Double 11 was not only a shopping carnival for consumer goods, this year, Taobao began sellling money fund.
Data from Taobao finance management showed that by the end of 3 pm on November 11 2013, money fund products total transaction reached 682 million yuan (USD 112 million). Guohua Life sold out 401 million yuan (USD 65.39 million) worth money fund, ranked the top. Efunds ranked the second with 151 million yuan (USD 24.62 million). Sino Life raised 100 million yuan (USD 16.31 million). Normally it would take 10 days to raise 100 million yuan money fund, Taobao finance management did it within one day.
However, the top three best-selling money fund had huge successes, other money fund products sales were not optimistic. Except for the top three money funds, others raised 130 million yuan (USD 21.2 million) together.
On November 11 2013, Taobao money funds began selling at 8 am, and Guohua sold out 100 million yuan (USD 16.31 million) in 10 minutes. Efunds sold out 100 million yuan at 10:28 am. Sino Life achieved 100 million yuan sales in 7 hours 46 minutes.
At present, Taobao money funds couldn’t use Yu’E Bao to pay. Users could only use debit card or Taobao finance management accounts to buy money funds.