Before diving into the details of this incident, it’s important to understand the context: The Chinese government strictly prohibits cryptocurrency trading, purchasing, and mining within mainland China. Despite this, the event in question involves Alipay, the most popular payment platform in mainland China, openly recommending a fund labeled as “cryptocurrency” on its investment homepage.
What’s even more striking is the highly enticing content of the promotional banner. The ad highlights the “surging” prices of cryptocurrencies and emphasizes the low entry threshold—allowing users to invest in the fund with as little as 10 RMB. And put a big button icon, buy it now.
Fund Basic Information:
- Full Name: Hua Bao Overseas Technology Equity Securities Investment Fund (QDII-LOF) Class C
- Fund Code: 017204
- Establishment Date: April 11, 2023
- Asset Size: 4.06 billion RMB (approximately 563 million USD)
- Fund Manager: Hua Bao Fund Management Co., Ltd.
- Fund Custodian: China Construction Bank Corporation
This incident has sparked widespread discussion and circulation within China’s cryptocurrency community. As of now, Alipay has taken down the promotional banner, but the fund itself remains available.
To limit excessive purchases by individual users, a daily purchase cap has been implemented. Each user is restricted to a maximum investment of 1,000 RMB per day (approximately $138 USD), though they can opt for a daily recurring purchase plan. The funds are automatically deducted from the user’s Alipay balance or a bank card linked to their Alipay account.