China’s First 18 Active ETFs All Close Early; 3 Sell Out in One Day

The oversubscription is the real signal here: roughly 10 billion yuan chasing a 34 billion yuan target, with proportional allotment across nearly every product, suggests demand ran well ahead of the supply of capacity the issuers had set. That matters less as a verdict on active management in China than as evidence of how much distribution muscle sits behind a coordinated launch. The open question is whether this appetite reflects durable interest in the active format or simply first-mover novelty, and whether the proportional-allotment pattern becomes the norm for future launches.