Shenzhen Special Zone News reporter Wu Xumei Intern Hu Qingwen

Foreign-funded private equity Standard Chartered Private Equity Fund Management (Shenzhen) Co., Ltd. completed the registration and filing, the Shenzhen branch of Daxing Bank, a "dual-license" overseas bank, opened and issued the "Financial License", and Bank of China Shenzhen Branch officially handled the first batch of overseas foreign exchange purchase business... Since the promulgation of the Opinions on Financial Support for the Comprehensive Deepening of Reform and Opening Up in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (referred to as "Qianhai Finance Article 2") on 23 February, the Shenzhen-Hong Kong private equity Connect mechanism has been explored in an orderly manner, the pace of opening up and expansion of the banking, securities and insurance industries has accelerated, the results of cross-border free flow of capital elements have been revealed, and the interconnection of financial markets in the Guangdong-Hong Kong-Macao Greater Bay Area has injected new vitality and achieved new breakthroughs.

Standard Chartered Private Placement settled in Qianhai to promote the construction of a scientific and technological innovation investment and financing system

The "Qianhai Finance Article 30" mentions deepening the financial market and infrastructure connectivity between Shenzhen and Hong Kong, and taking the lead in the cross-border financial field. Explore the Shenzhen-Hong Kong private equity Connect mechanism in an orderly manner, allow the Qianhai Cooperation Zone to carry out cross-border two-way equity investment facilitation pilots for Hong Kong, and support the joint development of Shenzhen-Hong Kong venture capital funds and private equity funds in the Qianhai Cooperation Zone. On March 3, Standard Chartered Private Equity Fund Management (Shenzhen) Co., Ltd. ("Standard Chartered Private Placement") completed its registration, becoming the second foreign private placement successfully registered this year.

It is reported that Standard Chartered Private Placement is wholly-owned by Standard Chartered Bank (Hong Kong) Limited, and the institutional types are private equity and venture capital fund managers. In February 2022, Standard Chartered Bank (China) Co., Ltd. ("Standard Chartered China") and Shenzhen Angel Fund of Funds Management Co., Ltd. signed a strategic cooperation agreement in Shenzhen to carry out in-depth cooperation in cross-border finance, fund custody and ecological construction to jointly build an incubation ecosystem for small and medium-sized technology enterprises in the Greater Bay Area. In July of the same year, Standard Chartered Private Placement landed in Qianhai, Shenzhen.

Lin Yuandong, CEO of Standard Chartered Bank Greater Bay Area, said at that time that the number of science and technology enterprises in Guangdong, Hong Kong and Macao is large and highly concentrated, and their development and growth cannot be separated from the support of finance, and together with the Shenzhen Angel Fund of Funds, relying on the unique location advantages of the Greater Bay Area, it will promote the construction of a diversified, cross-regional and international technology innovation investment and financing system, and support more small and medium-sized science and technology enterprises to grow into globally competitive benchmark enterprises.

Dah Sing Bank Shenzhen Branch opened in Qianhai to help the real economy with financial services

At the end of March, the Shenzhen Banking and Insurance Regulatory Bureau announced that it approved the opening of the Shenzhen branch of Dah Sing Bank and issued the Financial License. According to the announcement, Dah Sing Bank Shenzhen Branch, with a working capital of RMB3 million, can operate foreign exchange business for various types of customers and RMB business for customers other than Chinese citizens within the following scope, including absorbing deposits from the public, issuing short-, medium-term and long-term loans, handling bill acceptance and discounting, acting as an agent for the issuance, redemption and underwriting of government bonds, trading government bonds, financial bonds, and other businesses approved by the banking regulatory authority under the State Council.

As a Hong Kong-funded bank, Dah Sing Bank registered and established the Shenzhen Branch in 2004, and since then, with the approval of the competent authorities, the original Shenzhen Branch has been transformed into a wholly-owned corporate bank. In August 2008, Dah Sing Bank established Dah Sing Bank (China) Co., Ltd. in Shenzhen as a wholly-owned corporate bank in the Mainland. In June last year, with the approval of the China Banking and Insurance Regulatory Commission, Dah Sing Bank took advantage of the policy of "allowing foreign banks to set up subsidiaries and branches in China at the same time" to prepare for the establishment of a Shenzhen branch in Qianhai on the basis of the existing corporate subsidiary, and also became the first overseas bank in China to be approved for the establishment of a "dual license".

The "30 Articles of Qianhai Finance" mentioned that it is necessary to expand the opening up of the financial industry, take the lead in the field of foreign exchange management reform and RMB internationalization, and strengthen the function of the national financial industry as a demonstration window for opening up to the outside world. Among them, the banking, securities and insurance industries will be opened up. Overseas financial institutions, especially in Hong Kong, are allowed to set up commercial banks, wealth management subsidiaries, consumer finance companies and pension management companies in the Qianhai Cooperation Zone.

Bank of China in Shenzhen handled the first batch of overseas foreign exchange purchase business, making cross-border RMB import trade settlement more convenient

Recently, Bank of China Shenzhen Branch (hereinafter referred to as "Bank of China") successfully handled the first batch of overseas foreign exchange purchase business for two enterprises, which is the first batch of overseas foreign exchange purchase business under the "Qianhai Finance 30 Regulations" new policy, and it is also a major breakthrough in cross-border RMB import trade settlement in the past ten years. On the one hand, it is convenient for enterprises to carry out trade in goods through RMB denomination, and on the other hand, it is conducive to enterprises making full use of the two exchange rates in the domestic and foreign markets, locking in exchange rate risks, saving exchange costs and reducing financial costs.

It is understood that under the guidance of the People's Bank of China Shenzhen Central Sub-branch, the Bank of China in Shenzhen is guided by the "Qianhai Finance 30" policy, combined with the actual development of cross-border RMB business in the Qianhai Cooperation Zone, in-depth investigation of the needs of enterprises, and innovative breakthroughs in deepening financial cooperation between Shenzhen and Hong Kong, deepening the interconnection of financial markets and infrastructure between Shenzhen and Hong Kong, helping the financial industry to open up to the outside world, and supporting characteristic financial industries.

Next, BOC Shenzhen will continue to give full play to the advantages of cross-border financial services, seize the opportunity of deepening reform in Qianhai, take the lead in financial innovation, actively explore and support the implementation of the "Qianhai Finance 30" innovative measures, promote the development of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone, and contribute financial strength to the construction of "dual zones".