(Yicai Global) April 30 -- Investors' demand to buy into the first group of mutual funds designed specifically for the new innovation board in Shanghai has exceeded supply over 10 times. 

The seven funds received over CNY100 billion (USD14.8 billion) in subscriptions, the Securities  Times reported. These funds are each capped at CNY1 billion (USD148.4  million).

One of them, China Asset  Management's science and technology innovation hybrid fund, logged a  demand for CNY24.5 billion worth of securities, meaning that each  investor who put in CNY1 million only got an equivalent of CNY40,000  (USD5,941), or 4 percent, the lowest ratio in the history of China's  fund market. 

The new Nasdaq-style  market aims to lower the threshold for Chinese tech companies to go  public in Shanghai. Traders on the board need to prove they have  CNY500,000 in assets, as well as two years of investment experience.  This may also be the reason why mutual funds with lower capital  requirements have spurred such hot demand. 

The China Securities  Regulatory Commission had processed the applications from 85 so-called  kechuang funds geared toward the new Science and Technology Innovation  Board and other tech firms listed on the Chinese mainland as of April  28.

Editor: Emmi Laine