Despite a shortened subscription period, the BlackRock China New Horizon Mixed Securities Investment Fund was given a warm reception by investors, courtesy of a 6.68 billion yuan ($1.03 billion) raise.

BlackRock, recognized as the first foreign asset managing company to have a wholly-owned business involved in China's $3.6 trillion mutual fund industry, made the disclosure of the fruits of the fundraising of its China mutual fund subsidiary shortly after billionaire George Soros said it (the company) made a mistake.

Soros said it was a bad idea for BlackRock to invest in China at this point of time and will probably lose money of its clients.

The Chinese subsidiary of the U.S. fund giant was just launched on August 30 but has already stopped accepting new subscriptions on September 3, which was a week earlier than the company's deadline, set at September 10.

In doing so, the local unit failed to hit the targeted 8 billion yuan ceiling. However, according to a person privy with the matter who requested secrecy of identity, the upside is that the subsidiary can start investing sooner than expected.

According to the disclosure from the company, more than 111,000 investors were attracted by the fund and they are proud of it.

In a statement, Rachel Lord, BlackRock's chair and head of Asia Pacific said, "We are very proud of achieving this milestone for our China fund management business, and are grateful for investors' overwhelming support."

Facing the daunting task of appealing to yield-hungry Chinese retail investors involved in a crowded industry almost monopolized by local companies, BlackRock is looking to capitalize on tapping the market in one of its strongest years to date.

Recent data reveals that new mutual funds have managed to raise more than 2 trillion yuan just through August this year. It is already the second-highest annual amount recorded behind last year's 3.1 trillion yuan fund raise.

Meanwhile, leading the charge for the BlackRock China NHMSIF will be Alex Tang, a veteran of investing in the country's A Share Markets packing 16 years of experience. He will be joined by Shan Xiuli.