BEIJING, March 28 (Xinhua) -- Tencent's wealth management platform qian.qq.com is transferring fund products to the company’s fund sales subsidiary with first move for relevant E Fund products expected to complete transfer by April 11, according to report of the Xinhua-run cs.com.cn.
Users have been notified by text-messages that their holdings of E Fund financial management fund products would be transferred and instead managed by Tengan fund sales (Shenzhen) Co., Ltd, a Tencent unit that had obtained approval by the China Securities Regulatory Commission for fund sales, by April 11, with no impacts on their assets and income during the period, reported China Securities Journal.
Fund products on qian.qq.com will be transferred to Tengan gradually for better and more standardized services for the customers, a source with qian.qq.com told the report.
The move is taken by industry insiders as a response to China's mulling new regulations over fund sales institutions. More business adjustment could be expected for Internet platform peers, they say. (Edited by Niu Huizhe, niuhuizhe@xinhua.org)
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