They also contacted many small public funds like this, and finally chose Tianhong Fund, which had suffered losses for three consecutive years.
At that time, Celestica's capital scale was only 9.9 billion, ranking 50th among 70 companies. The shareholders behind it were Tianjin Trust and Inner Mongolia Junzheng.
As a result, after the emergence of Yu'e Bao, Tianhong Fund reached the second place in the country in just one year, and later became the first fund to exceed one trillion yuan in scale. It can be said that it has skyrocketed.
Then in 2015, Ant Financial acquired 51% of the shares and controlled Tianhong Fund.
There are many reasons why Jack Ma started Yu’e Bao.
One of them is that the central bank has issued a regulation: the ratio of paid-in monetary capital of payment institutions to the average daily balance of customer reserves must not be less than 10%.
What does that mean?
For example, when buying something on Taobao, the buyer's money is not given directly to the merchant, but is cached in Alipay for a few days, and then transferred to the merchant after the receipt is confirmed.
As a result, Alipay has formed a huge reserve fund.
If this ratio does not meet the regulations, Alibaba will have to increase its paid-in monetary capital, so Jack Ma must find another channel to distribute the money.
Another reason is that the environment was loose at that time and the country was encouraging financial innovation. After the launch of Yu’e Bao, the central bank also named and praised it...
So Yao Yuan can't do it in advance. If he doesn't open up the environment in advance, he will really be blocked.
In short, he is making preparations here, and Lao Ma must be making preparations as well. With the time it takes to build a technology platform, maybe both companies will launch Little Treasury/Yue Bao at the same time.
Another fierce battle.
This is not only the competition between Xiaojinku/Yue Bao, but also the competition between 99 and Alibaba in mobile payment and Internet finance.
…………
Unconsciously, it has been almost ten years since Zheng Nanling came to 99.
Many times, he still recalled the scene when Yao Yuan picked him up at the airport that afternoon when he first arrived in Beijing, and then stayed at the Jinhu Garden Apartment in Tuanjie Lake - Phoenix Legend was just downstairs.
This engineer who only left two works in history, Qian Qian Ting Ting and Kuai Tu Browsing, is now one of the top figures under Yao Yuan and is now responsible for the product development of WeChat.
He is in his 30s, silent, single, has no bad habits, is a master of technology, and owns shares...the perfect Wang Laowu.
As this summer was coming to an end, Zheng Nanling came to Xiangshan Villa on a cool evening.
"Brother Nanling!"
Yao Yuan now has many friends, and his name for Zheng Nanling has never changed. He is still called "Brother Nanling." He welcomed him into the house and said with a smile: "This summer has not been a good one. There are people looking for me every two days. Fortunately, it is almost over."
Now, you are the last one."
"What last one?"
"Last customer, I have to go back to work after that."
"oh……"
Zheng Nanling nodded and replied with an irrelevant sentence: "Your vegetable garden is doing well."
"Yeah! If you praise me for doing a good job in business, I may not be happy. If you praise me for growing vegetables well, I can eat three more bowls of rice!"
Yao Yuan pulled him to sit down and sighed: "I originally invited you and the person who paid for it. Damn that guy took a vacation. He said he went to Yunnan to eat mushrooms and lay in bed every day to draw little people. He also said that he was
A cup of milkshake, for fear of spilling...
No way to see it!
But it’s okay to talk to you first.”
"Well, tell me!"
Zheng Nanling said ten words in total from the moment he walked in. He held a cup of hot tea in his hand and looked at him seriously.
Yao Yuan knew his character and didn't mind. He first explained Xiao Jinku's plan, and then said: "I expect there will be a fierce battle with Ali next year, and we need to increase our chips.
Have you ever used Alipay or MaiMai to pay?"
"..."
Zheng Nanling nodded, and Yao Yuan said: "Do you find it troublesome? Users have to log in to the page, enter the bank payment tool, then enter a complex 'letter + number' password, and finally have to pass SMS verification before they can pay.
I want to simplify the process and create a quick payment function.
