The prospectus is valid for six months. The issuance of new shares by a company must be approved by the CSRC and a prospectus must be published. The validity period is calculated from the date when the prospectus is signed for the last time before the approval of China Securities Regulatory Commission.

After the new fund raising application is approved, it should enter the fund share sale link within 6 months according to the regulations, and the raising period will begin accordingly. The raising period of new funds generally ranges from 1 to 3 months, and the longest period cannot exceed 3 months.

The share of the new fund is limited. If the fundraising is completed in advance, the fundraising period can be ended. But if it is larger than the established scale, the excess cannot be confirmed. If it fails to reach the established scale, the fund may face "dystocia" and eventually cannot be established.

After the end of the raising period, the fund sales share and raised funds meet the pre-application standards, and the fund management company can go through the filing procedures at the CSRC, and the fund contract can finally take effect.