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Baidu to launch second Internet-based investment product
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BAIDU, China’s largest Internet search engine operator, said it will launch a second Internet-based investment product next week after it sold out 1 billion yuan (US$164 million) worth of money market funds in two hours in late October.
Internet giants followed suit to offer wealth management products for online users after Alipay’s teaming up with Tianhong Fund Management Co proved a huge success.
Baidu’s new product will be a tailor-made bank deposit agreement that will offer subscribers higher yields than normal fixed-term deposit rates.
It will open for subscription on December 23 without specifying the terms and expected yield.
The debut of the asset management product on Baidu’s payment arm in October was highly anticipated by Internet users as Baidu previously promised an 8 percent annual return for the product, a guarantee it was later forced to retract after the China Securities Regulatory Commission said it would examine the product’s legitimacy.
Baidu said it has accumulated a large amount of web searches that gave it deep insight into consumers’ demand for asset management products.
The CSRC stipulates that fund companies and online sales institutions should not make promises on the expected yield of mutual funds and other asset-management products.
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