Zenglibao: An Internet Money Market Fund Run by Tianhong Asset Management Co., Ltd.

Zenglibao: An Internet Money Market Fund Run by Tianhong Asset Management Co., Ltd.

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Abstract

Tianhong Asset Management Co., Ltd., (Tianhong Fund) issued its first quarter report on April 18, 2014. The report announced that the shares of its Tianhong Zenglibao Money Market Fund (Zenglibao Fund) were owned by 81 million individual investors and the value of these shares exceeded 541.3 billion Yuan; the profit in the first quarter was 5.7 billion Yuan. The Tianhong Fund itself had been profitable in 2013. Its annual business income was 350 million Yuan with the net profit of 10.9276 million Yuan. Its total assets by the end of the year were 410 million Yuan, with net assets of 120 million Yuan. The Zenglibao Fund, well-known for its associated Internet asset management platform “Yu'ebao”, had been created just over nine months ago. Yu'ebao triggered ...

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