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Bank opens to support start-ups
Published on: 2017-07-18
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030A bank went into operation Sunday in Beijing's Zhongguancun area, which boasts active entrepreneurial activities, to support start-ups and innovation.


The Zhongguancun Bank, which gained approval from China's banking regulator in December 2016, is co-sponsored by 11 listed companies in this area. It has a registered capital of 4 billion yuan.

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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.

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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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