May 1, 2012 / 3:16 PM / in 6 years

China's first Shanghai-, Shenzhen-tracking ETFs raise $8.4 bln

SHANGHAI, May 1 (Reuters) - 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 ($8.38 billion).

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 Mahlich)

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