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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 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."
Chinese finance regulators have stepped up restrictions this
year in an effort rein in rapid growth in the country's online
finance sector.
Earlier this month, it circulated new rules barring online
micro-lenders from operating without proper licensing.
Online lending and wealth management tools have flourished in
China, where mobile payments are popular and regulation has
historically been relaxed.
Set up in 2013, Yu'e Bao is now one of the biggest money market
funds in the world, and is integrated with Ant Financial's
payment app Alipay.
The fund is targeted at individual investors and earlier this
year Ant Financial said the average consumer invested roughly
3,800 yuan in the fund.
(Reporting by Cate Cadell; Editing by Susan Fenton and Mark
Potter)
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