I don't know much about private placement. Let me talk about trust funds. Does the target company refer to the financing party? The financier needs to provide a guarantor or collateral or pledge. From the case I have handled, I will make a classification analysis.

For real estate trust funds, the financing party is usually the project company, and the guarantor is usually an affiliated company, controlled by the same shareholder, and there is no counter-guarantee risk.

For the government financing platform, the law stipulates that the government cannot guarantee it, but in practice, there are basically financial guarantees, and usually someone makes big decisions. The risk of government guarantee is only credit risk, and there is no guarantee risk. This kind of compulsory guarantee itself is illegal, so the risk is only to evaluate the government credit.

There are many equity investment funds recently. To be honest, this risk control measure is quite special. As a trust company's own business, trust companies do GP, which is basically guaranteed by GP credit. This kind of risk cannot be quantified, and the trust industry itself is also affected by policies and cannot be controlled. All belong to external risks.