19 August 2019 jumps on online fund bandwagon, paper says

China’s second-largest e-commerce operator, in which internet giant Tencent Holdings Ltd. (00700.HK) has acquired a stake, is set to launch money market funds offering investors a return of as much as 10 percent, the 21st Century Business Herald reported Friday. One of the funds, to be launched Tuesday next week, is linked to Harvest Fund and Penghua Fund and will offer a seven-day annualized return rate of 6 percent, while another one, to be launched between March 24 and 27, will offer a 10 percent return for a minimum subscription of 1,000 yuan (US$162.70), according to the newspaper. Alibaba Group, meanwhile, is preparing to launch another money market fund with a return rate of 6 percent, the report said.

– Contact HKEJ at [email protected]



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