Yu'E Bao (Leftover Treasure), an Alibaba personal finance product launched in June 2013, has 49 million users with aggregate deposits of 250 billion yuan ($41 billion), giving young people an option to channel their driblet savings into high-interest funds.

The number of users has soared in the first half January and deposits are up by 64.7 billion yuan, 35 percent, compared with the end of 2013. Six million new users have signed up, figures from Alipay and Tianhong Fund showed.

Yu'E Bao is an online fund established by Alipay, China's largest third-party payment platform and a subsidiary of Alibaba, together with the private Tianhong Fund.

Thanks to its cooperation with Alipay in Yu'E Bao, Tianhong Asset Management Co. Ltd. has overtaken China Asset Management Co. Ltd. to become China's largest fund company in terms of assets, according to industry figures.