Sina to launch financial service this month

Sina Corp - the online media company that runs Weibo, China's version of Twitter - is expected to officially launch its financial service in mid-April, in a move to tap into the emerging Internet finance sector in the country, Web portal sohu.com reported on Tuesday.

Sina started a small test run of the new service at 11 am on Tuesday, allowing 1,900 applicants to purchase the wealth management products before midnight of April 10.

According to the report, Sina is expected to officially launch its wealth management service, which is a money market fund run by China Universal Asset Management Co, on April 16.

Shanghai-based China Universal Asset Management has jointly launched Internet finance services with many Internet firms in China, including NetEase Inc.