Tag Archives: Tenpay

Could Tencent be Exempt from Compensation for Losses of WeChat LiCaiTong? Part 2

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wechat LicaiTONG

(ByYou Yunting)  Yesterday we explained the legal status of WeChat LiCaiTong and the exemption clauses of Tencent in Could Tencent be Exempt from Compensation for Losses of WeChat LiCaiTong ? Part 1. We will continue to analyze this in today’s post.

III.   Could Tencent be exempted from liability for the risks of losses?

If any losses arise from the purchase from LiCaiTong, purchasers shall assume responsibilities in accordance with Tencent’s agreements. In my opinion, however, WeChat does not disclose the risks of LiCaiTong completely. Therefore, Tencent will not necessarily be exempt from its liabilities.

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Could Tencent be Exempt from Compensation for Losses of WeChat LiCaiTong? Part I

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wechat LicaiTONG

(ByYou Yunting) Abstract： Tencent will make no compensation to WeChat users who lost all their money in purchasing its LiCaiTong (an online financial services product) in accordance with Tencent’s Users Agreement. However, where the mobile client system of WeChat’s LiCaiTong is so simple that WeChat users are deliberately not informed of the fund name before making investments and where WeChat discloses the risk of higher interest rates in an overly optimistic way, were there any loss in the view of LiCaiTong, Tencent will face the risk of assuming compensation liability on the grounds of its fault of inadequate risk disclosure.

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