Sunning Commerce, GFAM and China Universal team up to launch online wealth management platform
17 January 2014
Category: News, Asia, China
By Asia Asset Management
Shenzhen-listed Sunning Commerce Group Co announced on January 14 that its e-payment affiliate, Nanjing Sunning Yifubao Network Technology Co (Sunning Yifubao), had joined forces with GF Asset Management (GFAM) and China Universal Asset Management (CUAM) to launch an online wealth management platform – Ling Qian Bao.
The platform has been approved by the China Securities Regulatory Commission (CSRC) and launched on January 15, according to Sunning Commerce.
Ling Qian Bao is an online one-stop-shop that integrates the fund sales systems of GFAM and CUAM, allowing customers to open fund accounts and trade funds via the system.
Sunning Commerce Group operates one of the largest retail chains in China, dealing mostly in household appliances.
Online fund sales have been growing in popularity in China following the success of Mainland e-commerce giant Alibaba’s affiliate AliPay, which launched its fund payment platform Yu E Bao last year. Yu E Bao partners with a number of funds to offer wealth management products to its clients – it launched its own Zenglibao fund last June, which was overseen by Tianhong Asset Management.