16 October 2018

Taobao acts as third-party provider in fund sales, CSRC says

Alibaba Group Holding Ltd. has registered its online shopping platform as a third-party information system to provide supplementary services in fund sales, the China Securities Regulatory Commission (CSRC) said on its official microblog on Wednesday. Taobao, Baidu Inc. and several other internet companies have started “selling” funds on their websites. But unlike Alibaba, Baidu only redirects internet traffic to its partner China Asset Management Co. Ltd., which means that all sales-related services are completed on ChinaAMC’s platform, the regulator said.

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