Li Mingyang only joined Alibaba’s investment platform one month ago but he has already transferred almost all the cash in his bank account – nearly Rmb200,000 ($32,000) – to the online fund.
He is far from alone. More than 30m people in China have signed up to Yu’E Bao, or “Leftover Treasure”, only six months since its launch.
Initially pitched by the Chinese ecommerce group as a platform for its users to manage excess funds in their online payment accounts, Yu’E Bao is becoming something far more powerful: a straight-up substitute for traditional bank deposits.
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