Ten Investment Funds to Test Services on Taobao in June
Sohu IT, 5/27/13
37 private equity groups, including Cathay Capital Group, China Southern Asset Management, HuaAn Fund Management, and Bosera Asset Management, have opened up channels with Alibaba Group's third-party payment platform Alipay. Two more steps will reportedly be necessary before any of the funds is able to set up shop on Taobao, allowing the private equity groups to sell fund shares on Taobao: systems trials, to be conducted jointly by the funds and Taobao, and registration of Taobao with the China Securities Regulatory Commission (CSRC).
According to the director of e-commerce for a Shanghai-based fund, the first group of ten funds could start conducting joint testing with Taobao as soon as late June or early July.
Taobao says it is in the process of filing plans with the CSRC to offer supplementary fund sales services for sales organizations. A Beijing source close to the CSRC said that the CSRC had been generally receptive to the idea of partnerships between Taobao and funds, and predicted that Taobao will complete CSRC registration in June if all continues well.
Keywords: HuaAn Fund Management China Southern Asset Management Cathay Capital e-commerce Taobao Internet Alipay CSRC Bosera third-party payment Alibaba Group B2C
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