China's first batch of mutual funds targeting Shanghai's Nasdaq-style ...
SHANGHAI - China’s first batch of mutual funds targeting Shanghai’s Nasdaq-style technology board have sold out quickly, reflecting keen investor interest in the sector and also raising concerns about price bubbles on the new board set to launch as early as June.
Seven fund houses, including E Fund Management Co, Harvest Fund Management and China Universal Asset Management each aimed to raise up to 1 billion yuan in their newly-launched tech-focused funds, and all hit their fundraising target on the first day of sales. E Fund said its new fund, which launched on Friday, was roughly 10 times oversubscribed. On Tuesday, six other tech funds stopped taking fresh subscriptions following Monday’s launch, citing oversubscription.Roughly 80 tech-focused funds are now in the queue awaiting regulatory approval, as fund managers seek to capitalize on investor enthusiasm.
“You will likely see pumps and dumps on the new tech board,” Yang said, adding he’s also worried about the quality of the companies to be listed there.
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