In April 2014, Alibaba acquired Hang Seng Electronics. In February 2015, Ant Financial held Tianhong Fund. In April 2015, Ant Financial acquired the controlling stake in Mi Fund (diluting the shares of Hang Seng Electronics) and changed its name to Ant Fund. In June 2018, Tencent ushered in its own fund sales license, and Tengan Fund was specially approved by the China Securities Regulatory Commission. In November 2018, the WeChat version of Yu’e Bao “Change Money Link” was launched.

Judging from the timeline, Ant Financial has a serious suspicion of getting on the bus first and then making up the ticket. When Yu’e Bao was born, Ant Financial had neither a fund sales license nor a controlling stake in Tianhong Fund. If it is defined as a fund direct sales model, special database the relevant risk assessment and real-name authentication are also completed by Alipay, not Tianhong Fund. Therefore, this edge ball is strictly illegal. However, it is clear that Yu’ebao was successful, and forced reforms with the model of the Internet. Yu’e Bao broke the regulatory red line this time.

Not only by getting on the bus first and then making up the ticket. Other modes of breaking regulation are also covered below. 3. Tiantian Fund VS UnionPay VS Alipay Let's now compare three apps with fund sales, namely: Tiantian Fund, UnionPay and Alipay. The experience of different buying bases, using bases, and selling bases for the three products. Tiantian Fund: It has a fund sales license, but no fund payment license. Cloud QuickPass: There is no fund sales license, but a fund payment license. (Direct sales model) Alipay: It has both a fund sales license and a fund payment license.