China's fund market cools in January

BEIJING -- China's fund market took a hit in January, with the distribution number and shares witnessing a decline amid market corrections, according to financial information provider Wind.

Last month, a total of 148 funds were established, down 39.59 percent from December, while the shares of funds issued came in at 118.82 billion, down by 60.87 percent compared with that of December.

The average distributed shares of each fund was 803 million, the lowest since January 2021, showed Wind data.

Chinese stocks closed lower on Friday, with the benchmark Shanghai Composite Index down 0.66 percent to close at 3,462.95 points. The Shenzhen Component Index closed 1.55 percent lower at 13,224.38 points.