Bank opens to sup­port star­tups

China Daily (USA) - - BUSINESS -

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.

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