China fund managers ready more ETFs

Huaan Fund Management and China Asset Management, two of mainland China's leading fund houses, are preparing to launch exchange-traded funds this year. China's first exchange-traded fund, launched at the end of 2004 by Beijing-based China Asset Management, raised over Rmb5 billion ($660 million) during its initial offering period at a time when the A-share market was losing value and other equity funds were suffering redemptions.