Not the same thing. Issuance refers to raising funds for qualified investors (that is, promoting products, investors signing trust documents, delivering subscription funds, etc.). ). Generally, there is a issuance period (also called fundraising period), ranging from a few days to several weeks. Establishment means that after the product is issued, the funds raised meet the conditions of establishment (generally agreed in the trust documents, which can be commonly understood as the loan amount to the financier), and then the trust company declares it.