China Probes ‘Blind Box’ Funds Under Misleading Contract

China Probes ‘Blind Box’ Funds Under Misleading Contract
A woman cries as she and other people gather at the Evergrande headquarters in Shenzhen, southeastern China, on Sept. 16, 2021. Noel Celis/AFP
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China is investigating “blind box” funds to ensure that investment uses are consistent with the contract terms, a national securities newspaper reported on Sept. 16.

Such funds, according to Xinhua-run China Securities Journal, are vaguely defined or have been misnamed, leading to investor losses—as money has been invested in sectors not set out in the fund agreement.
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