China Mutual Fund Launches Diverge as Bond Funds Sell Out, Equity Products Stall

This split reveals a clear risk-off rotation within China's fund complex, with demand concentrating in high-grade credit exposure while equity fundraising stalls. The divergence matters because it signals where domestic allocators are willing to commit capital amid persistent A-share volatility, and it pressures equity-focused managers' ability to build scale. The turn toward发起式 products suggests some managers are willing to seed vehicles to keep equity pipelines alive. Whether bond-fund demand persists and whether equity issuance stabilizes are the open questions to watch.