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WeChat Will Launch New Financial Product: Quan Ebao

|Includes:BABA, Tencent Holding Ltd. (TCTZF)

21,March,2014

WeChat will launch Quan Ebao, an Internet money market fund managed by China Universal Asset Management Co Ltd this weekend.

  • The annual return of Quan Ebao exceeds 6%. The fund was established in December 2013, currently only sold through online channels operated by China Universal Asset Management. The 7-day annualized yield of Quan Ebao is 6.31% on March 20,.

  • WeChat cooperates with a number of fund companies. Users can freely choose available financial products. Apart from China Universal Asset Management Co Ltd, GF Fund Management and E Fund Management Co Ltd are also working on technical preparation for cooperation with WeChat and related products are expected to be on line after the system is running stably. In the early 2014, WeChat launched the first financial product which was cooperated with China Asset Management Co Ltd. Six days after its launch, it had raised over 10 billion yuan . When it was first launched, the 7-day annualized yield once exceeded 7%, but now is less than 6%.

Stocks: TCTZF, BABA