Tianhong Asset Management Co., Ltd. (Chinese: 天弘基金管理有限公司; pinyin: Tiānhóng jījīn guǎnlǐ yǒuxiàn gōngsī) is a Chinese asset management company 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. Its most notable product is the Tianhong Yu’e Bao fund which at one point was the world's largest money market fund. 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, 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. More information...
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