Baidu's previous promotional page
Baidu recently announced that on October 28, it will launch the "Baidu Financial Center - Wealth Management" platform and introduce a wealth management plan called "Baifah" with an annualized return target of 8%. In response to this, the CSRC (China Securities Regulatory Commission) today issued a statement saying that the media-reported "Baifah" guaranteed principal and return wealth management plan does not meet the requirements of relevant laws and regulations. The CSRC will conduct further verification based on the written materials submitted by Baidu.
In fact, yesterday Baidu itself also "recanted", stating that it did not guarantee that the yield of the "Baifah" product could reach 8%, nor did it promise to guarantee principal and returns. Because all investment-based wealth management products do not have the concept of guaranteed principal and returns, which is inconsistent with financial supervision regulations.
Baidu has already deleted the related product promotional Weibo posts previously released, and the phrase "return of 8%" is no longer visible on the Baifah official website (8.baidu.com).
Below is the full text of the CSRC announcement: