Monday’s online shopping spree extended beyond the more traditional merchandise to include financial products, Shanghai Daily reported Tuesday. Insurance and fund management companies sold 908 million yuan (US$146 million) of wealth management products on Tmall, operator Alibaba Group said. A Shanghai-based insurance firm notched up sales of more than 100 million yuan in just 10 minutes with one product offering an annual expected return of 7 percent, compared with the one-year fixed deposit rate of 3 percent, the report said. making such products more lucrative than traditional deposits.
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