By the end of September 2013, Yu’E Bao Tianhong Asset Management fund reached 55.6 billion yuan (USD 9.08 billion), the largest fund in China market. The total fund size of Tianhong Asset Management had increased 4 times.
Yu’E Bao fund reached 4.24 billion yuan (USD 693 million) in Q2 2013, growing by 1211.33% in Q3. Since the launch of Yu’E Bao on June 3, 2013 by Alipay, it had been growing rapidly. Yu’E Bao is a value added online finance product under Alipay, part of Alibaba Group, enabling users to use it as both investment and saving account like Alipay.
By the end of June, the number of users reached 2.5 million, and the fund hits 6.6 billion yuan (USD 1.08 billion). It increased 570 million yuan (USD 9.31 million) daily in average in Q3, it was estimated to break 100 billion yuan (USD 16.33 billion) by the end of 2013.
