2. According to the provisions of Article 5 of this Law, the fund shares of closed-end funds can be traded in legally established securities exchange places, and other provisions are authorized if funds with other modes of operation need to be listed and traded. Therefore, the listing of fund shares mentioned in this chapter refers to the listing of fund shares of closed-end funds. The listing and trading of fund shares refers to the open and centralized bidding of fund shares in the stock exchange upon the application of the fund manager and the approval of the the State Council Securities Regulatory Authority.