THE country’s first batch of mutual funds targeting Shanghai’s 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 (US$148.4 million) in their newly launched tech-focused funds, and all hit their fundraising target on the first day of sales.

Shanghai’s Science &Technology Innovation board will give investors exposure to firms in the country’s “strategic sectors” such as semiconductors, biotech, artificial intelligence and high-end manufacturing.

E Fund said its new fund, which launched Friday, was roughly 10 times oversubscribed. Yesterday, six other tech funds stopped taking fresh subscriptions following Monday’s launch, citing oversubscription.

The seven funds attracted investor subscriptions totalling 100 billion yuan, official media reported.

Roughly 80 tech-focused funds are now in the queue awaiting regulatory approval, as fund managers seek to capitalize on investor enthusiasm.

(SD-Agencies)