China Public Fund Assets Hit RMB 39.63 Trillion at End-August

The headline figure matters less than the structure behind it: 150 fund companies and 15 asset-management institutions holding public-fund qualifications point to a market where the licensed-manager roster is effectively fixed, so growth has to come from existing players rather than new entrants. For crypto and RWA issuers, that matters because these managers are the most plausible regulated onshore distribution channel, and their scale is what makes the channel worth building for. Whether the AUM total keeps climbing without a wider set of licensed managers is the open question.