Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Huawei Speeds Up AI Chip Roadmap, Unveils Optical ‘Super Node’
China’s AI Hiring Surges as Industry Pivots to Practical Applications
LATEST
China’s AI Hiring Surges as Industry Pivots to Practical Applications
Huawei Speeds Up AI Chip Roadmap, Unveils Optical ‘Super Node’
Hikvision Overhauls Compliance Process to Tackle Fragmented Foreign Regulations
Nubia Releases Second-Generation AI Phone
China Targets $4.5 Trillion Tech Manufacturing Sector by 2030
Chinese Space Startup Raises New Funds in Reusable Rocket Push
ByteDance Adds AI Agents to Feishu in Enterprise Push
Hong Kong Bets on Global Links to Win Mainland Business
Z.AI Raises $5 Billion in Share Placement, Convertible Bond Sale
Ant Group Rolls Out AI Payment Trust System to Break Agent-Commerce Bottleneck
Enflame Surges 188% in Shanghai Debut as AI Chip Boom Continues
AI Boom Could Undermine China’s Push for Consumption-Led Growth, Economists Warn
Moonshot AI Expands Enterprise Push Through IT Services Partnerships
Tech Monopolies Could Blunt AI’s Economic Gains, Warns Nobel Laureate Aghion
China’s DeepSeek Launches Smaller, Faster AI Model
In Depth: AI Distillation in China Leaves U.S. Tech Giants at Odds
Arm Lands Lenovo, ByteDance Unit as First China Customers for AGI Chip
JD.com Unveils AI Logistics Push With 100,000-Chip Cluster, Millions of Robots
China Moves to Rein In AI-Era Counterfeiting and IP Disputes
Huawei Unveils First Mass-Produced Logic-Folding Chip in New Tri-Fold Phone
Investors Flock to Funds Targeting High-Tech Board Stocks

By Yue Yue, Zhang Yu and Tang Ziyi / Apr 30, 2019 07:19 PM / Finance

Photo: IC Photo

Photo: IC Photo

The first batch of seven funds targeting tech stocks, including those set to be listed on China’s Nasdaq-style high-tech board, all blew past their fundraising targets on the first day of sales, pointing to strong investor interest in tapping the new board.

In total, the seven funds attracted 100.3 billion yuan ($14.8 billion) in subscriptions on the first day they were available, according to Caixin’s calculation.

Among the funds, the one that Beijing-based China Asset Management Co. Ltd. began selling on Monday drew 24.5 billion yuan in subscriptions that day, despite a 1 billion yuan upper limit on fundraising for such funds. The oversubscription means that the fund can only take advantage of 4.1% of total subscriptions, making it the most popular mutual fund on the Chinese mainland to date.

The six other funds, each of which aims to raise up to 1 billion yuan, were also oversubscribed on the first day.

Although all of the funds have “science and technology innovation” in their names, they are not limited to only investing in stocks to be listed on the high-tech board. They are also allowed to invest in technology stocks on China’s other boards.

Related: China Approves First 7 Funds for New Tech Board Investment

Share this article
Open WeChat and scan the QR code