Yu’E Bao grows by over 40% QoQ in the first quarter of 2017 and totals 1.14 trillion yuan (US$170 bn).
Yu’E Bao is a wealth management product using the Alipay account balance built by Alipay. Money transferred to Yu’E Bao buys money market fund of Tianhong Asset Management. The money in Yu’E Bao can also be used to shop online with flexible withdraw.
As of the end of 2016, Yu’E Bao net assets totaled 808.3 billion yuan (US$117.4 bn). The growth in Q1 2017 is over 40% from Q4 2016, keeping Tianhong in the top spot in China’s public fund management.
With more than 260 million subscribers as of June 30, 2016, Yu’E Bao’s current 7-day annualized yield reaches 3.938%, ranking the first in the industry in China.