[Securities firms' public offering products in the face of "three-year validity period" some products may be "wound up" announcement] Financial Associated Press, April 20, since the large collection of securities firms' asset management products with reference to the transformation of public offering funds At present, some of the products of securities firms or asset management subsidiaries of securities firms that have not yet obtained a public offering fund license have reached or are close to the "three-year validity period" (the contract term of the standardized large collection of products shall not exceed three years in principle). Among them, the vast majority of products have chosen to extend their duration until the end of this year, and two products have been announced or will be "liquidated" in the near future. However, brokerages that have chosen to "postpone" their products may still face "liquidation" if they have not obtained a public fund license by the end of the year. (Securities Daily)