Controversies

Yu'e Bao 'Unauthorized Deductions' Complaints Rank First Among Public Funds

Yu'e Bao, under Tianhong Fund, has long drawn user complaints that Alipay makes "unauthorized deductions" by automatically transferring money into it; during the 2025 3·15 period, Tianhong ranked first among public fund complaints with 34 complaints. Tianhong responded that these were recurring/automatic transfer functions users had enabled themselves and could cancel at any time. In 2026, Tianhong was also warned and fined RMB 40,000 by the Tianjin branch of the State Administration of Foreign Exchange for failing to submit financial accounting reports, statistical statements, and other materials as required; that same year, media criticized it over some industry index funds launched at highs and concentrated switches into AI hardware stocks that caused severe product losses. The cases raised questions about retention designs such as "default opt-in."