China fund hands back $10.4 billion
After its fund launch was nine times oversubscribed, China International Fund Management struggles to comply with its quota.
China International Fund ManagementÆs latest fund launch has been forced to allocate shares to more than 1.8 million individual investors as a consequence of new rules imposed by the China Securities Regulatory Commission.The fund was initially nine times oversubscribed during its initial launch period and gathered RMB90 billion ($11.65 billion) in assets. This is more than double the giant RMB40 billion Harvest Fund Management IPO last December that capped A-share mania. It boggled m…
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