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Ant leapfrogs banks to top China fund sale rankings By Andrew Galbraith and Samuel Shen Reuters By Andrew Galbraith and Samuel Shen SHANGHAI (Reuters) -Alibaba affiliate Ant Group became China s largest seller of non-money-market mutual funds in the first quarter, industry data showed, disrupting a market dominated by banks despite a regulatory crackdown. Ant and Alibaba are being targeted by Beijing s anti-monopoly campaign. Regulators have urged Ant to reduce the size of Yu ebao, China s biggest money market fund managed by Ant-controlled mutual fund house Tianhong. Outstanding non-money-market mutual funds sold by Ant s fund sales arm were worth 890.1 billion yuan ($138.23 billion) at the end of the first quarter of 2021, according to data released late Thursday by the Asset Management Association of China (AMAC). ....
Despite Regulatory Clampdown, Ant Group Posted $3.4 Billion Profit May 14, 2021 | by Samuel Nwite | Ant Group Co.’s profit rose to $3.4 billion in the December quarter after Chinese regulators thwarted its record initial public offering and told it to scale back its sprawling business, reported Bloomberg. Billionaire Jack Ma’s fintech giant contributed nearly 7.2 billion yuan to Alibaba Group Holding Ltd.’s earnings, a company filing showed Thursday. Based on Alibaba’s one-third stake in Ant, that translates to 21.8 billion yuan ($3.4 billion) in profit, up 50% from 14.5 billion yuan in the previous three months. Ant’s earnings lag one quarter behind Alibaba’s. ....