China's mutual funds post huge book losses

14:34, August 30, 2010      

Email | Print | Subscribe | Comments | Forum 

China's securities-based mutual funds reported book losses totaling 439.75 billion yuan (64.64 billion U.S. dollars) in the first half, TX Investment Consulting Co. Ltd., said Monday in a report.

The losses were the second biggest for China's mutual funds industry in history after the industry's record losses of 1.08 trillion yuan in the same period of 2008.

The report said that of the 661 mutual funds managed by 60 fund companies in China, 261 equities-oriented funds reported combined losses of 296.3 billion yuan.

The TX report said 155 funds that had invested part of their capital in stocks lost 120.5 billion yuan.

China's benchmark Shanghai Composite Index fell 26.82 percent in the first half, sending the prices of most equity funds below their 1-yuan face value per share.

The Hushen 300 Index, which tracks the performance of major companies with 60 percent of the market value in China's Shanghai and Shenzhen stock exchanges, plunged 28.31 percent in the first half.

Principal guaranteed funds and qualified domestic institutional investor (QDII) funds, which are considered less risky than stocks-oriented funds, all lost in the first half.

In the January-June period, only money and bond funds gained ground.

Money funds posted profits of 1.01 billion yuan while bond funds reported returns of 1.24 billion yuan in the first half, said the TX report.



  • Do you have anything to say?


Special Coverage
  • Premier Wen Jiabao visits Hungary, Britain, Germany
  • From drought to floods
Major headlines
Editor's Pick
  • Players of Iran throw up their coach Velasco Julio during the awarding ceremony at the 16th Asian Men's Volleyball Championship in Tehran, capital of Iran, Sept. 29, 2011. Iran won the champion after beating China 3-1 in the final on Thursday. (Xinhua/Ahmad Halabisaz)
  • Greek artists burn copies of emergency tax notices during a protest against austerity measures in Athens, Greece, on Sept. 29, 2011. The Greek government is facing a new wave of protests as it introduces new austerity measures to obtain the sixth tranche of aids necessary to overcome the acute debt crisis.(Xinhua/Marios Lolos)
  • A winner of the 36th Miss Bikini International 2011 poses for a photo at the Olympic Sailing Center in Qingdao, a coastal city of east China's Shandong Province, Sept. 29, 2011. (Xinhua/Chen Jianli)
  • Staff members are in position at Beijing Aerospace Control Center in Beijing, capital of China, Sept. 29, 2011. Commander-in-chief of China's manned space program Chang Wanquan announced Thursday night that the launch of Tiangong-1 space lab module was successful. (Xinhua/Rao Aimin)
  • Champion of Miss Bikini from Poland receives trophy at the final of the 36th Miss Bikini International World Competition in Qingdao, east China's Shandong Province, Sept. 28, 2011. (Xinhua Photo)
  • Photo taken on Sept. 28, 2011 shows autumn scenery of populus euphratica forests in Ejina Banner, north China's Inner Mongolia. The populus euphratica forests here, with an area of 390,000 mu, or 26,000 hectares, is one of the world's most famous populus euphratica forests. The golden leaves and sunshines here in autumn is able to attract more than 100,000 person-times annually. (Xinhua/Zhao Tingting)
Hot Forum Discussion