Blockbuster equity funds launched by Chinese asset managers in the first three months of 2020 have suffered huge outflows in the second quarter with investors rapidly taking profits on any early gains and leaping into the next hot strategy.
Trading on mobile phones by younger investors is helping to drive frenetic inflows and withdrawals across China’s rapidly expanding $2.4tn public funds industry, fuelling volatility in Chinese stocks.
China’s benchmark CSI 300 stock index has risen 27.6 per cent since reaching its low point for the year in late March in a rally that has drawn in more retail investors and boosted assets under management for new fund launches. The tech-focused ChiNext index has rallied more than 50 per cent this year.
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