China’s Second Batch of Amortized-Cost Bond Funds Set for Sept 11 Filing, 13 Firms on List

The amortized-cost structure lets these funds smooth reported returns, which matters most for smaller houses that lack the track record to compete on performance alone. The policy framing suggests regulators are using product access as a tool to shape competition among mid-sized managers rather than simply widen the menu. Whether the list expands beyond the initial firms, and whether larger houses are later admitted, is the open question for the segment's competitive balance.