Search engine giant Baidu is said to be launching an online wealth management platform in collaboration with China Asset Management Co., aiming to offer a yield of eight percent per year to its customers, the Securities Times reported Tuesday. Baidu said products will be launched on its new Finance Center, which will go live by end of this month. The company is hoping to join the likes of internet services firms such as Alibaba Group and Tencent in tapping into the online financial services market. However, under China’s securities ordinance, securities companies are not allowed to offer guaranteed return rates for investment products. The report quoted unnamed analysts as saying that Baidu’s claims may be deemed inappropriate. Baidu currently owns 70 percent of the internet search market in China with 500 million users.
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