China's public offering funds value hits 28.8 trillion yuan

BEIJING -- Assets under the management of China's public offering funds totaled 28.8 trillion yuan ($4 trillion) by the end of July 2023, data from the Asset Management Association of China showed.

By the end of last month, a total of 11,039 public offering funds were being operated by 144 fund management companies, the association said.

The scale of closed-end funds neared 3.75 trillion yuan, with open-end funds at about 25.06 trillion yuan, the data revealed.

Of the 144 fund management companies, 48 are foreign-funded and 96 are domestic firms, the association said.