China fund hands back $10.4 billion

China International Fund ManagementÆs latest fund launch has been forced to allocate shares to more than 1.8 million individual investors as a consequence of new rules imposed by the China Securities Regulatory Commission.The fund was initially nine times oversubscribed during its initial launch period and gathered RMB90 billion ($11.65 billion) in assets. This is more than double the giant RMB40 billion Harvest Fund Management IPO last December that capped A-share mania. It boggled m…