Chinese Internet search giant Baidu is set to launch its second investment product, Baizhuan, in partnership with China Asset Management, according to The Global Times.
The investment product will invest in financial instruments with stable returns, such as government bonds with a maturity of one year or less, central bank bills and certificates of deposit.
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Baidu was quoted by The Global Times saying that the minimum investment for Baizhuan would be CNY1, and buyers will be allowed to cash in and out anytime.
The company added that the annual return of a typical Baizhuan account was 5.05% on 23 October using an estimate, while bank deposit interest rates are 0.35% and the yield of Yu’ebao, an online financial service provided by Alibaba, was 4.75% on 30 October.
Baidu’s financial products will now be opened to account-holders from seven banks, including China Construction Bank and China Merchants Bank, but not for those with accounts from the Bank of China and the Industrial and Commercial Bank of China.
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