Yu鈥檈bao product attractive
Print Edition
Alipay yesterday said its popular cash management product Yu’ebao achieved 250 billion yuan (US$41 billion) in assets, propelling Tianhong Fund Management Co to be China’s largest fund company by assets.
By yesterday, Tianhong’s money market fund sold via Alipay had 49 million investors.
Alipay’s easy and convenient-to-use investment platform attracted a large group of grassroots investors with more than 80 percent of Yu’ebao’s subscribers aged between 18 and 35 years old who invested an average of 4,307 yuan.
A number of Internet companies and retailers such as Baidu, NetEase and Suning have started to offer similar cash management products since Yu’ebao was launched in June.
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