Netease Obtains Fund Sales License
CCID, 6/26/14
Chinese internet company NetEase's (Nasdaq: NTES) Wangyibao ("Netease ePay") online payment platform has obtained a fund sales and settlement license from the China Securities Regulatory Commission (CSRC).
Since launching the "Netease Finance" ("Wangyi Licai") online finance platform in December 2013, NetEase has released a series of online financial products such as "Tian Jin Jihua," "Shou Yi Bao," and "Xianjin Bao." The Tian Jin Jihua fund, with a 10% return rate and a RMB 500 mln total investment limit, sold out within the first 80 minutes of launch, while the RMB 300 mln Shou Yi Bao fund sold out within three minutes of launch. The second phase of the Shou Yi Bao fund reached RMB 300 mln in sales in 70 seconds.
A spokesperson for the company has revealed that in late July, NetEase Finance will partner with Sun Life Everbright Life Insurance to launch an upgraded version of the Shou Yi Bao featuring comprehensive fund products.
Editor's Note: For more information on this topic, please see "Netease Launches Online Fund Sales," MD 4/11/14 and "China Issues Fourth Batch of Third-Party Payment Licenses," MD 6/29/12 issues.
Keywords: financial services NetEase Internet license online payment NTES Sun Life Everbright Everbright Bank
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