Tianhong Asset Management

Tianhong Asset Management was set up on November 8, 2004.[5]

In October 2013, the Alibaba Group acquired a 51% stake in the company for 1.18 billion RMB from its original shareholders, Tianjin Trust, Inner Mongolia Junzheng Energy & Chemical Group and Wuhu High-tech Investment.[6][7][8][9] The company would be under the Ant Financial, an affiliate of Alibaba.[8][9] However, in 2014 there was a dispute between Ant Financial and Inner Mongolia Junzheng Energy & Chemical Group on the treatment of Tianhong's retained profits per the deal agreement.[8][9] Ant Financial announced it had initiated arbitration action by applying to the China International Economic and Trade Arbitration Commission.[8][10] In February 2015, the court ruled in favour of Ant Financial.[9]

In June 2013, Alipay launched a financial product platform called Yu'e Bao (余额宝).[11][12] Tianhong would partner with Alipay to launch Yu'e Bao to the public by allowing Alipay customers convert the idle cash in their accounts into units of a money market fund.[11][12][13] The product would be known as the Tianhong Yu’e Bao fund.[3] Due to the popularity of the fund, Tianhong became the largest asset management company in China.[12] In 2019, it was reported it was the world's largest money market fund, with over 588 million users, or more than a third of China's population, contributing cash to it.[3][4] However, by 2020, it was no longer the world's largest money market fund due to tighter regulation and growing competition.[14]

• Official website