the meaning of listing and circulation: investors go to the exchange to buy and sell, and the exchange is a platform, and investors are the objects of buying and selling, and securities are circulated among investors.

circulation in Public Offering of Fund: investors give money to fund companies to take care of, and fund companies take investors' funds to buy and sell securities on exchanges, and funds and securities are circulated between fund companies and investors in other exchanges. It is essentially the same as going directly to the exchange with money.

So Public Offering of Fund doesn't need to be listed and circulated.