China's Baidu challenges Alibaba with financial services platform

By Paul Carsten (Reuters) - Baidu Inc will launch an online wealth management platform next week, as China's biggest Internet search company moves away from its advertising business to compete against Alibaba and Tencent Holdings. Baidu said it would launch its Baidu Finance Center on October 28, offering a product together with China Asset Management Co. aimed at producing an annual yield of 8 percent for depositors. China's finance sector has been dominated by state banks for decades. ...

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