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Subscriptions to four new mutual funds issued last week hit a single-week record high of 100 billion yuan (US$13.13 billion), according to statistics from the Securities Times. The unprecedented subscription proved that investors were keen about the new funds.

Two new funds, separately managed by Shanghai-based Fortune SGAM Fund Management Co Ltd and Guangzhou-based GF Fund Management Co Ltd, were issued last Monday. Invesco Great Wall Fund Management Co Ltd issued a new fund last Tuesday. These three funds took in a total of 89.89 billion yuan of subscriptions, statistics showed.

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Another fund managed by Shenzhen-based Da Cheng Fund Management Co Ltd was issued last Friday. The fund was also welcome by investors. Insiders predict the subscription to this fund will exceed 10 billion yuan.

Analysts said interest in fund investments grew after the rise of the stamp tax, which increased the cost of trading stock and transferred the focus to large-cap stocks by curbing speculation. The investment portfolios of mutual funds are mainly composed of large-cap stocks, which are less risky to invest in than other stocks.

The growing volatility of China's stock market prompted investors to seek professional help. Many investors began to take money out of the stock market to invest in funds believing that professionally managed mutual funds yields a more stable return.

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