CSRC to study Baidu’s 8% return vow
Print Edition
China’s securities regulator will examine the legitimacy of Baidu’s asset management product after the search engine operator guaranteed a high yield for such product earlier this week.
Baidu promised an annual investment return of 8 percent for an asset management product that will be launched at the end of this month in collaboration with China Asset Management Co.
But in a statement on its official website yesterday, the China Securities Regulatory Commission reiterated that fund companies or online sales institutions should not make promises on the expected yield of mutual funds and other asset-management products.
Baidu later retracted the promise of an 8 percent return and previous online postings were also deleted from social networking sites.
The CSRC said it will examine the legitimacy and compliance issue based on the written material presented by Baidu.
The CSRC also said sales of mutual funds, including those through Internet channels, should follow the “Securities Investment and Fund Sales Management Law” and other relevant regulations.
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