Assets of public offering of funds hit 21.78t yuan in China

BEIJING - Assets under management of public offering of funds in China reached 21.78 trillion yuan ($3.32 trillion) by the end of February, data from the Asset Management Association of China (AMAC) showed.

The figure was 20.59 trillion yuan by the end of January, according to the AMAC, an industry body supervised by China's securities regulator.

China had 133 asset management companies at the end of February, including 44 joint ventures and 89 domestic firms, according to the AMAC.

There are 12 securities companies or asset management subsidiaries of securities companies and two insurance asset management companies that have obtained the qualifications to manage public offering of funds, according to the AMAC.

The public offering of funds is a type of investment vehicle that collects funds from investors through public offerings and takes securities as its main investment target. It has to follow strict requirements for information disclosure and profit distribution.