Asia Asset Management published an article on July 8 called, "Money Market Funds Drive Growth in China'​s Asset Management Business." The article states, "Money market funds continue to play a key role in the growth of mainland China'​s asset management industry during the first half of the year, which financial pundits partly attributed to a lack of innovative investment products available on the market. Citing figures from financial web site howbuy.​com, Shanghai Morning Post reported that Beijing-​based Tianhong Asset Management, which paired up with e-​commerce giant Alibaba Group to launch the online fund platform Yu'​e Bao, trumped conventional asset managers with total AUM of 586.​1 billion RMB (​US$​93.​88 billion) as of the end of June. The assets overseen by Tianhong considerably dwarfed its nearest rival, China Asset Management Corporation, by 270 billion RMB. Tianhong'​s ballooning AUM has mainly been driven by its partnership with Alibaba, through which it launched its first online MMF, the Tianhong Zenglibao Monetary Fund, in June 2013."

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