Conducted in the following markets: Bond repurchase transaction entities include various financial institutions that comply with the relevant access regulations of the bond market and various types of unincorporated products and other qualified institutional investors, as well as asset managers of unincorporated products and custodians; in simple terms, there are two types of transaction entities, namely, legal human qualified institutional investors and illegal human qualified institutional investors.

Qualified institutional investors of legal persons include but are not limited to domestic commercial banks, trust companies, enterprise group financial companies, securities companies, fund management companies, futures companies, insurance companies and other financial institutions licensed by the financial regulatory authorities. Institutions, overseas RMB business clearing banks, overseas participating banks. Authorized branches of financial institutions are managed with reference to legal entities qualified institutional investors.

Illegal human qualified institutional investors mainly include securities investment funds, bank financial products, trust plans, etc. Insurance products, private investment funds, housing provident funds, social security funds, corporate annuities, pension funds, charity funds, etc. registered with the Fund Industry Association, are managed with reference to illegal human qualified institutional investors.