天弘基金考慮推出交易所交易基金

Tianhong Asset Management, the Chinese fund company that transformed the way millions of Chinese invest their savings, plans to enter the exchange traded fund market for the first time.

天弘基金管理有限公司(Tianhong Asset Management)第一次計劃進入交易所交易基金(ETF)市場。這家基金公司改變了數百萬中國人投資儲蓄資金的方式。

The country’s largest asset manager, which is controlled by Alipay, the Chinese online payments company, told FTfm it has already launched a small suite of index-tracking funds and plans to expand this further by launching ETFs.

由中國在線支付公司支付寶(Alipay)控股的中國最大資產管理公司對英國《金融時報》基金管理(FTfm)專刊表示，其已推出少量指數跟蹤型基金，並打算進一步擴大產品範圍，推出ETF基金。

The move could pose a significant competitive threat to companies such as Fortune SG, Yinhua and China AMC, the leaders in China’s nascent ETF industry, which oversees Rmb442bn (￡54bn) of assets.

此舉可能會對中國初生的ETF行業的領跑者——如華寶興業基金(Fortune SG)、銀華基金(Yinhua)和華夏基金(China AMC)等——構成顯著競爭威脅。目前中國ETF基金行業掌管着4420億元人民幣（合540億英鎊）的資產。

Xiaoming Zhou, deputy general manager at Tianhong, said: “We are trying to provide other wealth management products, in a very low-cost and user-friendly way, to as many users as possible. In the future we plan to launch ETFs, but we don’t have a specific timeline.”

天弘基金副總經理周曉明說：“我們正努力以非常低的成本和用戶友好的方式，向儘可能多的用戶提供其他理財產品。我們打算在未來推出ETF，但目前沒有具體的時間表。”

Tianhong’s existing index funds provide exposure to the domestic stock market, and manage around Rmb2.9bn of assets.

天弘現有的指數基金投資於國內股市，資產管理規模約爲29億元人民幣。

The company is well placed to access a wide range of retail investors, given the rapid growth of its online money market fund, Yu’e Bao, which translates as leftover treasure. The fund — the largest of its kind in China — has attracted approximately 185m investors since it launched in 2013, bringing its total assets to an estimated Rmb794.4bn.

鑑於其網上貨幣市場基金“餘額寶”(Yu’e Bao)的快速增長，天弘基金處於有利地位，能夠接觸到廣大散戶投資者。餘額寶作爲中國最大的貨幣市場基金，自2013年推出以來吸引了大約1.85億投資者，資產總規模達到約7944億元人民幣。

Consumers that use Alipay’s epayment account to pay for everything from taxi rides to shopping can use their phones to direct idle cash into the money fund for returns that beat those offered by bank accounts.

使用支付寶付款帳戶來支付從出租車到購物的消費者，可以用手機把閒置資金轉入貨幣基金，以獲得高於銀行存款的回報。

The popularity of such products has helped assets in the Chinese money market fund industry grow to Rmb4.5tn, more than ten times the size of China’s ETF market, according to Z-Ben, the Shanghai-based consultancy.

上海諮奔商務諮詢有限公司(Z-Ben)的數據顯示，這類產品的普及，推動中國貨幣市場基金的資產規模增長到4.5萬億元人民幣，是中國ETF市場規模的10倍以上。

Analysts believe Tianhong’s eventual move into ETFs is likely to be popular with Chinese investors, particularly if it provides them with greater access to foreign stock markets. This would require gaining the relevant quotas from the China Securities Regulatory Commission, which awards mainland fund companies the right to invest in overseas markets.

分析人士認爲，天弘基金最終進入ETF市場可能會受到中國投資者的歡迎，特別是如果這些ETF能讓他們獲得境外股市的更大敞口。這將需要從中國證監會(CSRC)獲得相關額度。證監會負責向中國內地的基金公司授予到境外市場投資的權利。