China's mutual fund industry saw another massive jump in new products and subscriptions in June, suggesting the swift rally in mainland stocks has room to run further.
Some 73 new open-ended equity and balanced funds were launched in June, taking the total to 4,110, data from the Asset Management Association of China showed.The net value of open-ended equity and balanced funds stood at 4.2 trillion yuan for the month, up nearly 70per cent from 2.5 trillion yuan in the same period last year, according to AMAC."There are 639 mutual funds newly launched for the first half.
Z-Ben estimated there were outflows of 1.23 trillion yuan to 2 trillion yuan from safe-haven money market funds in the second quarter as investors switched to the stock market.