Bank opens to support startups
A bank opened on Sunday in Beijing’s Zhongguancun area, which boasts active entrepreneurial activities, to support startups and innovation. Zhongguancun Bank, which gained approval from China’s banking regulator in December, is co-sponsored by 11 listed companies in this area. It has registered capital of 4 billion yuan ($590 million). The lender mainly provides financial support to small and micro-sized scientific and technological firms. “Supporting science and technology is our most prominent feature,” said Guo Hong, chairman of the bank, at its opening. Every year, more than 20,000 tech companies are set up in Zhongguancun. More than 60 unicorn firms valued at over $1 billion emerged in this area in the past two years.