As a founding shareholder of Tianhong Fund, Tianjin Trust is making its first partial exit over a decade after Ant Group took control. On August 3, Tianjin Trust listed a 4.99% stake in Tianhong Fund on the Tianjin Property Rights Exchange Center, with a minimum transfer price of 1.567 billion yuan. The listing period will run until August 31. Based on this floor price, Tianhong Fund's total valuation is estimated at approximately 31.411 billion yuan.
Tianjin Trust's connection to Tianhong Fund dates back to the fund's inception, with its shareholding history documenting the full journey of this veteran trust institution as a founding shareholder. In November 2004, Tianhong Fund was officially established with a registered capital of 100 million yuan, jointly founded by Tianjin Trust, Bingqi Finance Co., Ltd., and Shanxi Zhangze Electric Power Co., Ltd. Tianjin Trust contributed 48 million yuan for a 48% stake, making it the largest founding shareholder. Bingqi Finance and Shanxi Zhangze Electric Power each contributed 26 million yuan, holding 26% each.
In November 2007, Tianhong Fund's ownership structure underwent its first major adjustment. Shanxi Zhangze Electric Power sold its entire 26% stake to Inner Mongolia Junzheng Energy & Chemical Group Co., Ltd. (referred to as Inner Mongolia Junzheng) at 1.2 yuan per share, making Inner Mongolia Junzheng a significant shareholder.
In 2011, the ownership structure changed again. Another founding shareholder, Bingqi Finance, transferred 10% of its stake to Inner Mongolia Junzheng and another 16% to Wuhu Gaoxin Investment Co., Ltd. Following this transfer, Inner Mongolia Junzheng's stake increased to 36%, Wuhu Gaoxin Investment acquired 16%, and Bingqi Finance fully exited.
In December 2011, the three major shareholders conducted a proportional capital increase, raising Tianhong Fund's registered capital from 100 million yuan to 180 million yuan. Tianjin Trust added 38.4 million yuan, bringing its total investment cost to 86.4 million yuan, while maintaining a 48% stake. This maintained the three-shareholder structure alongside Inner Mongolia Junzheng (36%) and Wuhu Gaoxin Investment (16%).
In 2013, Alibaba (now Ant Group) took control of Tianhong Fund through a capital increase and share expansion, marking a pivotal turning point in the fund's ownership evolution. Zhejiang Alibaba E-Commerce Co., Ltd. invested approximately 1.18 billion yuan at about 4.5 yuan per 1 yuan of registered capital to subscribe for 262.3 million yuan in new registered capital, securing a 51% stake. Tianjin Trust's stake was diluted from 48% to 16.8%, dropping it to the second-largest shareholder. Inner Mongolia Junzheng's stake was also reduced to 15.6%, placing it third. Meanwhile, Tianhong Fund's employee stock ownership plan collectively held 11%, becoming the fourth-largest shareholder.
In August 2026, Tianjin Trust listed a 4.99% stake for transfer, marking the first substantive adjustment in direct shareholder ownership in nearly a decade since Ant Group's entry in 2015. If this transfer is completed, Tianjin Trust's stake will fall from 16.8% to 11.81%, dropping its shareholder ranking from second to third. Inner Mongolia Junzheng, currently holding 15.6%, will rise to become the second-largest shareholder.
Notably, the 4.99% transfer ratio is strategically compliant. Under current regulatory requirements, any change in a fund company's shareholder holding 5% or more requires approval from the China Securities Regulatory Commission (CSRC), a lengthy process with uncertain outcomes. However, equity changes involving stakes below 5% only require filing with the local securities regulator, offering a more streamlined and time-efficient process. Nevertheless, the listing ends on August 31, and whether a buyer can be found by then remains uncertain.
Since the 4.99% stake being transferred by Tianjin Trust is part of the diluted equity from Ant Group's 2013 capital increase, its cost can be estimated based on the valuation at that time. In 2013, Alibaba invested 1.18 billion yuan at about 4.5 yuan per 1 yuan of registered capital for a 51% stake in Tianhong Fund. This implies a total valuation of approximately 2.314 billion yuan for Tianhong Fund at that time. Based on this valuation, the 4.99% stake currently listed by Tianjin Trust was valued at around 115 million yuan in 2013. With the current minimum transfer price of 1.567 billion yuan, the estimated profit from this transaction is about 1.452 billion yuan. It should be noted that this profit figure is a conservative estimate based on the 2013 Alibaba investment price. As a founding shareholder, Tianjin Trust's actual cost basis is likely lower than this reference price, meaning the actual profit could be even more substantial.
It is worth noting that Tianhong Fund is not only a significant financial investment for Tianjin Trust but also a key profit driver. Tianjin Trust's 2025 annual report shows revenue of 1.064 billion yuan and net profit of 506 million yuan. The investment income from Tianhong Fund amounted to 317 million yuan, accounting for 63% of its total annual net profit. In recent years, Tianhong Fund's asset management scale has grown steadily. As of the end of the second quarter, Tianhong Fund managed assets totaling 1.29424 trillion yuan, ranking sixth in the industry. It had 270 funds, ranking fifth in the industry, compared to just 49 funds in the second quarter of 2019. Currently, the fund has 62 fund managers. In 2025, the company's revenue was 5.746 billion yuan, a year-on-year increase of 6.54%, and net profit was 1.885 billion yuan, a year-on-year increase of 12.26%.
As of now, the company has eight shareholders. Ant Technology Group holds 51.0%, Tianjin Trust holds 16.8%, Inner Mongolia Junzheng holds 15.6%, Wuhu Gaoxin Investment Co., Ltd. holds 5.6%, and the employee stock ownership platforms—Xinjiang Tianjuchenxing Equity Investment Partnership (Limited Partnership), Xinjiang Tianrui Bofeng Equity Investment Partnership (Limited Partnership), Xinjiang Tianhuixinmeng Equity Investment Partnership (Limited Partnership), and Xinjiang Tianfu Hengji Equity Investment Partnership (Limited Partnership)—collectively hold 11%.
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