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The charging mechanisms of public funds and private funds are different. The income of public funds mainly comes from fixed management fees, while the income of private funds mainly comes from floating management fees (performance commission). For example, private funds stipulate in the contract that the income will be included in the investment income. Let's briefly introduce the difference between public placement and private placement with exchangeable corporate bonds, mainly compare them from three aspects: issuance conditions, issuance process and core terms design. Finally, we will use 16 Wanxin eb (public placement) and 16 Zhuoyue eb (private placement) as case studies.

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