Is Ruifuzhong a private placement?

Yes Ruifuzhong is a private equity fund managed by UBS Trust (China) Co., Ltd., providing professional investment management services. Private equity fund is a kind of fund that does not raise funds publicly, and it is only provided to specific investors, who must meet certain access conditions. Compared with Public Offering of Fund, private equity funds are more free in investment scope, investment strategy and risk control, but there are also some risks.