BEIJING -- The assets under the management of China's public offering funds totaled 27.6 trillion yuan ($3.88 trillion) by the end of 2023, data from the Asset Management Association of China shows.

By the end of last year, a total of 11,528 public offering funds were being operated by 145 fund management companies, the association said.

The scale of closed-end funds topped 3.8 trillion yuan, while that of open-end funds was at about 23.8 trillion yuan, the data shows.

Of the 145 fund management companies, 49 are foreign-funded and 96 are domestic firms, the association said.