Money Managers Flex Muscles for Unicorn Funds Targeting CDRs
Six large Chinese money managers are rushing to set up equity funds to raise as much as 300 billion yuan ($46.8 billion) to invest in Chinese unicorn stocks as several overseas-listed Chinese tech giants move closer to returning to the mainland market.
The six closed-end funds are expected to get approval from China’s securities regulator on Wednesday and to start raising capital from the public on June 11, separate sources said. Caixin learned that each fund aims to raise as much as 50 billion yuan.
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