National Business Daily, 9/09/11
Hangzhou-based C2C & B2C e-commerce site Taobao plans to begin operating an online securities marketplace, according to an industry source, which has long been in development. Taobao has also reportedly poached experienced talent from online financial information websites to assist in its preparations, and Taobao has recently been in talks with senior management of several investment funds.
The China Securities Regulatory Commission (CSRC) will issue the draft version of its Regulations Regarding the Sale of Financial Securities on October 1, relaxing restrictions to allow non-issuer third-party entities to sell securities.
Currently, third-party payment processors China Payment and Remittance Service Co., Ltd. (ChinaPnR) and All in Pay have been approved by CSRC to sell securities online. Alipay is expected to eventually be approved, according to an industry source, as it has continuously made efforts to receive a license.