Alibaba’s money market fund, Yu E Bao, had 55.6 billion yuan (US$9.14 billion) in assets under management as of the end of September, an almost 10-fold increase on the amount at the end of June, Alibaba Group said in a statement Monday. Yu E Bao was launched on June 13 and is a fund and payment platform launched jointly by Alibaba affiliate, online payment service provider Alipay, and Tianhong Asset Management Co. Ltd. The fund has attracted 13.68 million subscribers who can earn 116.47 yuan in the third quarter in interest for every 10,000 yuan invested, the statement said. The platform paid out 362 million yuan in interest in the third quarter.
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