Date
23 October 2017

Legions line up for piece of new Alibaba fund, paper says

More than 110,000 people have signed up for the second generation of Alibaba’s hit Yu’E Bao fund product, the Shanghai Securities News reported Monday. Alibaba waded into online fund management last year, and sources close to the company said the new product, which will start taking public subscriptions Friday, will be linked to insurance products — rather than currencies — and offer a principal-guaranteed return of up to 7 percent a year. Each Alipay customer can subscribe to up to 2 million yuan (US$328,000) of the new product. The high level of interest might prompt Alibaba to increase the issue from the original 300 million yuan to 800 million yuan, the report said.

– Contact HKEJ at [email protected]

EL/AC/SK

 

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