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Shanghai buyers pull in 15% of asset sales
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Shanghai residents contributed 15 percent to the overall transactions of asset-management products sold on Taobao during the Single’s Day shopping festival, Alibaba said yesterday.
One Shanghai female resident became the single largest buyer after she paid 1.5 million yuan (US$241,935) worth of wealth-management products sold by a Shanghai-based insurance company.
Shanghai was followed by Beijing and Hangzhou.
Three fund and insurance companies — E Fund Management Co, Guohua Life Insurance and Sino Life Insurance — and 14 apparel and home appliance vendors broke the online transactions threshold of 100 million yuan during the Single’s Day online shopping frenzy on Monday.
E Fund Management Co’s bond market fund was the best selling product of all asset management products sold on Taobao with a total transaction volume of 339 million yuan and 34,887 orders.
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