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Primary bond funds will no longer be able to boost returns by subscribing to IPOs, effectively forcing them to breach the contracts they have agreed with investors.

The nation's securities regulator has granted mutual fund distribution licences to four independent financial advisers, which will aim to gain market share by providing professional fund services.

Trust companies may be booming in China, but the banking regulator is starting to scrutinise the shadow-banking role they play.

Allowing new players to enter the arena is expected to encourage fund management firms to pay more attention to customer satisfaction, product innovation and cut down on churn.