--FILE--A Chinese netizen browses the website of Baidu in China, 4 June 2013.
Baidu announced it reached its maximum allowed investment in less than five hours today, the launch day of Baidu Finance Center. More than 120,000 users entrusted the search giant with their savings, hitting the RMB 1 billion ($164.3 million) cap, reports Techweb. The portfolio that Baidu launched today is only made up of bank deposits and bonds ¨C no stocks ¨C and aims for an eight percent annual return. The minimum investment is only RMB 1 ($0.16). The financial services are part of Baidus shift away from its Google-like advertising model. Tencent and Alibaba are also making strides in the personal finance space with similar offerings. These companies online expertise, big-name reputations, access to big data, and breadth of services make them ideal entities to push financial services. They have all been trying to get their hands on the various licenses for offering financial services, mutual funds, loans, and insurance.