China’s First Batch of 18 Active ETFs Completes Fundraising

The completion of China's first batch of active ETFs marks a structural shift in a market long dominated by passive index products, and the proportional-allocation mechanism suggests demand ran ahead of the capped raise. The move matters most for domestic asset managers, who gain a vehicle that pairs active stock selection with intraday tradability, and for the distribution channels now competing for shelf space. Whether the capped subscriptions reflect genuine investor appetite or simply early novelty is the open question, and how these products behave once trading begins will be the real test of the format.