Rush for open-ended fund

More than 90 per cent of the retail allocation of China's first open-ended mutual fund had been subscribed by noon yesterday - the first day it went on sale. Huaan Fund Management said the three billion yuan (about HK$1.87 billion) of the five-billion fund allocated for retail investors, had all but sold out within half a day to investors in cities such as Shenzhen and Shanghai. Huaan Fund Management is selling the open-ended fund through 139 Bank of Communications outlets in 13 major Chinese cities. The two billion yuan balance has been allocated for sale to institutions next Wednesday and Thursday.