BEIJING, April 21 (Xinhua) -- Profits of Tianhong Asset Management Co., a leader in China's mutual fund industry, jumped 15.82 percent year on year to 3.07 billion yuan (about 458.2 million U.S. dollars) in 2018, according to a statement filed to the Shanghai Stock Exchange.
Revenues rose 6.18 percent from a year earlier to 10.13 billion yuan.
Tianhong Asset Management Co. is the first fund that sees profits exceed 3 billion yuan and revenues of more than 10 billion yuan.
In 2003, in collaboration with Alipay, the company launched the first ever Internet fund "Yu'ebao," which remains one of the most popular money market funds in China due to its relatively high returns and low investment threshold.
However, the company tried to downplay the importance of Yu'ebao by developing non-money market investment funds last year.
Data showed that management fees generated by Yu'ebao amounted to 4.42 billion yuan, up 8.98 percent year on year. Its management fees accounted for 84.75 percent of the company's total, down 6.73 percent from a year earlier.
A single purchase
