On February 1, 2023, the China Securities Regulatory Commission ("CSRC") solicited public opinions on the Measures for Administration of the Registration-based Initial Public Offerings of Stocks (Draft for Comment) (《首次公开发行股票注册管理办法（征求意见稿）》). Shanghai Stock Exchange, Shenzhen Stock Exchange, Beijing Stock Exchange, National Equities Exchange and Quotations, China Securities Depository and Clearing Corporation Limited ("CSDC"), and China Securities Finance Corporation Limited ("CSF") also solicited public opinions on supporting business rules for the full implementation of the registration-based initial public offering ("IPO") system. Based on this, Han Kun Law Offices have published a series of articles on the topic of the full implementation of the registration-based IPO system, providing detailed interpretations of key changes of the new IPO rules, refinancing policies for listed companies, and restructuring rules for listed companies. So in the context of the registration-based IPO system, what are the opportunities and challenges for fund management companies to subscribe for shares? In this article, we intend to focus on the key points that fund management companies should pay attention to from the perspective of fund management companies subscribing for shares in placing tranches in the registration-based IPO system and provide suggestions on work that needs to be implemented or improved further.