BEIJING — China's equity market managed funds of over 10 trillion yuan (about $1.42 trillion) by the end of the first half of 2019, data from a recent report showed.

The market showed signs of cooling down in the first half, with the number of newly-raised funds tumbling 47.2 percent to 1,190, according to a recent report by Zero2IPO, a Chinese market research institution.

Meanwhile, funds raised in the period were valued at 572.956 billion yuan, down 19.4 percent year-on-year, the report said.

The number of investment cases in the market dropped 39.1 percent to 3,592, with the investment value declining 58.5 percent to 261.091 billion yuan.

The equity market saw stronger presence of the industries of technology and innovation in the first half, the report said, adding that the IT industry, boosted by the wider use of artificial intelligence, outshined the rest with 888 investment cases.

In addition, the machinery manufacturing and semiconductor industries, which were involved in China's ongoing industrial upgrading, also attracted more investment in the first half, it added.