Shanghai residents have the highest average size of assets in Yu'E Bao, the cash management product launched by Tianhong Fund Management Co, according to data.

By the end of last year, the average size of assets Shanghai investors have in Yu'E Bao was 10,536 yuan (US$1,740), Tianhong Fund said, adding that other investors' average asset size was 4,307 yuan.

Since its launch on the Alipay platform in June 2013, the money market fund has attracted 43.03 million subscribers, with over one third of them subscribing more than once.

Banking on its convenient user experience, the investment platform has lured a large group of grassroots investors who make up 82.8 percent of Yu'E Bao's investors aged between 18 and 35 years old.

By tapping the popular Yu'E Bao money market fund, Tianhong became the second largest fund firm by combined assets totaling 194.4 billion yuan, according to figures compiled by Galaxy Securities. Yu'E Bao contributed 185.3 billion to its total asset size.

Jiangsu Province has the largest combined assets in Yu'E Bao, followed by Guangdong and Zhejiang provinces.

As of yesterday, Yu'E Bao has an average annual yield of 6.8 percent over the past week, more than 19 times the interest rate of demand deposit.

Internet giants such as Baidu and NetEase have opened wealth management product platform and worked with financial firms to turn users into investors.