SHANGHAI May 1 China's first two
exchange-traded fund (ETF) products that track both the Shanghai
and Shenzhen stock markets raised a combined 52.9 billion yuan
Huatai-PineBridge Fund Management Co, the Chinese fund
venture of PineBridge Investments, has raised more
than 32.9 billion yuan, a company spokesman said on Tuesday,
making it the second-biggest Chinese mutual fund on record.
Harvest Fund has raised about 20 billion yuan in its new ETF
product, an official with direct knowledge of issue said.
The two ETF products, the first ever to track the CSI300
index of China's 300 biggest listed companies, would
provide foreign and domestic investors with a more liquid tool
to invest in the country's stock market and also give a boost to
China's emerging hedge funds industry, analysts said.
Growth in China's fund management industry has stagnated
over the past few years as a tumbling stock market kept many
investors on the sidelines, leaving fundraising extremely
difficult for the industry's 60-plus players.
The Shanghai benchmark stock index is up 9 percent
so far this year after falling 22 percent last year.
($1=6.3102 Chinese yuan)
(Reporting by Samuel Shen and Kazunori Takada; Editing by Greg