Specific objects refer to identified individuals, while unspecific objects refer to several people or a group of people that are unclear, unspecific, abstract, and non-individual.

Issuing securities to unspecified objects means issuing securities to the public. The issuance target is universal and is not issued to a specific group.

Specific objects refer to the issuance of company securities to specific groups. For example: a company issues company securities to its employees, and its employees are a specific group. However, the issuance of securities to a specific target group of more than 200 people in total is considered a public offering.

Extended information:

Issuance method

1. Public offering

Issuance to all legal social investors.

2. Private placement

Issue securities to specific investors.

There are many specific methods of securities issuance. China has successively experienced subscription certificates, linking to savings deposits, full prepayment, online pricing, online bidding, the combination of online issuance and placement to institutional investors, and Secondary market investor placement and other issuance methods. The issuance methods are constantly changing with the deepening of the market-oriented reform of China's securities issuance management system.