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Sunday, July 16, 2017, 22:17
Bank launched to support startups in Beijing
By Xinhua
Sunday, July 16, 2017, 22:17 By Xinhua

Chinese 100 yuan banknotes are seen on a counter of a branch of a commercial bank in Beijing, March 30, 2016. Zhongguancun Bank opened on July 16, 2017 at Beijing's Zhongguancun area. The bank prides itself in active entrepreneurial activities to support start-ups and innovation. (Photo / Agencies)

BEIJING - A bank that boasts active entrepreneurial activities to support start-ups and innovation went into operation on Sunday in Beijing's Zhongguancun area. 

Supporting science and technology is our most prominent feature

Guo Hong,

chairman of Zhongguancun Bank

The Zhongguancun Bank, which gained approval from China's banking regulator in December 2016, is co-sponsored by 11 listed companies. It has a registered capital of 4 billion yuan (about US$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 one billion dollars emerged in this area in the past two years.

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