Asset managers face tough scene

Chinese privately-offered asset management companies reported poor performance in the first half as the stock market was not in its best form, but experts said prospects for a better second half are bright.

Beijing-based Springs Capital, one of China's leading private fund managers, saw 27 of its 30 products make a loss of more than 12 percent each by June 29, compared with the beginning of this year. Only two products earned profits but their yields were low at only 0.36 percent and 0.53 percent respectively.

Oriental Harbor Investment Management Co Ltd, another established private fund manager, saw 27 of its 30 products suffering losses, with 14 losing by more than 5 percent each.