Mutual fund platform owned by Ant Group sees profit surge

The mutual fund distribution platform owned by Chinese fintech giant Ant Group posted a six fold increase in net profit in the first half of 2021, reports Caixin. The surge comes after a growing number of retail investors allow mutual fund managers to handle their money.

The net profit of Ant (Hangzhou) Funds Sales rose 495% year-on-year to RMB 325.3 million ($50.2 million) in the first half of 2021, according to the half-year report of its second-largest shareholder, Hundsun Technologies, which was released Wednesday. Its revenue nearly tripled.