Founder now first broker to launch online sales channel

Founder Securities Co Ltd, the Shanghai-listed brokerage, has launched an online sales channel to become the first brokerage to sell products and services on a third-party e-commerce platform.

Analysts said the Changsha, Hunan province-based brokerage's new online service will help with the industry's recovery by expanding sales channels and could provide a valuable new source of sales targets through the "data-mining" of customer investment habits.

Founder's online shop on Tmall.com, one of China's largest online business-to-commerce e-commerce platforms, sold more than 100 products within 30 hours of opening, it said, including 94 copies of a one-yuan (16 cents) wealth management software, which had previously sold for 500 yuan each.