According to the regulations, the funds that can participate in the strategic placement of science and technology innovation board must be closed-end funds, and they must hold the placement shares ≥ 12 months. Therefore, in order to share the strategic placement bonus, such funds adopt closed operation.

Three-year closed operation can reduce the influence of daily capital entry and exit, facilitate the operation and management of fund managers and improve investment efficiency; The listed companies of science and technology innovation board are all high-tech emerging growth enterprises. Three-year closed operation can achieve long-term layout and strive to share the growth value of the company.