Tian Hong Fund released the news on 5 January 2015 that as of 31 Dec 2014, Yu’E Bao’s exceeded RMB578.9 billion (US$94.09 billion), contributing over 98% of Tian Hong Fund’s total capital.
In Q4 2014, Ye’E Bao increased by RMB44 Billion (US$7.15 Billion) from Q3 2014 while Tian Hong Fund management company’s total transaction value increased by RMB41.8 Billion (US$6.79 Billion) in the same period.
Yu’E Bao is one product of Ant Financial Service Group, which was launched in June 2013. Yu’E Bao assisted Tian Hong’s Zeng Li Bao Fund to provide cash management service for users. By the end of 2013, Yu’E Bao’s GMV was RMB185.3 Billion (US$30.11 Billion). In Q1 2014, the number increased to RMB541.3 Billion, which was almost 3 times more than the one in the end of 2013.
Yu’E Bao grew to 149M users in Q3 2014 and it is still growing in China. In tier-1 and tier-2 cities, the growth rate was 14% while it had a user growth rate of 21% in tier-3 and tier-4 cities.
In July 2014, Taobao & Yu’E Bao offered money-making “Tour Packages” with Lvyou Bao, or “travel treasure”, a travel product with investment benefit.