BEIJING — Assets under management of public offering funds in China climbed to 23.54 trillion yuan ($3.62 trillion) by the end of July, data from the Asset Management Association of China (AMAC) showed.

China had 137 asset management companies at the end of July, including 44 joint ventures and 92 domestic companies, according to AMAC, an industry body supervised by China's securities regulator.

At the end of July, 12 securities firms or asset management subsidiaries under securities firms and two insurance asset management companies had qualifications for the management of public offering funds, AMAC data showed.