(Yicai Global) April 19 -- Tianhong Asset Management, a unit of Ant Financial Services Group, has become the first fund management company in China to report more than CNY10 billion (USD1.5 billion) in operating revenue.
Operating revenue rose 6 percent to CNY10.125 billion last year, according to the annual earnings report of Junzheng Energy & Chemical, its third-largest shareholder, published yesterday. Net profit jumped 16 percent to CNY3.07 billion.
The Tianjin-based firm's Yu'ebao fund, the world's largest money market fund, contributed almost 85 percent of its overall income from management fees, though that input was 7 percent less than in the previous year.
The fund took in CNY4.419 billion in fees, a 9 percent increase, while its net assets dropped 28 percent to CNY1.133 trillion last year.
Hangzhou-based Ant Financial has a 51 percent stake in Tianhong.