If the fund custodian and fund manager are replaced at the same time, the fund sponsors will make an announcement within 5 working days after obtaining approval. The new fund custodian shall be approved by the China Securities Regulatory Commission and the People's Bank of China; Upon approval, the original fund custodian may retire. If there is no new fund custodian to undertake the fund managed by the original fund custodian, it shall be terminated. The fund custodian is the representative of investors' rights and interests, and is the nominal holder or management institution of fund assets. In order to ensure the safety of fund assets, the Fund shall operate according to the principle of separation of asset management and custody, and the fund assets shall be kept by special fund custodians. In China, according to the Interim Measures for the Administration of Securities Investment Funds, the fund custodian must be examined and approved by the China Securities Regulatory Commission and the People's Bank of China, and meet the following conditions: it should be a commercial bank; The paid-in capital is not less than 8 billion yuan; Having a special fund custody department; There are enough full-time personnel familiar with the custody business.