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Alibaba's 'Leftover Treasure' hits 43 mln users
Yu'ebao (Leftover Treasure). an Alibaba personal finance product, had 43.03 million users with aggregate deposits of 185.3 billion yuan (30.4 billion U.S. dollars) at the end of 2013.
Yu'ebao is an online fund established by Alipay, China's largest third-party payment platform and subsidiary of Alibaba, part of China's biggest online shopping mall, togetheer with the private Tianhong Fund.
"Investments" in the fund have brought 1.79 billion yuan in profits to users since its launch in June 13 this year, according Alipay on Wednesday.
Yu'erbao allows Alipay customers to invest any balance in thier accounts with the Tianhong Fund and has already become the largest fund of its kind in China.
Its users come from all over China: more than 2,000 counties and cities in 31 provincial-level administrative regions with an average deposit of 4,307 yuan per user.
dacare This entry was posted on January 2nd, 2014 at 12:31:22 pm by dacare and is filed under News of China, Investing in China.