On 20 May, 2016, Tianxinyuan Asset Management Co., Ltd., a private equity fund falling under the “broad finance” umbrella for Sanpower, successfully filed with the Asset Management Association of China. It is one of the first 100 private equity funds in the country to be successfully filed and established since the introduction of measures for registration and document filing for private equity fund managers on 5 February, 2016.

In recent years, with increasing numbers of high net worth individuals, the asset management industry has been developing rapidly. The private equity funds industry now manages over two trillion yuan and market capacity is still expanding.

As an important part in Sanpower Group’s closed-loop chain in its financial ecosystem, the successful filing of Tianxinyuan Asset Management has important strategic value. At the moment, Sanpower’s retail business has more than 3,000 offline stores across China as well as online resources such as Lashou.com, meaning the company has accumulated plenty of target customers for wealth management. The Group will release asset management products through Tianxinyuan Asset Management to raise funds both online and offline. This can raise operating funds for the development of supply chain finance and consumer finance for the Group. At the same time, it can also provide investment consulting and financing services for the investment and M&A business of other companies in the Group through actively-managed business.

The start of Sanpower Group’s wealth management business and its rapid expansion in scale it will help enhance the market value level of the Group’s finance sector businesses and support the rapid growth and capital operation for Sanpower’s “broad finance” field.