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Tianhong, Junzheng settle row over profits
Print Edition
ALIBABA Group’s small finance affiliate has reached a deal with one of the shareholders of Tianhong Asset Management Co — Inner Mongolia Junzheng — over profit-sharing of the fund company.
Fund company Tianhong manages the popular cash management product Yu’ebao through Alipay and Zhejiang Ant Small & Micro Financial Services Group became its controlling shareholder for 1.18 billion yuan (US$192.8 million) in 2013.
Junzheng said in a stock exchange filing yesterday that the retaining profit of Tianhong Fund would be distributed among the old shareholders before Junzheng made a further capital contribution.
“All related parties consider that a reconciliation is in the best interest of Tianhong’s shareholders and legally binding documents,” it said in the statement.
Junzheng completed its payment of 69.43 million yuan as capital contribution and Ant Small & Micro Finance withdrew its arbitration application from the China International Economic and Trade Arbitration Commission.
Junzheng had said it was entitled to a share of the profit before its capital contribution but Ant Small & Micro Finance disapproved of it. Ant Small & Micro Finance said in an email yesterday that it will “continue to provide the best service for Yu’ebao users” without elaborating on the details.
Tianhong manages 579 billion yuan from money-market fund Yu’ebao.
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