Legal analysis: Private equity funds cannot be listed and traded. Public Offering of Fund raises funds through public offering, while private equity funds raise funds through non-public offering, which is the main difference between private equity funds and Public Offering of Fund. Public Offering of Fund has very strict requirements on information disclosure, such as its investment objectives and portfolio. Private equity funds have low requirements for information disclosure and strong confidentiality.

Legal basis: Article 14 of the Interim Measures for the Supervision and Administration of Private Equity Funds (Draft for Comment) Private Equity Fund managers and private equity fund sales organizations shall not raise funds from units and individuals other than qualified investors, and shall not publicize and promote them to unspecified objects through newspapers, radio, television, the Internet and other public media or lectures, reports, analysis meetings, posting notices, distributing leaflets, sending text messages, WeChat, blogs and emails.