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City's investors have highest average assets in Yu’E Bao fund on Alipay
Online Edition
SHANGHAI residents recorded the highest average assets in Yu’E Bao, the cash management product launched by Tianhong Fund Management Co on the Alipay platform last year.
By the end of last year, the average size of assets that investors put in Yu’E Bao was 4,307 yuan (US$706), and the average figure for Shanghai is 10,563 yuan, Tianhong Fund said.
Since its launch in June, the money market fund attracted 43 million subscribers, with more than one-third of them subscribed more than once.
Due to a smooth user experience, the new investment platform attracted a large group of grassroots investors with 82.8 percent of Yu'E Bao's investors between 18 and 35 years old, the company said.
Banking on the popular Yu'E Bao money market fund, Tianhong became the second-largest fund company in terms of combined assets with 194.4 billion yuan, according to figures compiled by Galaxy Securities.
Yu'E Bao contributed 185.3 billion to its total asset size.
Jiangsu Province is the province with the largest combined assets in Yu'E Bao, followed by Guangdong and Zhejiang provinces.
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