Tianhong Asset Management, the Chinese fund company that transformed the way millions of Chinese invest their savings, plans to enter the exchange traded fund market for the first time.
The country’s largest asset manager, which is controlled by Alipay, the Chinese online payments company, told FTfm it has already launched a small suite of index-tracking funds and plans to expand this further by launching ETFs.
The move could pose a significant competitive threat to companies such as Fortune SG, Yinhua and China AMC, the leaders in China’s nascent ETF industry, which oversees Rmb442bn (£54bn) of assets.
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