the issuance of fund units is the behavior of fund management companies to publicly sell fund units to the public according to legal conditions and procedures for the purpose of raising entrusted funds and conducting investment management. According to the different stages of issuance, the issuance of fund units can be divided into initial issuance and expanded issuance, in which the initial issuance refers to the initial issuance when the fund is established. Offering-by-offering refers to the increase of funds for expanding the fund after its establishment.

according to the scope of the issue, it can be divided into private offering and public offering. Among them, private placement means that the issuer directly sells the issued fund units to investors, eliminating the participation of underwriters. The public offering refers to the way in which the fund unit is underwritten by an underwriting institution, the prospectus is publicly offered to the public, and the fund unit is publicly sold.