Date
12 November 2018

Baidu investment product under scrutiny, paper says

China’s securities regulator said it will look into Baidu’s planned asset management product after the search engine operator said it will start selling the high-yield instrument, Shanghai Daily reported Wednesday. Baidu promised an 8 percent annualized investment return on an asset management product it is planning to launch at the end of the month with China Asset Management Co Ltd. Such promises by any fund company or online sales operator are prohibited, the report said, citing an announcement by the China Securities Regulatory Commission. It is Baidu’s latest foray  into the financial sector after rival Alipay began to sell money market funds through its online payment platform early this year in partnership with Tian Hong Asset Management Co.

– Contact HKEJ at [email protected]

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