"Baifa" sold more than one billion yuan on the first day of sale

On October 28th, Baidu launched the “Bai Fa” Internet wealth management product. It is understood that this is another Internet wealth management product after Ali Group launched “Yue Bao” and Tencent launched “Micro Payment”.

Yesterday morning, Baidu's wealth management products began to sell. Although Baidu’s wealth management products came late, “100 Fat”, which claims to be 8% of its guaranteed capital gains, has earned enough popularity before, and it also raises questions. At present, the annualized yield of money funds is basically 4%-5%. About 8% of the yield rate is almost impossible to imply. In this regard, Baidu related parties clarified that "Bai Fa" financial plan is a financial portfolio, not to protect the original, guaranteed revenue, but Baidu will strive to achieve 8% return. According to Baidu Finance official Weibo, as of 14:50 pm yesterday, Baidu’s wealth management sales exceeded RMB 1 billion, and more than 120,000 households participated in the purchase. The current number of founding members has been looted. However, the much-anticipated "100 Fat" did not appear to have appeared yesterday.

Prior to Baidu's financial management, two Internet companies had already launched their own Internet wealth management products.

In June of this year, Alibaba Group and Tianhong Fund jointly launched the Internet wealth management product - Yue Bao. Since Yuen Bao is backed by Alipay, its huge number of users makes Yue Bao attract millions of users in just six days. According to the latest data from the China Securities Investment Funding Industry Association, as of October 24th, the balance of Yubao users has exceeded 16 million, and the total scale reached 55.653 billion yuan, with a profit of 362 million yuan. Because Taobao's huge user base and Alipay's idle funds are interest-bearing and can be realized at any time, Yuen Bao has successfully occupied the IMF's position with its convenient and safe features.

On Thursday, on the basis of Tenpay, Tencent and New World Department Store launched “Micro Payment” with WeChat. After the WeChat 5.0 version was added to the WeChat payment function, the payment method was transferred from the traditional PC to the mobile terminal. As relying on powerful WeChat users, Tencent e-commerce will hope to achieve overtaking of Taobao through the mobile terminal in the future. Some industry commentaries believe that the domestic Internet banking has so far reached a three-way situation.