The word "private fund" in China has no equivalent in some foreign codes and English dictionaries.

Compared with public offering, private offering is defined as public offering and private offering, or public offering and private offering according to the different ways of securities issuance and whether securities are issued to an unspecified public.

The Chinese word "private fund" has no corresponding word in the codes and English dictionaries of some foreign countries. Compared with public offering, private placement is the difference in the way of issuing securities, which is limited to public offering and private offering, or public offering and private offering according to whether or not to issue securities to the unspecified public.