Core Viewpoint - The article discusses the registration and issuance process of the "CITIC Construction Investment Shenyang International Software Park Closed-End Infrastructure Securities Investment Fund" (referred to as "the Fund"), which has been approved by the China Securities Regulatory Commission (CSRC) and outlines the rules for offline inquiry and subscription for institutional investors [14][19][21]. Fund Overview - The total number of fund shares approved for issuance is 30 million, with 21 million shares allocated for strategic placement, 6.3 million shares for offline issuance, and 2.7 million shares for public issuance [14][20][21]. - The fund's code is "508029," and it is referred to as "CITIC Construction Investment Shenyang International Software Park REIT" [14]. Issuance Method - The fund will be issued through a combination of strategic placement, offline inquiry for qualified institutional investors, and public issuance [3][18]. - The inquiry price range is set between 2.736 yuan/share and 4.104 yuan/share, which will be finalized through offline inquiries [23]. Subscription Process - The inquiry period is scheduled for September 29, 2025, from 9:00 to 15:00 [4]. - Qualified institutional investors include securities companies, fund management companies, trust companies, insurance companies, and other professional institutional investors [4][42]. - Investors must submit asset proof materials by September 26, 2025, to participate in the offline inquiry [5][49]. Trading Restrictions - For offline investors, if the total number of shares they intend to subscribe does not exceed 100 times the initial offline issuance, they can trade up to 50% of their allocated shares within the first three trading days after the fund's listing [7][24]. - If the total exceeds 100 times, all allocated shares can be traded immediately upon listing [7]. Risk Management - The fund's management emphasizes compliance with industry regulations and risk control during the subscription process [5][47]. - Investors must ensure that their proposed subscription amounts do not exceed their asset scale or funding capacity [5][47]. Strategic Investor Participation - Strategic investors must sign a "Strategic Placement Agreement" and are not allowed to participate in the offline inquiry [29][33]. - The strategic placement will account for 70% of the total fund shares, with specific holding periods for different categories of investors [34][35]. Important Dates - The fund's public promotion will occur from September 24 to October 14, 2025, targeting both offline and public investors [28].

Core Viewpoint - The article discusses the launch of the "Hua Xia Zhong Hai Commercial Asset Closed-End Infrastructure Securities Investment Fund," detailing its structure, investment strategy, and the regulatory framework governing its issuance and operation [9][13][21]. Fund Overview - The fund is approved to issue a total of 300 million shares, with 210 million shares allocated for strategic placement, 63 million for offline issuance, and 27 million for public investors [10][13]. - The fund primarily invests over 80% of its assets in infrastructure asset-backed securities, aiming to acquire complete ownership or operational rights of infrastructure projects [2][10]. Issuance and Subscription Process - The offline inquiry will be conducted through the Shenzhen Stock Exchange's electronic platform, with specific rules outlined for pricing and subscription [2][12]. - Strategic investors can subscribe through direct sales by the fund manager, while public investors must go through qualified sales institutions [9][10]. Risk Characteristics - The fund has different risk-return characteristics compared to traditional public funds, with expected risks and returns higher than bond funds but lower than equity funds [2][4]. - Investors are advised to understand the unique risks associated with infrastructure projects, including market conditions and regulatory changes [4][6]. Subscription Details - The initial strategic placement will account for 70% of the total issuance, with specific quotas for original rights holders and other strategic investors [10][22]. - The subscription period and pricing will be determined through a competitive inquiry process, with a price range set between 3.548 and 5.322 yuan per share [12][47]. Regulatory Compliance - The fund's issuance is governed by various regulations from the China Securities Regulatory Commission and the Shenzhen Stock Exchange, ensuring compliance with legal standards [1][9]. - Investors must meet specific qualifications to participate in the offline inquiry, including registration with the China Securities Association [29][31].

Core Points - The fund being launched is the CICC Vipshop Outlets Closed-End Infrastructure Securities Investment Fund, which is initiated by CICC Fund Management Co., Ltd. and approved by the China Securities Regulatory Commission (CSRC) [14][11] - The total number of fund shares approved for issuance is 1 billion, with 700 million shares allocated for strategic placement, 210 million for offline issuance, and 90 million for public offering [14][15] - The pricing range for the fund shares is set between 2.321 yuan and 3.481 yuan per share, with the final price determined through offline inquiry [19][3] Fund Issuance Method - The fund will be issued through a combination of strategic placement, offline inquiry for qualified institutional investors, and public offering [3][18] - Strategic investors must sign a Strategic Placement Agreement and are not allowed to participate in the offline inquiry [23][26] - The offline issuance will be conducted via the SSE's "REITs Inquiry and Subscription System" [2][33] Investor Participation - Qualified offline investors include securities companies, fund management companies, trust companies, insurance companies, and other professional institutional investors [4][33] - Each participating investor must submit asset proof materials by noon on August 12, 2025, to be eligible for participation [6][38] - The maximum subscription amount for each placement object is capped at 21 million shares [5][21] Subscription and Payment - Subscription and payment for the offline issuance will occur simultaneously, and all participating investors must use a registered fund account to pay the subscription amount [8][18] - Investors must ensure that their proposed subscription amounts do not exceed their asset scale or fund scale [6][45] Lock-Up Period and Trading Restrictions - The public offering portion of the fund shares has no circulation restrictions or lock-up period, allowing immediate trading upon listing [20][21] - For strategic investors, the lock-up period varies based on the percentage of shares held, with some portions requiring a minimum holding period of 36 to 60 months [27][28] Important Dates - The inquiry period for the fund issuance is set for August 13, 2025, from 9:00 AM to 3:00 PM [4][17] - The final announcement regarding the issuance will be made on August 15, 2025, with the public offering expected to follow shortly after [26][29]