Chinese funds suffer from Shanghai market losses

The Chinese stock market benchmark index has reached a six-year low, wiping out a third from its peak in April 2004.

Sino-foreign joint mutual fund ventureshave have particularly suffered, with investment groups, such as HSBC Asset Management, Credit Suisse First Boston, and Merrill Lynch, all being adversely affected.

Concerns have also been raised on the lack of detail regarding the direct and indirect ownership of state-controlled equity in joint investment partnerships with overseas banks.

The Shanghai stock market is now one of the worst performing over the past six months.

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