The value of China's privately offered funds stood at 19.93 trillion yuan ($2.8 trillion) at the end of October, according to industrial data.

A closer look at the total shows that equity investment funds, with a total value of 10.93 trillion yuan, constituted the largest category, followed by securities investment funds and venture investment funds, according to the Asset Management Association of China.

By the end of last month, the number of registered privately offered funds had reached 147,037 in the country.

Established in 2012, the association is a self-regulatory organization that represents China's mutual fund industry.