Yu鈥檈bao more than triples size to US$92.2b
Print Edition
ALIPAY’S popular cash management tool Yu’ebao more than tripled its size last year to 578.9 billion yuan (US$92.2 billion), according to latest figures.
Yu’ebao boasted 185 million individual investors at the end of last year, up from around 100 million at the end of June, Tianhong Asset Management Co, which manages Yu’ebao funds, said yesterday.
The average asset size of an individual in Yu’ebao was 3,133 yuan last year.
Meanwhile, Yu’ebao’s total interest income amounted to 24 billion yuan last year.
More than 490 billion yuan of Yu’ebao’s assets were bank deposits, and the rest was invested in bonds, bank notes and other trust funds.
Yu’ebao was launched in the middle of 2013 for users to directly channel spare money in their Alipay accounts into the money-market fund, which can be redeemed instantly to pay for online shopping or credit card bills.
With a minimum of just 1 yuan, compared with at least 50,000 yuan for most wealth-management products sold at banks, Yu’ebao provides a convenient channel for Alipay users to save spare funds and enjoy returns above current deposit interest rates.
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