(Yicai Global) April 3 -- More than 10,000 Chinese mutual funds, which have disclosed their annual reports, recorded nearly CNY1.5 trillion (USD213.4 billion) of losses last year due to falling stock markets.

Just 3,155 out of 10,085 mutual funds were profitable last year, according to financial data provider Wind Information.

Stock markets on the mainland and in Hong Kong plunged in 2022. The Shanghai Composite Index, which gives a broad overview of mainland-listed shares, dived 15.1 percent that year. Hong Kong’s Hang Seng Index slumped 15.5 percent.

The Zhong Ou Medical and Health fund, managed by Zhong Ou Asset Management's star manager Ge Lan, lost the most last year, with a decline of CNY19.3 billion (USD2.8 billion) or 23 percent. Meanwhile, the Lion Growth fund, managed by Lion Fund Management's Cai Songsong, shrank by CNY12.9 billion, or by 40 percent.

Fixed-income products were more stable than equity. Currency funds achieved profits of CNY201 billion (USD29.2 billion) while bond funds earned CNY86.3 billion. The most profitable fund product in 2022 was a currency fund called Yu’E Bao, managed by Tianhong Asset Management, logging a net profit of CNY12.4 billion.

Management fees were rising slower amid the poor capital market performance. Mutual funds charged CNY145.8 billion of such fees last year, up 2 percent from 2021 whereas the increase had been over 50 percent a year earlier.

Guangzhou-based E Fund Management ranked No. 1 in terms of management fee income even though the annual sum declined by 4 percent to CNY10.2 billion from 2021. GF Fund Management was No. 2 and Fullgoal Fund No. 3 with CNY7.4 billion and CNY6.2 billion, respectively.

Editors: Dou Shicong, Emmi Laine, Xiao Yi