China Mutual Fund Firms Post Profit Surge as Giants Consolidate Power

China’s mutual fund industry experienced a profit surge in the first half of the year, according to Caixin calculations based on public data. 

The 24 mutual fund companies that had reported earnings as of Tuesday posted a combined net profit of 8.9 billion yuan ($1.3 billion), up 47.4% year-on-year.

Beneath the broad improvement lies a highly polarized sector. The industry’s four most profitable players accounted for more than half of that total. China Southern Asset Management Co. Ltd. led with 1.5 billion yuan in net profit.