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QINGDAO TODAY
在线翻译:
szdaily -> Markets -> 
Fund lures US$10b in 10 hours
    2019-03-25  08:53    Shenzhen Daily

IT took just 10 hours for one of China’s star stock pickers to attract more than 70 billion yuan (US$10 billion) in orders for his new firm’s debut mutual fund, the latest sign of investor exuberance in the world’s best-performing equity market.

The Shanghai-based Foresight Fund, managed by Chen Guangming, said Friday that it stopped accepting customer subscriptions after blowing past its 6 billion yuan fundraising target.

While the fund didn’t disclose the amount of orders it received, sources said the figure topped 70 billion yuan, including about 20 billion yuan via China Merchants Bank’s fund distribution platform.

The Shanghai Composite Index has surged 24 percent this year as the nation’s army of individual investors cheered government stimulus efforts, a relaxation of trading curbs and the market’s growing role in MSCI Inc.’s global indexes.

While the rally has been good news for a Chinese asset management industry that’s increasingly opening up to international players, policymakers are trying to avoid a repeat of the speculative frenzy that fueled the nation’s 2015 equity boom and bust.

For now, Chinese stock strategists say the most likely outcome is a restrained bull market.

Yet the rush into Chen’s Foresight Fund suggests investor demand for stocks is unusually strong. (SD-Agencies)

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