ABC-CA FMC raises RMB 5.2 bln for 1st mutual fund

ABC-CA Fund Management Co. Ltd has raised RMB 5.2 billion (US$762 million) for its first mutual fund as of Jul. 25, according to a source familiar with the situation.

The stock-oriented fund was launched on Jun. 30 this year and ABC-CA aims to raise more than RMB 6 billion for the mutual fund by Jul. 30. 
 
Funds raised on average only about RMB 800 million in the second quarter in China, as the weak stock market has undermined investors' confidence. The benchmark Shanghai Composite Index almost lost half its value this year.

ABC-CA Fund Management Co. Ltd, a joint venture incorporated in April in Shanghai, was controlled by three parties. Agricultural Bank of China, owns 51.7% equity share, while the Credit Agricole SA takes 33.3% and Aluminum Corporation of China (Chinalco) holds15% equity share separately.

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