to-many" manager of the special account cannot be higher than 20% commission.