New funds see high of over US$49.2b
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E-mail China Daily, May 29, 2013
Proceeds from newly-established funds in China have risen to a record high of more than 300 billion yuan (US$49.2 billion) so far this year, but only a small proportion of the funds are equity-related due to a volatile stock market.
Chinese fund management firms have launched 140 new funds as of Monday, raising a total of 310.6 billion yuan, a surge of 39 percent from the same period last year, Shanghai Securities News reported yesterday.
But just 43 of the new funds are equity-related and they raised 43.5 billion yuan, accounting for 14 percent of the total, according to the report.
Most of the funds were low-risk fixed-income products, including 71 bond funds, 11 monetary funds and 12 principal protected notes.
"The roller-coaster performance of the CSI 300 Index in the first three months of this year resulted in investors flocking back into fixed-income products," said Z-ben Advisors in a report.
"It is too early to judge when Chinese investors will start moving toward equity assets and funds," the Shanghai-based consulting company pointed out.
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