Chinese investment funds saw a new record in combined operating profits last year at 270.8 billion yuan (US$33.9 billion) for 2006, boosted by the country's bull stock market.

An investor smiles before an electronic board showing stock information at a securities firm in Xiamen, East China's Fujian Province March 20, 2007. [newsphoto]

The net income of the 287 funds launched by 53 fund management firms totaled 124.8 billion yuan, while paper profits reached about 146 billion yuan, according to WIND, a provider of Chinese financial data.

The profits were more than 38 times greater than the seven billion yuan earned in 2005 by all 206 funds under 46 fund management firms.

Related readings: Stock market a magnet for investors Forex watchdog warns online fund fraudMore Chinese invest in equity markets: survey More fund products on the way

The majority of profits came from the 216 stock-leaning funds, which have at least 60 percent of their investments in stocks. They reported total operating profits of 261.4 billion yuan, accounting for 96.53 percent of all fund profits.

The country experienced a fund investment boom last year as investors shifted low-interest bank deposits into the bourses, which surged 130 percent last year after a four-year slump.

1

2

(For more biz stories, please visit Industry Updates)