(Yicai Global) April 29 -- The first mutual fund designed specifically for the new innovation board in Shanghai and to open for public subscriptions hit its CNY1 billion (USD149 million) fundraising goal in just 10 minutes.

The fund, sponsored and run by one of China's biggest fund managers E Fund, had raised more than CNY10 billion from individual investors by the end of April 26 when subscriptions began, E Fund said in a statement today.

Fundraising for mutual funds on the new board is capped at CNY1 billion so less than 10 percent of money pledged will be accepted, marking the second-lowest success rate any Chinese fund in history, according to the statement.

The China Securities Regulatory Commission approved the first batch of seven so-called kechuang funds -- those geared toward the new Science and Technology Innovation Board and other tech firms listed on the Chinese mainland -- last week. The other six opened for pledges today.

Editor: James Boynton