China Merchants Fund

What China Merchants Fund does

China Merchants Fund (招商基金管理有限公司) is a Shenzhen-headquartered, privately held Chinese asset management company founded on December 27, 2002, as China's first Sino-foreign joint venture fund management company. It is 55% owned by China Merchants Bank and 45% owned by China Merchants Securities, both subsidiaries of the state-owned China Merchants Group, giving the firm deep structural ties into China's banking and brokerage distribution. The firm operates a full-spectrum asset management platform spanning 681 fund products across eight categories — equity, bond, mixed, money market, REITs, FOF, index, and QDII — supplemented by an investment advisory service (投顾), a three-pillar pension business covering social security, enterprise/occupational annuity, and personal pensions, and an ESG/sustainable investment product line. Cumulative customer profits exceed 2.8 trillion RMB and the firm has served 190 million+ customers against consolidated AUM of 1.59 trillion RMB.

The platform is built on proprietary technology including a quantitative investment platform, an internally developed ESG rating system covering A-shares and H-shares, and a suite of digital advisory tools: the "Quantum Fund Selection" (量子选基) recommendation engine, "Fund Physical Examination" (基金体检) portfolio diagnostics, a Market Temperature Gauge (市场温度计) sentiment tool, and a 7x24 AI customer-service assistant. Quantitative and AI capabilities are used internally across ESG rating analysis, macro timing, risk prediction, and smart-beta factor research over a 10,000+ fund universe. The firm also co-developed an industry-first bond market intelligent monitoring system with parent China Merchants Bank.

Revenue is generated primarily through management fees on AUM (typically 0.15%-0.50% annually for equity funds and 0.20%-0.50% for bond funds), investment advisory fees of 0.20%-0.80% per year, and custodial fees around 0.05%. Distribution combines direct digital channels (official website, mobile app, WeChat — with zero purchase fees on direct channels), 40+ banking partners, 50+ securities brokerages, and 40+ third-party platforms, supplemented by a dedicated enterprise wealth platform and the CMF Wealth subsidiary for high-net-worth clients. The customer base is hybrid: long-tail retail investors (the primary segment) plus institutional anchors including the National Social Security Fund, Basic Pension Insurance Fund, enterprise annuity, and occupational annuity portfolios.

Name

China Merchants Fund

Legal name

招商基金管理有限公司

Website

https://cmfchina.com

Company type

Private

Founded year

2002

Operating status

Operating

Headcount range

501–1,000 employees

Short description

China Merchants Fund is a privately held, Shenzhen-based Chinese asset manager (founded 2002, majority-owned by China Merchants Bank) operating 681 mutual funds across equity, bond, mixed, money market, REITs, FOF, index, and QDII categories, serving 190 million+ retail and institutional customers with 1.59 trillion RMB AUM and full pension/ESG coverage.

Ownership category

akta.pro rank

Product category

Asset Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (52591)

SIC

Investment Advice (6282)

akta.pro primary industry

Bank-Affiliated Retail Wealth Management (FSAAAAAB)

akta.pro secondary industries

Full-Service Retail Brokerage & Wealth Platforms (FSAAAAAA), Money Market Funds (FSAAAEAC)

Keywords

• Asset management services
• Public fund management
• Pension fund management
• Investment advisory services
• ESG investment products

Headquarters

HQ city

Futian

HQ country

China

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management Fees: Revenue primarily generated from management fees charged as a percentage of assets under management across all fund categories including equity funds (typically 0.15%-0.50% annually), balanced funds (0.10%), money market funds, and bond funds.
2. Investment Advisory (投顾) Fees: Fees from investment advisory services, with fee rates ranging from 0.20%/year to 0.80%/year depending on portfolio characteristics and risk level.
3. Custodial and Service Fees: 托管费率 typically 0.05% annually for applicable fund categories, charged for custody and administration services.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

China Merchants Fund manages a comprehensive portfolio of 681 fund products across eight categories — equity, bond, mixed/hybrid, money market, REITs, FOF, index, and QDII — with total assets under management of 1.59 trillion RMB (parent-subsidiary consolidated) serving over 190 million customers. The firm delivers investment advisory services (招商乐投顾), pension solutions across all three pillars (养老有招), ESG-focused investment products, and corporate treasury services distributed through direct digital channels (website, app, WeChat) and an extensive network of 40+ banking partners and 50+ securities brokerages.

Product overview

China Merchants Fund (招商基金管理有限公司) operates as a comprehensive asset management platform offering a full spectrum of fund products and financial services. The core product portfolio spans equity funds (股票型), bond funds (债券型), mixed/hybrid funds (混合型), money market funds (货币型), REITs, fund-of-funds (FOF), index funds (指数型), and QDII overseas investment funds (QDII) — totaling over 681 fund products across 8 categories. These are supported by the flagship 招财乐投顾 investment advisory service (with 18 strategy portfolios), the 养老有招 pension solutions brand covering all three pension pillars, and the ESG product line (including carbon neutrality, social responsibility, and green bond funds). Supplementary tools include the AI-powered 量子选基 fund selection engine, 基金体检 portfolio diagnostic tool, 市场温度计 market temperature gauge, and 债券市场智能监控系统 bond market monitoring system. The company also serves corporate clients through 企业理财 cash management services and high-net-worth clients through 专户理财 discretionary account management. The 陪伴基地 investor education hub provides ongoing client engagement, and the 招商基金APP enables mobile fund trading with fee discounts.

