BlackRock has reportedly raised about $1bn (CNY6.8bn) from more than 111,000 investors for the launch of its maiden mutual fund in China.

Launched at the end of August 2021, the BlackRock China New Horizon Mixed Securities Investment Fund ceased accepting new subscription a week prior to its planned closing date.

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The fund will administer 60% to 95% of assets in stocks and depositary receipts in sectors including consumption, digital economy, new energy, education, healthcare, and advanced manufacturing.

BlackRock chair and head of Asia-Pacific Rachel Lord has been quoted by Reuters as saying: “We are very proud of achieving this milestone for our China fund management business, and are grateful for investors’ overwhelming support.”

In June this year, BlackRock became the first foreign asset manager to secure regulatory approval for the establishment of a fully owned business in China’s $3.6 trillion mutual fund market.

Last year in August, the firm received the initial approval from the China Securities Regulatory Commission for the venture.

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The latest move comes as a number of global players prepare to enter China’s mutual fund industry,

A number of global players, including Neuberger Berman, Schroders and VanEck, have applied to set up mutual fund unit in the country, after it scrapped ownership restriction in its mutual fund and securities sectors in April 2020.

Last month, British investment manager Fidelity International secured a licence from CSRC to set up a mutual fund unit in Shanghai.

The company is currently awaiting regulatory approval for business operations from the authorities.