SHANGHAI- A Chinese mutual fund attracted a record $37 billion worth of investor subscriptions on the first day of sales, state media reported, reflecting Chinese retail fever toward stocks.
E Fund Management Co launched the fund on Monday and raised 237 billion yuan ($36.6 billion) in subscription money, nearly 16 times its fundraising cap of 15 billion yuan, official Securities Times reported on Tuesday, citing sales channels. E Fund said official data will be released soon, without giving figures.
The demand reflects Beijing’s success in boosting investor confidence in capital markets following a series of reforms, and points to more momentum in China’s bull run that saw the bluechip CSI300 index jump 27 percent in 2020.
It also highlights growth potential for China’s roughly $3 trillion mutual fund industry, which was fully open to foreign investors last year.