Huaan Asset Management Co. and Guotai Asset Management Co. attracted 1.2 billion yuan ($195 million) and 410 million yuan, respectively, for funds to be listed on the Shanghai Stock Exchange, according to a statement by Huaan and Li Yebin, a spokesman at Guotai. Huaan last month said it wanted to raise as much as $400 million initially, while Guotai said that amount might be a “conservative” target.
The funds, which are enough to buy about 6 metric tons, will start trading with prices near levels last seen in 2010 and as a liquidity crunch in China attracts investors to fixed-income securities. Buyers who snapped up jewelry, coins and bars in April when bullion slipped into a bear market, are holding back now as prices fall further and as government bonds offer higher yields, according to China Galaxy Securities Co. China is top producer and second-biggest consumer of the precious metal.
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