BAIDU INC, Chinese Internet giant, has launched a big data-based quantitative investment fund to engage in opportunities emerging from the Chinese stock market, followed by an announcements made two months ago to establish an Internet bank and an Internet insurance company, according to a report by China's National Business Daily.
Amid the initiative, the Guojin Baidu Big Data Fund which is backed by Baidu and Chinese brokerage firm Sinolink Securities Co., Ltd., plans to raise RMB500 million (US$77 million) to invest in Chinese stocks initially.
The fund will pave the way for exploiting Baidu's massive database and innovative investment models, says the report without specifying.
In November, Baidu and CITIC Group Corporation agreed to establish an Internet bank named Baixin Bank.
Within the same month, both Baidu, China-focused alternative investment manger Hillhouse Capital Group and global insurer Allianz would jointly establish an online insurance company in China.
Baidu formally established a financial services unit on December 2015 in association of all its efforts in the Internet finance sector, including consumer finance, mobile payment and Internet brokerage businesses, under one umbrella.