Tencent users report positive wealth management returns
More than 90 percent of users achieved positive investment returns in 2019, Tencent Financial Technology said according to a survey of 10,770 urban users under 30 years old.
Beijing users had the highest average investment returns, followed by those in Shanghai and Shenzhen.
As many as 85 percent of users said they favored online platforms over traditional banking services or mutual fund companies for wealth management. Safety, returns and flexibility are users' top three concerns.
Investment returns are the biggest income source outside of salaries and money from parents, respondents say, while property and automobile costs are putting the most pressure on their financial status.
Licaitong, Tencent's wealth management platform which sells mutual-fund and fixed-term wealth management products, said it now has over 150 million users and 38 percent of these are born after 1990.