The lock-up period of most fixed-income funds in the market is generally one year. Private investment funds (hereinafter referred to as fixed-income funds) refer to funds that mainly participate in the private placement of listed companies, that is, investment funds that mainly invest in non-public offerings of listed companies.

The existing fixed income funds all operate in the form of hybrid funds, and all of them have a certain closed period. Listing and trading within the closed period, and subscription and redemption are not open.