Just because Yao Yuan controls the public opinion platform, he knows more about propriety. He knows what news should be suppressed and what news should not be suppressed. What's more, this matter is not big enough to suppress public opinion.
Soon, Xiaojinku also posted a post on Weibo with a very direct title: "It's a small matter, don't panic!"
First, he posted the complete remarks of the China Securities Regulatory Commission, and second, he repeatedly emphasized:
"The China Securities Regulatory Commission is definitely innovative, but it is true that some fund sales payment and settlement accounts have not been filed in time. In other words, we already have the qualifications, but we lack some of the filings...
We will complete the corresponding requirements of the competent authorities within the specified time, the small vault business will not be suspended, and the interests of users will be fully protected!"
The most uncomfortable thing is the majority of users.
"Oh, I have insomnia now. I go online every day, and my fingers don't obey me, so I start searching the small vault. Is it safe or not?"
"Hahaha, me too, I search the small vault every day to see if it will be blocked!"
"It seems that there are still many novices. If you look carefully, you will know that it is just a matter of filing."
"No way, it's not easy to save some hard-earned money!"
"I broke up with my boyfriend and was so sad that I couldn't eat, so I went to see a master to figure out whether we were still destined to be together. The master said that he could overcome my luck in wealth, and I suddenly felt better..."
Netizens are like being trapped in a melon field, jumping repeatedly between saving/withdrawing money, worrying/impulsively.
Xiaojinku’s timely statement dispelled some people’s concerns, and the money came back. But some people continued to wait and see, well, endlessly.
…
Monetary funds mainly use bank certificates of deposit and purchase treasury bonds.
However, when your money reaches a certain amount, you can negotiate with the bank about how much money to keep, how long to keep it, how much interest to pay, etc. - this is called an agreement deposit.
If there is a money shortage and the bank is short of money, the interest rate on the agreement deposit will be very high.
This is the income of money funds.
Traditional funds are settled once a month and interest is paid in one go. Small vaults are sold online and can be deposited and withdrawn at any time. The emphasis is on the T+0 model.
That is, if you buy it on the same day, the interest will be calculated on the same day.
Users can see their income every day. If it doesn't move, it's just a number. If it moves, it's money. So the question is: Where does this money come from?
Just subsidize it yourself.
Of course, we cannot say this absolutely, and Alipay has never admitted it. If it admitted it, it would become illegal fund-raising.
So in a sense, Xiaojinku/Alipay is similar in nature to a bank. If users rush to withdraw money, it will be like a bank experiencing a run, and it will be miserable.
But now, after the turmoil at the China Securities Regulatory Commission for the past few days, everyone seems to have seen little movement, and they have successively announced that they are filing for registration, and there are no problems... so the enthusiasm is back.
As the scale of funds increases, Tianzhi Fund has also reached an agreement with banks for deposits.
We are facing a money shortage now. The interest rates offered by banks are very high, and the income of small vaults has also increased, exceeding 4%!
On May 31st, Little Treasury issued another announcement:
"The cumulative number of users has reached 2.5156 million, the per capita investment amount is 1912.67 yuan, the cumulative transferred funds are 6.601 billion yuan, the amount used for consumption is 1.204 billion, and the fund scale is 5.397 billion!"
boom!
If 1 million users in 6 days just threw a big stone into the water, then now it is a bomb.
Tianzhi Fund has been established for so many years, and its capital scale is only 4-5 billion, which is a bad sum. Now, in just 13 days, another Tianzhi Fund has been created.
But just at this moment, Alibaba suddenly issued an announcement:
“Yue Bao is online!”
…………
noon.
Li Lin, who has a suite in Beijing, eats noodles with his sisters as usual. In the past, the topics of conversation were celebrity gossip and office romances, but now they all hold their mobile phones and study interest rates.
"How is Yu'e Bao calculated? What is the 7-day annualization?"
“That’s the average income level in the last 7 days!”
"How do you calculate that?"
"Oh, don't bother, just listen to me!"
The experienced sister who had lost 20,000 yuan in stock trading vowed, "I've done the math, Yu'e Bao's current income is 0.2% higher than Xiaojinku, you can skip it!"
"Are there any restrictions?"
"No!"
"But I usually use Maiwo a lot, so it's inconvenient to go there to buy things."
"Damn! You guys are really ink, I don't care about you!"
Li Lin was also very hesitant. She used both the mall and Taobao, and had Maimai Pay and Alipay on her mobile phone. She struggled for a long time, but she didn't have much money anyway, so she settled for half and half.
So I transferred more than 10,000 yuan to Yu'e Bao.
I felt confident for a moment, as if the money was deposited in different banks, the security was increased.
This is what both Yao Yuan and Jack Ma emphasized. Xiaojinku/Yue Bao is not a simple competition, but depends on their respective ecosystems.
Calculated based on the annualized interest rate, the current interest rate for Little Treasury is 4.16%, and that for Yu’e Bao is 4.36%. Where does this 0.2% come from? As mentioned above, we subsidize it ourselves.
The foundation of monetary funds is protocol deposits, yes, but they also have their own room for operation.
Historically, after Yu'e Bao broke out, about 20 similar financial products emerged in the same year. For example, Baidu launched a product called "Baifa", which boasted an annualized return of 8%.
The financial products launched by Sina in cooperation with three fund companies even cost 10%!
Where does the money come from? Subsidies.
This is standard Internet thinking. The Internet engages in price wars and land grabs, burning money to provide benefits to users until it becomes a monopoly.
Barbaric times!
Any track must go through a period of barbarism, chaos, and wanton behavior, and then policies will be introduced and slowly standardized, and the same is true for Xiaotongku/Yuebao.
Just by combining it with the concept of finance, it seems lofty.
Jack Ma has the confidence of Alipay, but in terms of size, Maimai Pay can't compete, so Yao Yuan has long said to Chen Shengqiang: "It can be higher, but don't be too exaggerated. We will decide the outcome in the ecosystem."
………………
After 99 and Alibaba did this, fund companies and Internet companies were completely unable to sit still.
NetEase.
Ding Lei personally received a guest, who was a representative of China Universal Fund Company.
The conversation was very direct:
"We have a product called [Cash Treasure], and we would like to cooperate with you to complete the system upgrade.
1. Exclusive for Internet users; 2. Monthly compound interest becomes daily compound interest: income is automatically carried forward every day and compound interest is compounded every day; 3. Query becomes faster: you can check the previous day's income at 8 o'clock every morning; 4. The threshold becomes lower:
You can recharge and save money with 1 cent, and you can quickly withdraw cash with just 1 cent!”
…
Sohu.
“E-commerce has a shopping festival, and we can plan a [money-grabbing festival] and launch multiple online financial products at the same time.
Through this experience, everyone has seen that Internet finance has great potential. Sales in traditional finance are a big problem, but we are born with our own traffic, especially Sohu, which is a portal website and has more advantages!"