Yu’e Bao grows its assets
Print Edition
ALIPAY’S popular cash management product Yu’e Bao said yesterday that its assets at the end of June rose over three times from the end of 2013, but the pace of growth slowed in the second quarter of this year due to a lower investment return.
Yu’e Bao’s assets totaled 574.2 billion yuan (US$92.6 billion) at the end of last month, up 6 percent from the end of the first quarter, Alipay said in a statement. It has more than 100 million registered users since its launch in June 2013.
The average amount an individual user puts in Yu’e Bao rose 17 percent from six months ago to 5,030 yuan. Jiangsu, Guangdong and Shandong are the top-three provinces with the most Yu’e Bao users, while Beijing and Shanghai are home to the most of high-value asset owners.
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