Ant Group’s Mutual Fund Platform Reports Sixfold Jump in Profit

What’s new: Chinese fintech giant Ant Group Co. Ltd.’s mutual fund distribution platform posted a sixfold surge in net profit for the first half as increasing numbers of retail investors put their money into the hands of mutual fund managers.

The net profit of Ant (Hangzhou) Fund Sales Co. Ltd. rose 495% year-on-year to 325.3 million yuan ($50.2 million) in the first half of 2021, according to the half-year report (link in Chinese) of its second-largest shareholder, Hundsun Technologies Inc. (600570.SH), which was released Wednesday. Its revenue nearly tripled.