The lock-up period of Alipay fund is one year, which means that the fund is closed for one year and cannot be redeemed. If the fund is subsequently listed and traded on the stock exchange, investors can handle the re-custody business and sell the fund on the stock exchange. If the fund is not listed on the stock exchange, then investors can only hold it at maturity.

Closed-end funds are not suitable for investors with high liquidity requirements because of their poor liquidity. Investors who buy closed-end funds should make good capital planning.