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Two funds of China’s “national team” liquidated A shares in Q3

The latest earnings reports show that two funds of China’s “national team”, part of the force that rescued the country’s stock market in the crash in 2015, had liquidated their A-share holdings.

E Fund Ruihui’s net asset value shrunk to 158 million yuan by the end of the third quarter from 15.3 billion yuan by the end of the second quarter, shows the fund’s earnings’ report for the third quarter of 2018. In particular, the fund has liquidated their holdings in A shares.

Meanwhile, China Merchents Fengqing’s net asset value shrunk to 139 million yuan by the end of the third quarter from 16.1 billion yuan in the previous quarter, leaving its holdings of equity, bond and other financial derivatives zero, according to the earnings report.

Both funds said that the number of fund holders had remained below 200 for 20 consecutive working days.

The so-called “national team” includes the China Securities Finance Co. Ltd., the Central Huijin Investment Co. Ltd., investment platforms under the administration of the State Administration of Foreign Exchange.and its asset management plans, as well as five customized funds.

The five customised funds, namely E Fund Ruihui,  China Merchants Feigning of Chinese A-share and other three funds were created with 40 billion yuan investment each in 2015 to in the stock market crash.

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