The Development of Chinese Fund Management Industry
...r companies. For closed-end funds, the net asset values are reported in the first trading day of each week. For open-end funds, the net asset values are reported each trading day. In additional to annual and interim reports, quarterly reports on investment portfolios are required for both closed-end funds and open-end funds. And a public statement is required for an open-end fund every six month. Annual reports are required to be disclosed within 90 days after the fiscal year end, and interim reports are required to be disclosed within 60 days after the end of the first six months. Quarterly reports on investment portfolios should disclose the top-ten holdings of the funds. The net asset values of open-end funds are reported every trading day, and the net asset values of closed-end funds are reported in the last trading day of each week. For closed-end funds, stocks are valued at their average prices during the trading day; for open-end funds, stocks are valued at their closing prices. The valuation for bond is much more complicated in China because of two separated bond market: Inter-bank Bond Market and Exchange Bond Market, especially fo...