According to Bloomberg news on September 8, BlackRock Group's first public fund product, BlackRock China New Horizons Hybrid Securities Investment Fund, was officially established on the 7th, with an initial offering size of about 6.681 billion yuan and a total effective subscription of 111,000 households.
Sources said BlackRock closed the subscription a week earlier before the public offering deadline of September 10, with the aim of starting investment as early as possible.
"We are very proud that our fund management business in China has reached this milestone," said Rachel Lord, President of BlackRock Asia Pacific, "thanking investors for their strong support." ”
Bloomberg calls China "the world's most promising wealth market," and BlackRock, which establishes its first wholly foreign-owned mutual fund management firm, is leading the world into China's asset management market.
Critics such as Soros, however, have expressed concern. Writing in the Wall Street Journal this week, Soros said the invasion of China by the world's largest money manager (BlackRock) was a "tragic mistake" that "could cost client money and harm the national security interests of the United States and other democracies." ”
In response to Soros's criticism, a BlackRock spokesman said, "The United States and China have a large and complex economic relationship. In 2020, trade in goods and services between the two countries totaled more than $600 billion. Through our investment activities, U.S. asset managers and other financial institutions contribute to the economic interconnection of the world's two largest economies. ”
The spokesperson added, "The vast majority of assets managed by BlackRock are pensions. BlackRock clients in the U.S. and around the world seek a diverse portfolio, including in China, to achieve their retirement and other financial goals. ”
Mark Mobius, an investment "big man" who is the "godfather of emerging markets," said he disagreed with Soros's pessimistic view of China, saying he was "quite bullish" on China's recent moves.
"That means they (China) are moving toward fair regulation and trying to create a level playing field," Mark Mobius said, "and these measures that China has taken have reassured investors, including overseas investors, so I don't know what the basis for soros's statement is." ”