Alibaba Group’s online payment arm Alipay is expected to launch a new financial product in mid-February, the Securities Times reported Wednesday, citing a company source. The product will be similar to the popular money market fund Yu’E Bao, but will have a fixed term of one year. The annualized yield is expected to be higher than 7 percent, the report said. Investors may be allowed to subscribe to as much as 2 million yuan (US$330,613) worth of the product each. Alibaba’s partner financial institutions for the new product are not known, the report said.
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