The net asset value of Ant Group’s money market fund BalanceBao shrank by 18.3% in the first quarter of this year.
BalancePay’s first-quarter earnings report released on April 22 showed that BalancePay’s net asset value was RMB 972.4 billion at the end of the first quarter, down 18.3% from RMB 1.19 trillion a year earlier, Reuters reported on April 22.
The first-quarter report released by BalancePay showed that the fund’s size fell by RMB 218.401 billion to RMB 972.415 billion in the first quarter of 2021 from RMB 119.816 billion at the end of 2020, the first time its size fell below RMB 1 trillion since the first quarter of 2017, according to China Securities Network.
Ant Group, which has recently been the topic of conversation around its financial products, was interviewed again by the Communist Party’s financial regulator earlier this month, which said Ant Group had formed a comprehensive and feasible rectification plan that included five areas, including requiring Ant to correct unfair competition in its payment business and disconnect Alipay from other companies such as “Flower Chant” and “Debit Chant. The program includes five aspects, including requiring Ant to correct unfair competition in the payment business, disconnect Alipay from other financial products such as “Flower Chant” and “Debit Chant”, correct irregularities such as nesting credit business in the payment chain, and take the initiative to suppress the balance of BalancePay.
BalancePay is a value-added balance service and demand fund management service under Ant Financial Services, which was launched in June 2013, and Tianhong Fund is the fund manager of BalancePay. BalancePay money fund features easy operation, low threshold, zero commission, and can be withdrawn and used as you like. In addition to its financial management function, BalancePay can also be used directly for shopping, transferring funds, paying bills and other consumer payments, making it a cash management tool in the mobile Internet era. Currently, BalancePay is still the largest money fund in China. It is popular among people, especially young people, in mainland China.
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