1. Select the fund manager in the product setting stage (1). Choose a trading team with mature trading model and stable trading record as the fund manager. The specific evaluation process is strictly implemented by the relevant departments of the company (it is planned to adopt the mode of cooperation with the partnership enterprise). (2) Formulate the product design scheme, including the specific operation mode, risk control of the fundraising cycle, fundraising scale, closure period, underwriting mode, capital investment and withdrawal mechanism, etc. At the same time, a series of promotional activities such as roadshows were carried out. 2. Provisions on Fund Distribution Channels and Raising Period (1) In the process of fund issuance, fund shares are sold to investors through consignment channels such as securities outlets and third-party institutions. Private equity funds mostly adopt the way of self-issuance, that is, the fund promoters sell the funds directly to investors without going through underwriters. (2) After the issuance period, the fund manager shall not use the raised funds for investment, but shall transfer the funds raised during the issuance period to a capital verification account for capital verification by qualified institutions and individuals. A closed-end fund can only be established when the funds raised during the period from the date of approval to the raising period exceed 80% of the approved scale of the fund.

(3) If the funds raised by closed-end funds are less than 80% of the approved scale, no fund may be established. Fund sponsors must bear the fund raising expenses, and the raised funds plus interest on bank demand deposits must be returned to fund subscribers within 30 days. 3. Capital operation and implementation. After the fund was established, it entered a closed operation period according to the product design plan. Futures companies fulfill their risk monitoring obligations and track the operation of funds. 4. Fund withdrawal mechanism. After the closure period expires, pay dividends according to the product design plan and quit. The futures company shall assist in withdrawing.