China Securities Finance Corp (CSF), the national margin trading service provider, may have been the major buyer of two new funds targeting shares of growth companies worth 80 billion yuan ($12.89 billion) in total, sending a positive signal to Chinese investors, the National Business Daily reported on Wednesday.
Harvest Fund Management set up a fund Monday to raise 40.01 billion yuan, with 10 million yuan from the company itself and the remaining from 264 effective subscribers, according to the report.
On the same day, China Asset Management (ChinaAMC) also kick-started a 40.01-billion-yuan fund, with just two subscribers: ChinaAMC vowed 10 million yuan and another independent subscriber pledged to invest nearly 40 billion yuan.
Selling of both funds lasted for just one day and they were only available through the companies' direct sales channels.
Industry insiders say CSF was the major buyer of both funds. On July 8, news about CSF's moves to subscribe 200 billion yuan in five funds spread on the stock market and was applauded by many investors.
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