Glitches cloud Baidu’s debut of product
Print Edition
Web users were disappointed yesterday when technical glitches prevented them from logging on to a payment service for the widely anticipated debut of Baidu’s first asset-management product.
Baidu said Baifubao, the payment arm of China’s largest search engine, crashed as it was unable to process the massive number of users who tried to access the system in the morning after the company launched the sale of an asset-management product in collaboration with China Asset Management Co.
Baidu said the service resumed by 1pm yesterday, and the total 1 billion yuan (US$164 million) quota was sold out in two hours.
The debut was highly anticipated by web users as Baidu previously promised an 8 percent annual return for the product, a guarantee it was later forced to retract after the China Securities Regulatory Commission said it would examine the product’s legitimacy. The CSRC said fund companies or online sales institutions should not make promises on the expected yield of mutual funds and other asset-management products.
A staff of Baidu’s wealth management arm yesterday said the returns were not guaranteed and buyers could check their first-day income tonight.
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