Like so many thousands before him, Xiaoming Zhou was a run-of-the-mill investment manager with the brilliant idea of starting his own hedge fund. Like most of the others, his plan failed.
But this is where the similarities end. Because after shutting the doors on the hedge fund, Mr Zhou set off down a path that led him to the Cinderella story of Chinese investment: Tianhong Asset Management.
Tianhong is a relatively unknown name, but Yu’e Bao, its money market fund, has attracted hundreds of millions of users in China. It has become symbolic of the huge demand for retail investment that can be unlocked by mobile phones.
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