21st Century Business Herald reported on Thursday that a new delegated investment product, “Jinxuan Investment,” launched by Alipay and other six institutions on January 4 this year, has been suspended.
“Jinxuan Investment” is a portfolio investment strategy of Alipay’s Jinxuan Fund launched by Alipay itself in conjunction with Aegon-Industrial Fund, China Southern Fund, Zhongou Fund, GF Fund, Harvest Wealth and Caitong Securities.
Managers of delegated investment institutions now need to formulate investment strategies and construct investment portfolios based on Alipay’s Jinxuan Fund.
Only about a week later, this fund was stopped. “It was stopped because of compliance issues,” a source said on Wednesday. “The funds base is chosen by Alipay instead of these six investment institutions. However, Alipay does not have the qualification of fund evaluation business,” said the source.
According to Alipay’s official introduction, the Jinxuan Fund is jointly selected by China Securities Journal and Alipay Financial Think Tank, which is suitable for long-term investors.