More than 4,000 new Chinese hedge and private equity funds have launched in the past three months, fuelling a mass exodus from traditional investment houses as ambitious fund managers seek to profit from the country’s booming stock market.
The number of private investment funds — including private equity, and venture capital — totalled 12,285 by the end of May, up from 7,989 three months earlier, figures from China’s securities regulator show. Assets under management increased by $75bn to $433bn.
The Shanghai Composite Index closed at a seven-year high on Friday and is up 150 per cent over the past year. The small-cap, tech-focused ChiNext board in Shenzhen has more than tripled in the past year.
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