Wealth management is set to become the latest battle ground between Chinese internet giants Tencent and Alibaba after the former announced a $370m investment and “strategic co-operation” with the country’s oldest brokerage China International Capital Corp.
The purchase of a 5 per cent stake by Tencent — best known for its ownership of Chinese messaging app WeChat — follows hot on the heels of Alibaba’s aggressive push into wealth management through its Ant Financial division.
In June, Ant Financial opened up its wealth management app to other financial institutions, in the hopes of becoming a one-stop shop for China’s growing numbers of wealthy people, including the 1.5 million people who now have assets above the RMB10m ($1.5m) mark.
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