Meet Alibaba spin-off Yu'e Bao: The world's biggest money-market fund

Yu'e Bao has accrued 370 million account holders and $211 billion in assets in just four years. As its model is replicated, the government is enforcing new regulations

In just four years, a money-market fund created by an affiliate of China’s Alibaba Group Holding Ltd. BABA 2.09% has become the world’s largest, providing millions of the country’s savers a high-returning place to park their money.

Now, it is facing pressure from regulators to slow down.

Fueled by contributions from some 370 million account holders, the fund, known as Yu’e Bao—which means “leftover treasure”—has grown rapidly to manage $211 billion in assets. It is more than twice the size of the next largest money-market fund, a U.S. dollar liquidity fund managed by J.P. Morgan Asset Management, according to data