ASIAdocument.write(“” + m[today.getMonth()+1]+ ” “+ today.getDate()+”, ” + theYear + ” “);HOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperChina Daily Global PDFChina Daily Global E-paperBusiness /Policy WatchEconomyPolicy WatchChina DataCompaniesMarketsIndustriesOpinionMotoringGadgetsGreen ChinaRegulator stresses supervision of online fund sales(Xinhua)Updated:2014-01-13 10:40
Comments Print Mail Large Medium SmallBEIJING – Chinas securities regulator has stressed the protection of investor interests during online sales of mutual fund products, the Shanghai Securities News reported on Saturday.
Online fund sales must ensure the security of investors capital and prevent investors from being deceived or misled, Deng Ke, a spokesman for the China Securities Regulatory Commission, was cited as saying at a press conference.
Fund companies must strictly implement the principle of sales appropriateness, or make sure that fund products risks are in line with the risk tolerance of investors, Deng said.
His remarks pointed to emerging problems over misleading advertisement in online fund sales along with the booming growth in Internet finance since the middle of last year.
Last June, Chinas most popular online payment platform, Alipay, joined with Tianhong Asset Management Co to create YuE Bao, a product that allows Alipay users to conveniently transfer their balance into a mutual fund account to make a profit.
After its launch, YuE Bao soon attracted a vast number of users thanks to Alipays huge customer base. At the end of 2013, YuE Bao boasted more than 43 million users with total deposits of 185.3 billion yuan ($30 billion).
Other Internet companies have followed suit to partner with fund companies. For instance, Baidu, the largest Chinese search engine, has cooperated with the China Asset Management Co, a leading fund company in China.
Earlier this month, two fund-service websites – Fund123.cn and the fund site of Eastmoney.com – were penalized by local securities regulators for inappropriate wording in their product adverts.8.03KRelated StoriesInternet finance transforms Chinas financial landscapeAlipay buys China fund managerInternet finance: Golden goose for nest eggs?Assets of fund management platform YuE Bao top $16.4 bPhotoRetail giant checks outTop 10 Chinese car maker movesEarth hour around the worldWorlds eight green stadiumsHighlights of the Baselworld 2014View from on highChina Economy By NumbersChina Economy by Numbers – Dec China Economy by Numbers – Nov NewsmakerFew textbook answers from Nobel prize winner Things you didnt know about Max BaucusMost ViewedTodays Top NewsNHTSA says finds no defect trend in Tesla Model S sedansWTO rare earth ruling is unfairAmway says 2014 China sales may grow 8%President Xi in Europe: Forging deals, boosting businessCNOOC releases 2013 sustainability reportLocal production by Chery Jaguar Land Rover this yearCar lovers test their need for speed in BMW Mission 3China stocks close mixed MondayHot TopicsTaxi booking appInternet finance12306.cnHousing priceWeChat4GChina MobileIPOs resumptionEditors PicksTop 10 Chinese car maker moves Worry-free financing plans aid car owners What a phone can do via lens 9 mysterious plane disappearances SpecialsGlobal business leaders weigh in on reformsBillionaires speak out on reform rolesInternet finance is in, but is banking out?…Media : |State Administration of Foreign Experts Affairs|QQ International|Peopleforum|workercn.cn|Partners : |State Administration of Foreign Experts Affairs|QQ International|Peopleforum|workercn.cn|Portals : |www.panguso.com|www.goso.cn|Sina|Sohu|Tom|Tencent|NetEase|Hexun|Organizations : |China US Focus|FrenCham|CPAFFC|CPIFA|Gov.cn|eBeijing|AmCham|SwissCham BJ|…| About China Daily | Advertise on Site | Contact Us | Job Offer |Copyright 1995 -. All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.License for publishing multimedia online 0108263 Registration Number: 20100000002731