On-market fund and Public Offering of Fund are not the same concept and cannot be compared. Public offering funds include on-site funds and off-site funds, and public offering funds refer to funds that are publicly issued and open to all investors.

On-site funds refer to funds traded on the stock exchange. Investors only need to open an on-site fund account to trade. It is a fund that all investors can trade, and there are corresponding OTC funds. Over-the-counter funds are funds that are not traded on the stock exchange and can be traded by all investors.