Trust companies are trustees of issuing trusts, such as SZITIC and Ping An Trust. If you don't know the trustee, you will understand it as a platform for issuing trusts.

Asset management company is the investment consultant or manager of trust, referred to as private fund manager. If a trust has been issued, then this company is commonly referred to as Sunshine Private Equity.

Private fund is relative to public fund. At present, there is a difference between underground private placement and sunshine private placement. Like ordinary small investment companies, they are all underground private placements, while investment companies and asset management companies that have issued trusts are all sunshine private placements.

If you don't understand, add my deduction.