Public underwriting of local government bonds describes a process wherein the finance departments of provinces (including autonomous regions, municipalities directly under the central government, and specifically designated cities) confer with the lead underwriter to establish a range for the interest rate (or price). Subsequently, the bookrunner coordinates the syndicate members to submit bids specifying their proposed interest rate (or price) and quantity. Subsequently, based on pre-established pricing and allocation protocols, the final issuance interest rate (or price) is determined, and allocation is executed. Local government bond distribution denotes the process, occurring within a designated distribution period, whereby syndicate members who have been successfully allocated bonds transfer a portion or all of their local government bond quotas to entities outside the syndicate. Our institution is a constituent member of the local government bond underwriting syndicate covering Heilongjiang Province, Sichuan Province, Liaoning Province, Tianjin City, and Chongqing City.