The most eye-catching performance is Tencent-backed online saving funds including Huaxia Caifubao and Huitianfu Yuebao. Until 2014Q1, Huaxia Caifubao’s net assets have increased 82.16 times to RMB82.16 billion. Huitianfu Yuebao, rolled out in the last week of 2014Q1 has accelerated 3.48 times to RMB26.31 billion. Their dramatic growth reflects Wechat’s strong marketing capability. The last one is Jiashi Huoqibao, related to the giant of Baidu. Although the fund's performance is not as excellent as of those backed by Alibaba and Tencent, it has still risen to RMB11.83 billion. With the strong penetration of BAT in the internet finance as well as people’s increasing awareness in financial products, we estimate that BAT's online money funds market will continue to expand.
