Domestic open-ended funds, which suffered a severe loss of more than 500 billion yuan (US$79 billion) last year, have not been put off from raising capital.

TX Investment Consulting Co said in a latest report that 971 funds from 64 fund management companies lost a combined 123.5 billion yuan in the fourth quarter, bringing the net losses for last year to 500 billion yuan, the worst annual performance since 2008. The report attributed the huge loss to a sluggish stock market where the Shanghai Composite Index lost nearly 22 percent last year and also on a tight liquidity situation.

Sixteen funds are now open for subscriptions and another eight will begin subscriptions this week.

Meanwhile another 75 funds are waiting for approval to enter the market by the end of January 21, according to filings to the China Securities Regulatory Commission, Xinhua news agency reported yesterday.

But the amount of capital raised paled compared to past years. Five funds that have completed subscriptions got only 3.78 billion yuan, unlike several years ago when a single fund could lure 10 billion yuan.