China’s largest asset managers have stepped up their efforts to bolster investor confidence during the coronavirus outbreak by pledging to spend about $350m of their proprietary capital to buy shares in their own funds.
At least 39 asset management companies operating in China have injected a total of about Rmb2.4bn ($350m) of their own capital into their funds, according to information from the Asset Management Association of China and the data provider Wind compiled by Ignites Asia, a Financial Times’ title.
More than 60,000 Chinese citizens have become infected in China and the number of confirmed deaths as a result of the virus reached 1,383 by February 14.
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