China's public offering fund volume tops 22.91t yuan

BEIJING - Assets under management of public offering funds in China climbed to 22.91 trillion yuan ($3.55 trillion) by the end of May, data from the Asset Management Association of China (AMAC) showed.

The volume was up from 22.51 trillion yuan registered by the end of April, according to AMAC, an industry body supervised by China's securities regulator.

China had 135 asset management companies by the end of May, including 44 joint ventures and 91 domestic companies.

At the end of May, 13 securities firms or asset management subsidiaries under securities firms, as well as two insurance asset management companies, had obtained qualifications for the management of public offering funds, AMAC data showed.