Fund companies post huge losses

As of Tuesday, 588 funds under 60 firms had reported their half-year financial results.

Due to the collapse of the stock market in the first half of the year, 333 funds mainly investing in stocks suffered huge losses to 948 million yuan ($139.41 million) on average for each fund in the first six months, according to statistics from Howbuy, a fund consultancy company.

The 60 firms had losses of 439.79 billion yuan ($64.68 billion), the second worst posting since the 1.08 trillion yuan ($158.82 billion)'s losses in the first half of the 2008.

Source: Global Times