You don’t need to worry about the bank. I have technical requirements for you:
WeChat has added payment and wallet functions. You can directly bind your bank card to WeChat, scan the QR code to pay, and do not need SMS verification when paying. The password should be made into 6 digits, so that the small treasury can be connected with WeChat."
Two points are involved here.
One is quick payment. The 6-digit password that is common in later generations is no longer available. Now you have to use online banking. When making a payment, you jump to the online banking page. The success rate is still very low - it is said that the payment success rate was only 60% in the past.
Alipay and WeChat have popularized fast payment and greatly facilitated users. From this point of view, they have merit.
Another point is channels.
The basis for 99's current financial operations is Maimai Pay. Maimai Pay has a license, and on top of it, it plans to build a small treasury and WeChat Pay.
Yao Yuan was afraid that Little Treasury could not do Yu’e Bao, so he asked WeChat to help him.
Connecting Xiaotongku with WeChat is equivalent to adding a huge application channel. Users can deposit WeChat money into the Xiaotangku, and can also withdraw money directly from the Xiaotangku.
To put it simply, Lao Ma started with e-commerce payment, Xiao Ma started with social payment, and Yao Yuan had both, so he integrated them.
"..."
After Zheng Nanling listened, he was silent for a long time and asked: "When do you want it?"
"I know it's very difficult when it comes to MaiMai payment, WeChat, and small treasury. After I talk to you, I'll talk to them as well..."
Yao Yuan paused and said, "Eight months, is it enough?"
"Enough!"
Zheng Nanling nodded.
After the matter was discussed, Yao Yuan left him to eat, and it happened that Yin Yin also came back.
Yinyin has not had a good summer. From time to time, someone will stay for dinner, and she has to act like a dignified, graceful and elegant matron. Although she is similar in nature, there are always outsiders in the house, and she is always uncomfortable.
like.
…………
"You have become an old man in the mountains. Do you really think of yourself as a hermit?"
At night, when the two of them were alone together, Yin Yin couldn't help but complain.
"Mainly, there's really nothing important going on here, and I don't want to run outside all day long. It's so hot."
Yao Yuan was lying on the sofa, scrolling Weibo with one hand, and using a small skewer to prick the cut watermelon with the other to eat. After a few scrolls, he suddenly said: "Hey, what do you think of this teacher?"
He clicked on a Weibo animation, which showed a female teacher with a royal-sister-like appearance and huge breasts wearing a swimsuit and posing. There was also an introduction:
"Jingxiang Julia, debuted in 2010..."
"Wow, the breasts are so big!"
Yinyin leaned forward on the bed, leaned her head close to her, and looked at Julia in amazement. The two of them often watched porn movies together. She touched hers and sighed: "There are probably two of me."
“Don’t give yourself too much money!”
Yao Yuan rolled his eyes at her and continued to browse this blogger. This guy seemed to have a special liking for big breasts. They were all similar pictures and animations, as well as Da Mi Mi's legendary work in "Far Cry".
And then there’s even a PS one!
It's not face-changing like in later generations, it's just a simple and crude P-picture, and the effect is terrible. Yao Yuan shook his head while watching it, he was familiar with this, Tianxian, Power, Reba, the three pillars of the face-changing area!
Not only that, there will be AI to code in future generations.
Yinyin watched him scrolling through Weibo, but she became bored after watching it for a while. She continued the topic and asked, "Then when will you go back to work?"
"Next month, Meizu will hold a press conference next month."
"Meizu? Hey, it's that...that breathing light?"
Yinyin suddenly got up and said enthusiastically: "I have been looking forward to it for a long time. I thought you had delayed the ticket, but it is really completed."
"This is a flagship phone, so of course we have to strive for excellence!"
"Then will you raise the price?"
"It's rising!"
“Aren’t you afraid that users won’t buy it?”
"I'm afraid, but Meizu has come out, and Meizu must upgrade. It can't hang around in the low-end circle all its life. Of course, our prices are not too high. They were so cheap before, but now they have gone up by a few hundred yuan, and a thousand yuan is not very expensive."
Dear."
Yao Yuan paused and sighed: "We chose to start at a low price, so we have to face the current problems. Alas, it depends on the performance and the publicity..."