44% of 1,369 funds post overall profit
Print Edition
Around 44 percent of the 1,369 funds in China made an overall profit of 15.6 billion yuan (US$2.5 billion) in the first half of the year but this was a sharp drop from the 47.1 billion yuan profit in the same period last year.
The 609 funds also benefited from a 28 percent jump in trading commissions to 1.08 billion yuan.
So far only the 609 funds, managed by 24 fund companies, have filed their half-yearly reports, the Asset Management Association of China said. By the end of July all the assets of the 1,639 funds totaled 3.69 trillion yuan, up from 3.48 trillion yuan in June, the body said.
Meanwhile Central Huijing Investment Ltd, a unit of China’s sovereign wealth fund, invested 15 million yuan in three Exchange Traded Funds in the first half, which was mainly channeled to blue-chip shocks.
The state-owned investment fund added it will continue ato buy heavily-weighted stocks, mainly bank shares, in the second half of the year.
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