China's public offering fund value hits 27.77 trillion yuan

BEIJING -- Assets under the management of China's public offering funds totaled 27.77 trillion yuan ($3.85 trillion) by the end of May, data from the Asset Management Association of China showed.

By the end of May, a total of 10,890 public offering funds were being operated by 143 fund management companies, the association said.

The scale of closed-end funds neared 3.7 trillion yuan, with open-end funds at about 24 trillion yuan, the data showed.

Of the 143 fund management companies, 47 are foreign-funded and 96 are domestic firms, the association said.