Shower

Instead, interest in professionally managed funds has surged. Since 2015 there’s been a fivefold increase in the number of funds in the market. Today there are 13,000 mutual funds for sale, well above the investable universe(for most retail investors) of about 5,000 mainland-listed companies. In this crowded market, individual fund managers sometimes emerge as stars or villains. In the good times, fan groups on social media site Weibo shower the high-performing managers with pet names, emoji and cheers. In bad times, insults fly.

During the pandemic, investors rushed to livestreams by mutual fund managers who would explain their credentials and returns before giving their views on the market. Interest in these livestreams has remained high, especially among younger Chinese. In 2022 almost 60% of viewers were under 39, according to Huanju Tech, a platform that provides marketing services for financial institution.