(Yicai Global) Feb. 19 -- A new fund in China has racked up CNY120 billion (USD17.2 billion) in subscriptions, more than any other fund in Chinese history as investors buy into the nation's rebounding stock markets.

One investor from Guangdong province subscribed to some CNY900 million (USD128.6 million) in Foresight Fund Management, Yicai Global learned from several sources, with one explaining that subscriptions had tallied CNY7.5 billion in 15 minutes and CNY20 billion in an hour. The fund was only aiming to raise CNY6 billion, so less than 6 percent of the total subscriptions will be successful.

China International Fund Management set the previous record of CNY116.2 billion in November 2007.

"The Shanghai Composite Index and ChiNext Price Index have recovered their losses from the novel coronavirus epidemic," a financial manager in Shanghai told Yicai Global, suggesting the bounce back is leading to greater investor confidence and activity. The ChiNext, which tracks growth enterprises listed in Shenzhen, has even hit an eight-year high since the markets re-opened after the extended Chinese New Year holiday.

Another fund run by Bank of Communications Schroder Fund Management also managed to reach its subscription target when it began receiving pledges on Feb. 17.

Editors: Tang Shihua, James Boynton