Tianhong Asset Management Co., Ltd. was established on November 8, 2004 . In 2013, in collaboration with Alipay, the company launched the first ever Internet fund “Yu’ebao”, charting a course for the future of Internet finance. The company has 295 million fund subscribers as of June 30, 2016, and has created about RMB 57.29 billion in returns for its clients over the past three years. Tianhong was the first fund company in China to have assets under management worth over RMB 1 trillion. As of June 30, 2016, it has RMB 850.5 billion in AUM. "Ant Financial" has a controlling 51% stake in the company. It manages 48 funds and covers all lines of products, committing itself to innovations in big data, intelligent investment consulting, etc.