Investment securities consist of equity securities and debt securities.

The carrying amount and fair value of the equity securities by major security type and class of security as of December 31, 2021 and September 30, 2022 was as follows:

The investments in asset management products principally invests in bonds listed and traded between banks and exchanges, monetary market instruments, treasury bonds, convertible or exchangeable bonds and other fixed income financial instruments.

Wealth management products are investment products issued by commercial banks and other financial institutions in China. The wealth management products invest in a pool of liquid financial assets in the interbank market or exchange, including debt securities, asset backed securities, interbank lending, reverse repurchase agreements and bank deposits. The products can be redeemed on weekdays on demand.

The debt securities are in the form of investments in partnership and corporate bond. The partnerships guarantee investment principle and a fixed interest income to the Group. The Group has the intent and ability to hold the debt securities to maturity or payoff.