Differentiator

Problem solved

Functional benefit

Brands

• 养老有招: Pension financial services business brand providing comprehensive retirement financial solutions covering three pillars of pension system.
• ESG
• 招财乐投顾

Products and services

• Zhaocai Le Investment Advisory (招商乐投顾) Comprehensive investment advisory service providing customized asset allocation solutions and closed-loop services across the entire investment lifecycle, offering 4 strategy categories (money market, balanced, equity) with 18 investment advisory portfolio combinations. Fees range from 0.20%/year to 0.80%/year depending on portfolio characteristics and risk level.
• Pension Solutions (养老有招) Pension financial service brand covering all three pension pillars — social insurance (first pillar), enterprise/occupational annuities (second pillar), and personal pensions (third pillar). Provides comprehensive pension financial planning, asset allocation portfolios, and advisory services for retirement needs.
• Equity Funds (股票型基金) Stock-based fund products with varying risk levels (R3-R4), including active equity strategies and index-tracking products covering CSI 500, CSI A500, CSI TECH, Nasdaq 100, and thematic sectors such as robotics, semiconductors, clean energy, and new energy vehicles. Management fees typically 0.15%-0.50% annually.
• Bond Funds (债券型基金) Fixed income fund products (R2-R3 risk), including industrial bonds, green bonds, mixed bond strategies, and target-maturity bond funds. The flagship 招商产业债券 (Industrial Bond Fund) has won multiple Morningstar and Jinding awards. Management fees typically 0.20%-0.50% annually with custody fees of 0.05%.
• Mixed/Hybrid Funds (混合型基金) Hybrid funds combining equity and bond allocations targeting various risk profiles, including thematic strategies such as new energy selection, value selection, circular economy, and social responsibility. Management fees approximately 0.10% annually.
• Money Market Funds (货币型基金) Low-risk money market funds (R1) offering daily liquidity with zero redemption fees. Products include 招商招福宝货币, 招商招益宝货币, and 招商招禧宝货币 with daily annualized returns displayed. Also used for corporate treasury management.
• REITs (Real Estate Investment Trust Funds) Real Estate Investment Trust products including 招商科创REIT (Science Park REIT), 招商高速公路REIT (Highway REIT), and 招商蛇口租赁住房REIT (Rental Housing REIT), offering medium-risk (R3-R4) infrastructure investment exposure.
• FOF (Fund of Funds) Fund-of-Funds products including target-date pension FOFs (e.g., 招商和惠养老目标日期2045 FOF) and strategic selection FOFs with 3-month holding periods. Includes both target-risk and target-date strategies for retirement planning.
• QDII Funds (Overseas Investment Funds) Qualified Domestic Institutional Investor funds enabling international investment, including 招商纳斯达克100ETF (Nasdaq 100 ETF), 招商中证香港科技ETF (Hong Kong Tech ETF), 招商中证全球中国互联网ETF, and 招商普盛全球配置FOF (Global Allocation FOF).
• Index Funds (指数型基金) Index-tracking fund products covering domestic indices (CSI 300, CSI 500, CSI A500, CSI TECH, STAR Market 50) and international indices (Nasdaq 100, Hang Seng Tech), including both passive ETFs and enhanced index funds.
• ESG Investment Products ESG-focused fund products including 招商社会责任混合 (Social Responsibility Fund), 招商中证新能源汽车指数 (New Energy Vehicle Index), 招商中证上海环交所碳中和ETF (Carbon Neutrality ETF), and 招商沪深300ESG基准ETF (ESG Benchmark ETF). Developed using a proprietary ESG rating system covering A-shares and H-shares listed companies.
• Corporate Finance Services (企业理财) Institutional-grade cash management and investment services for corporate clients, offering money market funds with zero purchase fees, risk controls, and high liquidity. Includes dedicated account managers and customized solutions for enterprise treasury operations.
• Discretionary Asset Management (专户理财) Private asset management services for high-net-worth clients including single-asset management plans (one-to-one) and collective asset management plans (one-to-many), covering fixed income, equity, mixed, and derivatives categories. Distributed through the 招商财富 (CMF Wealth) subsidiary.

Quantifiable outcome

• Cumulative customer profits exceeding 2,800 billion RMB as of end 2025
• +3 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration19 records

AI capability7 records

Feature4 records

Partnerships

Ten partnerships are on record, tiered founding member and core partner.

