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Sina offers wealth management products to young adults
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CHINESE Internet giant Sina Corp is expanding into the growing Internet finance industry with a special focus on young adults.
Weicaifu.com, an online marketplace for wealth management products owned by Sina, saw fund sales reach 481 million yuan (US$78.5 million) in October, up 23 percent from a month earlier, Zheng Xinwei, product management director of the financial platform, told a media briefing yesterday.
Since its inception in April, total fund sales have amounted to 1.38 billion yuan. The average investor has assets of 18,132 yuan.
“With an investment cap of 5,000 yuan in each product, our platform mainly targets young users who tend to be ignored by traditional financial institutions,” Zheng said.
The investment platform has lured a group of grass-roots investors born in the 1970s and 1980s, who make up 76 percent of its users. The average age of the platform’s investors is 32.
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