(1) The amount of subscription for new funds with initiated funds is not less than100000 yuan, and the holding period of fund shares subscribed with initiated funds is not less than 3 years; (2) Initiated funds have lowered the threshold for raising and establishing, and the scale of raising is not less than 50 million yuan, and no less than 200 people can apply for establishment; (3) Strengthening the mechanism of withdrawing funds. Sponsored funds need to be stipulated in the fund contract. Three years after the fund contract comes into effect, if the fund assets are less than 200 million yuan, the fund contract will be automatically terminated, and it may not be extended by holding a holders' meeting. At present, there is an initiating fund: Tian Hong Bond Initiating Fund, which was recently approved, becoming the first initiated fund declared and approved for issuance in China. It is reported that as the first approved sponsored fund, Tian Hong Fund subscribed 6,543,800 yuan with the company's inherent funds, and promised to hold it for no less than 3 years.