JPMorgan China fund JV lures 90 bln yuan in a day – Reuters

From Reuters:

JPMorgan Chase & Co.‘s Chinese fund management venture said on Wednesday it had received nearly 90 billion yuan ($11.7 billion) of subscriptions to its new equities fund in a single day — over 10 times its original sales target.

The oversubscription ratio is one of the highest seen at any fund since China’s stock market bull run began a year ago, and suggests new Chinese investors are continuing to enter the market, fund managers said. [Full Text]