China's market selloff may have decked traders but one group is benefitting: the country's home-grown online finance companies.
"[Funds have been] drawn out the past several months and back the past several weeks," Sabrina Peng, president of Alipay International, said at the DBS Asian Insights Conference last week.
China's largest money market fund, Yu'e Bao, is offered by Alipay, a unit of Ant Financial, which is an independent company under the Alibaba umbrella; Yu'e Bao, which is an online offering, had around 578.93 billion yuan (around $93.25 billion) in assets at the end of 2014.
In the wake of volatility in the mainland's stock markets, Alipay launched an "I want stable happiness" campaign, telling users that when they've had enough of dealing with high risk, they can come back to Yu'e Bao, Peng said.
The mainland's stock markets certainly turned high risk recently. The Shanghai Composite is off about 26 percent from its 52-week high, but the rally that proceeded it was so fast and furious that the index is still up around 85 percent over the past year. Despite the government's introduction of extraordinary measures to support the market, shares have remained volatile. With a minimum deposit of just one yuan, Yu'e Bao targets China's small investors, a group that was hit particularly hard by the selloff.