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Alibaba launches entertainment investment fund


By Paul Carsten BEIJING (Reuters) – Chinas Alibaba Group Holding Ltd, the worlds biggest e-commerce company, will launch a fund that allows customers to invest in entertainment products, the company said on Wednesday, as it expands its financial services platform. The product, called Yu Le Bao or entertainment treasure in English, lets people deposit a minimum of 100 yuan ($16.12) using their smartphones. The funds will then be invested in film, television programme and online game projects through insurance and wealth management products offered by Guohua Life, a Shanghai-based life insurance company. The move comes however, as Chinas banks and regulators move to impose limits and rules on the countrys emerging Internet finance sector, which could constrain the sectors growth.

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