Tianhong Asset Management Co., Ltd. () is a Chinese

asset management company An asset management company (AMC) is an asset management / investment management company/firm that invests the pooled funds of retail investors in securities in line with the stated investment objectives. For a fee, the company/firm provides more ...

founded in 2004. From 2014 it was considered the largest asset management company in China until 2021 when it was surpassed by

E Fund Management E Fund Management () is a Chinese asset management company founded in 2001. It is considered the largest asset management company in China. History The company was established in April 17, 2001. The initial shareholders were GF Securities ...

. Its most notable product is the Tianhong Yu’e Bao fund which at one point was the world's largest

money market fund A money market fund (also called a money market mutual fund) is an open-ended mutual fund that invests in short-term debt securities such as US Treasury bills and commercial paper. Money market funds are managed with the goal of maintaining a ...

History

Tianhong Asset Management was set up on November 8, 2004. 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. The company would be under the

Ant Financial Ant Group ()'','' formerly known as Ant Financial, is an affiliate company of the Chinese conglomerate Alibaba Group. The group owns the world's largest mobile (digital) payment platform Alipay, which serves over 1.3 billion users and 80 million ...

, an affiliate of Alibaba. 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. Ant Financial announced it had initiated arbitration action by applying to the China International Economic and Trade Arbitration Commission. In February 2015, the court ruled in favour of Ant Financial. In June 2013,

Alipay Alipay () is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma. In 2015, Alipay moved its headquarters to Pudong, Shanghai, although its parent compan ...

launched a financial product platform called Yu'e Bao (余额宝). 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. The product would be known as the Tianhong Yu’e Bao fund. Due to the popularity of the fund, Tianhong became the largest asset management company in China. 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. However, by 2020, it was no longer the world's largest money market fund due to tighter regulation and growing competition.

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* {{Major asset management companies Alibaba Group Chinese companies established in 2004 Companies based in Tianjin Financial services companies of China Financial services companies established in 2004 Investment management companies of China