Caixin
Apr 21, 2014 04:36 PM

Growth of Popular E-Investment Got Internet, Fund Companies to See Light

(Beijing) – Tianhong Asset Management Co. had total assets of 410 million yuan and a profit of 10.92 million yuan in 2013, a recent report says. Just a year earlier, the company had total assets of just 190 million yuan and posted a loss of 15.35 million yuan.

The report was published on April 15 by the Inner Mongolia Junzheng Energy & Chemical Industry Co. Ltd., a shareholder of Tianhong. Tianhong's growth came after it started cooperating with Alibaba Group to launch the online money market fund Yu E Bao in 2013.

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