Private equity funds are generally not allowed to use public media for advertising, that is, they are not allowed to openly attract and attract investors; Private fund-raising in China is strictly restricted, because private fund-raising can easily become "illegal fund-raising". The difference between the two is whether to raise funds for the general public and whether the ownership of funds has been transferred. If more than 50 people are raised and transferred to personal accounts, it is considered as illegal fund-raising, which is a very serious economic crime and can be sentenced to death.