Alibaba’s mutual fund managed USD 96 billion in 2015

Yuebao, an online wealth management platform under China’s largest e-commerce group Alibaba, released its 2015 financial earnings on Wednesday.

Key highlights from the financial results are as follows:  

Total assets: The total amount managed by Yuebao reached RMB 620.7 billion (USD 96 billion) in 2015, up by 7.21% year-over-year.

Net profit: With a decrease of 873 million yuan, the net profit of Yuebao amounted to RMB 23.131 billion in 2015, down by 3.64% year-over-year.

Administrative fees: With an increase of 350 million yuan, Yuebao’s administrative fees reached RMB 1.912 billion in 2015, up by 22.4% year-over-year.

Sales service fees: Sales service fees increased from RMB 1.301 in 2014 to RMB 1.592 in 2015.

Custodial fees: Custodial fees in 2015 amounted to RMB 509 M, an increase of 93 million yuan over 2014.

Photo from Baidu Images

Launched in June 2013, Yuebao is a mutual fund run by Alibaba’s payment affiliate Alipay. It got a lot of attention in China when it was first released with an average 7-day annual investment yield of over 4%. Remarkably, this number reached 6.76% at the beginning of 2014 and it currently sits at only 2.5 percent, according to Yuebao’s official website.

Although Yuebao’s yield has dropped a great deal from its initial highs, Yuebao is still one of the largest mutual funds in the world with more than 260 million users. In China’s online financial market, Yuebao is facing strong rivals with similar services, such as Tencent’s Licaitong, e-commerce giant Suning’s Lingqianbao, and other online mutual funds.

According to an internet finance market report released on Wednesday by internet finance research institute Lingyi, the size of the internet finance market in China has approached RMB two trillion by the end of 2015, accounting for 5% of the total financial market. The net value of online financial service products such as Yuebao and Alipay surpassed RMB 1 trillion, which had a big influence on China’s financial market.

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