China Tells CDR Funds: Curb Your Enthusiasm
China’s securities regulator is limiting the amount of money individual investors can contribute to six new equity funds authorized to buy Chinese depositary receipts (CDRs) and unicorn stocks to a total of 20 billion yuan ($3.12 billion) per fund, Caixin has learned from sources with knowledge of the matter who declined to be identified.
The fund management companies that gained approval last week to set up the closed-end funds were each allowed to raise as much as 50 billion yuan, giving them a combined firepower of as much as 300 billion yuan, and were told to give individual investors priority. But under window guidance issued by the China Securities Regulatory Commission (CSRC) on Sunday, they were instructed to impose a ceiling on total subscriptions from individuals and “do their best to control the scale of funds raised,” the sources said.
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