Money market products account for 51% of China's mutual fund assets, and Tianhong's Yu'e Bao makes up nearly a third of MMF assets. Analysts are worried about concentration risk.
Yet there are indications that demand among private individuals for exchange-traded funds and other index strategies could gain momentum – but that will take time.
Asia's asset owners have taken big strides into passive investing since 2010. Hong Kong's Hospital Authority Provident Fund and Taiwan's Bureau of Labor Funds explain why and how.
China AMC ranked top in 2015 by outright profit, and Aegon-Industrial Fund by profit yield, but industry profitability is set to fall amid stricter rules and market volatility, according to new research.
Chinese mutual fund assets nearly doubled last year to a record high of Rmb8.4 trillion ($1.3 trillion), driven largely by money-market products, which analysts say have stabilised the industry.
Chinese fund houses are increasingly selling products via smartphone, but marketing mobile platforms does not come cheap, and competition is heating up.