China’s ambition to have its citizens profit from the nation’s publicly traded high-tech stars has been dealt another blow.
The six three-year mutual funds set up to invest in the China depositary receipts of such companies have shifted focus to low-yielding bonds instead, generating returns of as little as 0.3 percent since their inception, data compiled by Bloomberg show. That’s a double disappointment after the funds, established in early July and sold to institutional and retail investors, only raised about one third of their upper 300 billion yuan ($44 billion) limit.
