BEIJING (Reuters) – Ant Financial’s money market fund will cap the daily amount users can invest at 20,000 yuan ($3,000) from Friday, said Tianhong Asset Management Co Ltd, which manages the fund.
The decision to impose a daily cap comes six months after Tianhong set a total investment cap of 250,000 yuan per person for the fund, amid heightening regulation of online lenders.
Ant - Financial - Payment - Affiliate - Alibaba
Ant Financial is the payment affiliate of Alibaba Group Holding Ltd.
In a statement on Thursday, Tianhong said it made the changes “to safeguard the interests of investors, better service public investors and adhere to our position as a small cash management tool.”
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