Zhongrong Trust-Ying Da 1 should be a trust wealth management product, which can also be understood as a private equity fund of the trust system. Under the trust system, funds are managed by the trustee, who can be a fund management company or a trust company that issues trusts. Some funds are partnerships, and the fund manager is also a partner (GP). PE (private equity fund) that invests in unlisted companies mostly adopts partnership system (this is due to tax avoidance considerations), but it is hard to say that limited partnerships are generally PE, and I have not seen statistics in this regard. The company system is the clearest and easiest, and the subscription of private equity fund shares is paid in the form of equity contribution.