Suning Commerce Group Co earlier this month launched its first online investment service, Lingqian Bao, with GF Fund Management Co and China Universal Asset Management Co.

Analysts said Licaitong is the strongest competitor so far for Yu'E Bao, which is the largest money market fund in China.

Wang Weidong, an analyst at iResearch Group, a Beijing-based consulting firm, said that given the business model and the huge user base of WeChat, Tencent's offering would be a real challenge to Yu'E Bao.

"The most difficult part in selling wealth management products is to find a large pool of customers. WeChat, which already has more than 400 million registered users and boasts 272 million global monthly active users, is a great gateway to allow fund companies to gain access to potential customers," Wang said.

Ding Xuemei, a spokeswoman for Tian Hong Asset Management, which jointly launched Yu'E Bao with Alipay, said her company welcomes Tencent's move. "We are happy to see innovation in the sector, and competition is good for the market's development," Ding said.

Questions:

1. What is Tencent’s latest business plan?

2. What will the Licaitong service do?

3. Who will its competitor be?

Answers:

1. To launch a wealth management service on its mobile messaging app WeChat.

2. Enable WeChat users to buy and sell money market funds via mobile devices and get higher interest rates than typical banking deposits.

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