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Sina Receives Fund Sales License

Sina Tech, 4/10/14

Sina Cangshi Investment Management (unofficial), a subsidiary of Chinese internet company Sina (Nasdaq: SINA), received a third-party fund sales license in March, allowing the company to sell investment products on Sina-related sites, according to the China Securities Regulatory Commission (CSRC).

Beijing Sina Payment Technology, operator of Sina's third-party payment platform WeiboPay, was previously authorized to provide payment services for online fund sales, making Sina the first online portal in China that has obtained both licenses.

Editor's Note: Sina previously released an online financial product under the name "Wei Caifu." A number of unlicensed investment products were released by internet companies in China in 2013, but Chinese authorities have recently introduced a variety of measures to better regulate the space. For more background on this topic, please see "Sina, Baidu Obtain Third-Party Payment Licenses" MD 7/10/13 issue and "Update: Sina Microblog to Launch Online Finance Product" MD 11/25/13 issue.

Keywords: Internet CSRC Sina third-party payment WeiboPay financial services Sina Payment license

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