(Yicai Global) Oct. 13 -- China Southern Fund Co. has completed its first round of fundraising for its fund of funds, the country's first publicly-offered FOF, ahead of schedule, the firm said in a press briefing on Oct 9.

The fundraising phase, originally scheduled to run until Oct. 27, will end next Monday, having already attracted CNY300 million (USD45.59 million) worth of subscriptions on its first day of public offering.

Total subscriptions have topped CNY1 billion so far, news outlet ChinaFund cited market insiders as saying today.

Six FOFs have been approved by China Securities Regulatory Commission to date, and another 84 are on the waiting list. The regulator is expected to approve the second batch late this month.

The vast diversity of products in the waiting list means that the Chinese fund market will host more FoFs with unique risk and return characteristics.

FoFs invest in other funds and hold securities indirectly through them. They are characterized by relatively low operating costs, low risks and, by extension, lower returns on investment.