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Baidu eyes 2nd online investment product
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Baidu, China’s largest Internet search engine operator, said yesterday it will launch a second Internet-based investment product next week after its 1 billion yuan (US$164 million) worth of a money market fund was sold out in two hours in late October.
Its new product, a tailor-made bank deposit agreement, will offer subscribers a higher yield than the normal fixed-term deposit rate. It will open for subscriptions on Monday but Baidu did not specify terms and expected yield.
The launch of Baidu’s previous asset management product was highly anticipated by web users as the firm had promised an 8 percent annual return, a guarantee it was later forced to retract after the China Securities Regulatory Commission said it would examine the product’s legitimacy.
The CSRC says fund companies and online sales firms should not promise expected yield of mutual funds and other similar products.
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