Cool Debut for Open-Ended FundThe country's first open-ended fund, Hua'an Innovation, debuted on Tuesday and had a wait-and-see reception from investors.Analysts said the performance of Hua'an investors and the stock market would be critical to the success of Hua'an and other open-ended funds that will come to stage by the end of the year. Hua'an Innovation began to be offered to retail investors on Tuesday with each investor able to buy one to 30 units equaling 10,000 to 300,000 yuan (US$1,200-36,100) of the funds. At outlets of the fund's custodian bank, the Bank of Communications, long queues of buyers could be seen throughout the day. However, purchase volume remained moderate as investors remained cautious about the fund's prospects. "I don't have high hopes as the stock market is so bearish nowadays," said a man standing in the queue. "I'm here just out of some hope. But I won't buy much." A clerk with a Bank of Communications outlet in Beijing said it had a total of 27 million yuan (US$3.3 million) of units for sale at the outlet. Despite many people came to buy, only 17 million yuan (US$2 million) have been sold. China Southern Fund Management Corporation is also scheduled to bring out its open-ended funds in the near future. Source: China Daily |
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