When a closed-end fund is issued, once the total amount of the issue is fully recognized, regardless of whether it expires or not, the fund will close itself and will no longer accept subscription applications. According to the provisions of the Securities Investment Fund Law and the Measures for the Operation and Management of Securities Investment Funds, closed-end investment funds in China should be raised within 6 months from the date of receiving the approval documents. The fund raising period shall be counted from the date when the fund shares are sold, and the longest period shall not exceed three months.