Recent half-year financial disclosures from listed companies have unveiled operational metrics for several fund management firms, with a notable spotlight on the impending merger between Hua An Fund and HFT Investment Management. A comparative analysis against Fullgoal Fund Management reveals a striking disparity: even when combined, the two merging entities fall short of Fullgoal across multiple key financial indicators, including revenue, net profit, and total assets under management.

Data shows that the combined workforce of Hua An Fund and HFT is nearly identical to that of Fullgoal, yet their aggregate revenue accounts for only 60% of Fullgoal's. The one area where the duo outpaces their competitor is exchange-traded funds, where their combined ETF scale is 1.8 times greater.

Revenue and Profitability Comparison

In the first half of the year, Fullgoal Fund reported revenue of RMB 4.349 billion, a year-on-year increase of 30.63%, alongside a net profit of RMB 1.143 billion, up 23.47% from the prior year. Hua An Fund generated revenue of RMB 1.916 billion, marking a 22.98% increase, with a net profit of RMB 565 million, up 13%. HFT Investment recorded revenue of RMB 717 million and a net profit of RMB 209 million, representing substantial growth of 98% and 97% year-on-year, respectively.

Combining Hua An and HFT, their total revenue reaches RMB 2.633 billion, which is equivalent to 61% of Fullgoal's figures. Their combined net profit of RMB 774 million stands at 67.7% of Fullgoal's net profit. The employee count tells a similar story: Fullgoal employs 923 people, while Hua An has 560 staff members and HFT has 343. Together, the two firms employ 903 people, which is 97.83% of Fullgoal's workforce. This indicates that despite having nearly the same number of employees, the combined entity generates only 60% of Fullgoal's revenue.

Assets Under Management Scale

From a total scale perspective, including both public and private offerings, Fullgoal Fund manages assets totaling RMB 2.2 trillion. Hua An Fund oversees RMB 915.703 billion, while HFT manages RMB 661.85 billion across its public and private fund products. The combined total for Hua An and HFT reaches RMB 1.5776 trillion, which is approximately 72% of Fullgoal's overall scale.

Focusing exclusively on public fund products, Fullgoal has RMB 1.481255 trillion in assets, whereas Hua An holds RMB 819.827 billion and HFT has RMB 310.834 billion. The combined public fund scale of RMB 1.1301 trillion for Hua An and HFT represents 76% of Fullgoal's public fund assets.

For non-money-market public funds, Fullgoal manages RMB 1.029687 trillion, compared to RMB 522.317 billion for Hua An and RMB 259.957 billion for HFT. The combined non-money-market scale of RMB 782.274 billion is again equivalent to 76% of Fullgoal's total.

Equity Fund Discrepancy

Regulatory authorities have repeatedly emphasized the importance of developing equity-oriented funds. Examining the scale of equity funds, which include both stock and hybrid funds, reveals a significant gap. Fullgoal Fund has RMB 434.831 billion invested in stock and hybrid funds, accounting for 29.35% of its public fund scale and 42.23% of its non-money-market assets.

Hua An Fund manages RMB 195.686 billion in equity and hybrid funds, representing 23.88% of its public fund scale and 37.46% of its non-money-market assets. HFT has a substantially smaller equity presence, with RMB 38.345 billion, which is only 12.32% of its public fund scale and 14.7% of its non-money-market assets.

The combined equity and hybrid fund scale for Hua An and HFT is RMB 234.032 billion, constituting 20.7% of their combined public fund scale and 29.9% of their non-money-market public funds. This figure is only 54% of Fullgoal's equity and hybrid fund scale, underscoring the considerable room for growth in equity fund development for both HFT and Hua An when benchmarked against their competitor.

ETF Supremacy

In the bond fund category, Fullgoal Fund holds RMB 516.25 billion in bond funds. Hua An has RMB 152.92 billion, while HFT has RMB 218.714 billion. Their combined bond fund assets of RMB 371.633 billion represent 72% of Fullgoal's bond fund scale.

However, the dynamics shift considerably in the ETF segment. Fullgoal manages RMB 198.3 billion in ETFs, while Hua An has RMB 184.936 billion and HFT holds RMB 174.499 billion. The combined ETF assets of HFT and Hua An total RMB 359.4 billion, which is a substantial 181.24% of Fullgoal's ETF scale. Notably, HFT's bond ETF offerings alone account for RMB 171.8 billion of this total.