• 中国气候联合参与平台 (CCEI)founding memberStrategic or Co-development Partner · 1 January 2023China Climate Engagement Initiative (CCEI) is China's first investor cooperation mechanism initiated by institutional investors to promote green and low-carbon high-quality transformation of enterprises through investor engagement and stewardship. China Merchants Fund joined as a founding member in 2023.
• 气候行动100+ (Climate Action 100+)core partnerStrategic or Co-development Partner · 1 January 2023Climate Action 100+ is an investor initiative launched in 2017, now the largest global investor engagement initiative in the climate change field. China Merchants Fund officially signed to join in 2023.
• 联合国责任投资原则组织 (UN PRI)core partnerStrategic or Co-development Partner · 1 January 2019United Nations Principles for Responsible Investment. China Merchants Fund joined as one of the first public fund management companies in China in 2019, demonstrating commitment to ESG and responsible investing.
• Major Chinese Banks (ICBC, Agricultural Bank, China Merchants Bank, etc.)core partnerChannel Partner/ Reseller/ DistributorDistribution partnership for fund sales through 40+ banking partners including ICBC, Agricultural Bank of China, China Merchants Bank, Bank of China, China Construction Bank, Bank of Communications, and regional banks. Banks serve as primary retail distribution channel.
• Securities Brokerages (50+ partners)core partnerChannel Partner/ Reseller/ DistributorDistribution partnership through securities brokerages including CITIC Securities, Guotai Junan, China Merchants Securities, Haitong Securities, GF Securities, and others for fund sales and trading services.
• Third-party Fund Sales Platforms (40+ partners)core partnerChannel Partner/ Reseller/ DistributorDistribution through third-party platforms including天天基金网, 蚂蚁基金, 腾安基金, 雪球基金, 京东肯特瑞, and others for broad retail investor reach.
• 招商银行 (China Merchants Bank)core partnerChannel Partner/ Reseller/ DistributorAs majority shareholder (55%), China Merchants Bank serves as key distribution partner and parent company relationship, providing primary banking channel and brand credibility.
• 招商证券 (China Merchants Securities)core partnerChannel Partner/ Reseller/ DistributorAs 45% shareholder, China Merchants Securities provides securities distribution channel and cross-selling opportunities for fund products.
• Shanghai Stock Exchange and Shenzhen Stock Exchangecore partnerTechnology or IntegrationExchange partnerships for listing and trading of funds including ETFs, index funds, and other exchange-traded products.
• China Securities Index Co. (中证指数有限公司)core partnerTechnology or IntegrationPartnership for index licensing and development, with many products tracking CSI indices including CSI 500, CSI 800, CSI A500, CSI Dividend, and others.

Scale indicators10 records

Recent moves6 records

Direct peers

• E Fund Management: E Fund is China's largest public fund manager (publicly listed in Hong Kong, HK: 02596) with multiple trillions of RMB in AUM and similarly broad product coverage across equity, bond, index, and QDII funds. Directly comparable to CMF as a top-tier Chinese full-service fund manager serving retail and institutional clients.
• Bosera Asset Management: Bosera is one of China's largest and earliest fund managers, with full-spectrum products and significant pension fund participation. Directly comparable to CMF on institutional mandates, fixed-income franchise, and bank-channel distribution.
• Penghua Fund Management: Penghua is a leading Shenzhen-based Chinese fund manager with comparable active equity, bond, and index product depth. Direct peer to CMF given overlapping Shenzhen location, similar scale tier, and bank-securities distribution model.
• China Southern Asset Management: China Southern is a top-three Chinese public fund manager with broad equity, bond, and money market fund offerings and similar institutional pension mandates. Direct peer to CMF given overlapping product breadth and pension/annuity business.
• Yinhua Fund Management: Yinhua is a top-10 Chinese fund manager with strong active equity and fixed-income capabilities. Directly comparable to CMF on product breadth, institutional client servicing, and award-recognised fund performance.
• Tianhong Asset Management: Tianhong is one of China's largest fund managers by AUM, particularly strong in money market and retail digital channels via Alipay. Direct peer to CMF on retail fund aggregation and digital distribution, and a co-participant in the 2026 benchmark adjustment initiative.
• Fullgoal Fund Management: Fullgoal is a leading Chinese fund manager with comprehensive equity, bond, and quantitative products. Joined CMF and 10 other major managers in the coordinated 2026 benchmark-adjustment initiative, underscoring direct comparability in scale, product set, and regulatory exposure.
• Harvest Fund Management: Harvest is a top-tier Chinese public fund manager with broad equity, bond, and QDII offerings. Comparable to CMF on full-product coverage, institutional client base, and pension management qualifications.
• China Asset Management (China AMC): China AMC is one of the earliest and largest Chinese fund managers with broad public fund, QDII, and pension management capabilities. Directly comparable to CMF on full-license coverage, multi-channel distribution, and pension fund participation.
• GF Fund Management: GF Fund is a major Chinese fund manager affiliated with GF Securities, with comparable active equity, bond, and index products. Direct peer to CMF given similar securities-affiliated distribution channels and full-service wealth platform positioning.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/china-merchants-fund

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about China Merchants Fund