China's mutual funds shake off whopping losses

BEIJING -- China's mutual fund companies finished the first half of this year with total profits of nearly 100 billion yuan ($15.75 billion) after posting huge losses in 2011.

All of the companies had released their semi-annual reports as of Wednesday.

Profits for more than 1,000 mutual funds managed by 67 fund companies totaled 99.76 billion yuan in the first half, according to data from Beijing-based TX Investment Consulting Co Ltd.

The figure was up from a loss of 125.43 billion yuan in the first half of 2011 and total losses of 500.43 billion yuan for the whole of 2011.

Funds investing heavily in stocks made up the majority of profits in the first half.

Stock funds made 50.83 billion yuan in profits, accounting for 50.95 percent of the total, while hybrid funds invested mainly in stocks and bonds made a profit of 24.14 billion yuan, 24.2 percent of the total, according to TX Investment Consulting.

During the first half, China's benchmark Shanghai Composite Index rose 1.18 percent, while the Hushen 300 index, which tracks the performance of major companies with 60 percent of the market value on China's Shanghai and Shenzhen stock exchanges, rose 4.94 percent.