Assets under management of public offering of funds in China reached 13.91 trillion yuan (1.98 trillion U.S. dollars) by the end of October, said the Asset Management Association of China (AMAC).

The figure was 13.79 trillion yuan by the end of September, according to the AMAC, an industry body supervised by China's securities regulator.

As of October, the total net asset value of closed-end funds managed by the fund management firms had amounted to 1.27 trillion yuan and that of open-end funds had come to 12.64 trillion yuan.

China had 127 asset management companies at the end of October, including 44 joint ventures and 83 domestic firms, according to the AMAC.

There are 13 securities companies or asset management subsidiaries of securities companies and two insurance asset management companies that have obtained the qualifications to manage public offering of funds, according to the AMAC.

The public offering of funds is a type of investment vehicle that collects funds from investors through public offerings and takes securities as its main investment target. It has to follow strict requirements for information disclosure and profit distribution.