第三家股份行AIC获批筹建：为企业提供全方位多层次融资支持

Core Points - The establishment of Asset Investment Companies (AICs) by joint-stock banks aims to enhance equity investment support for technology enterprises [1][5] - The approval of AICs for three joint-stock banks (China Merchants Bank, Industrial Bank, and Citic Bank) signifies a move towards diversifying the financing system and addressing the financing difficulties faced by enterprises [2][5] - The new AICs will enable banks to transition from traditional funding intermediaries to comprehensive financial service providers, enhancing their investment capabilities and optimizing income structures [6][7] Summary by Sections Establishment of AICs - China Merchants Bank has received approval to establish its AIC with a registered capital of RMB 150 billion, making it a wholly-owned subsidiary [1] - Industrial Bank and Citic Bank have also received approvals for their AICs with registered capitals of RMB 100 billion each [2][3] Policy Implications - The expansion of AICs is part of a broader financial supply-side structural reform aimed at strengthening counter-cyclical adjustment capabilities while serving the real economy and mitigating risks [7] - The policy encourages joint-stock banks to participate in AICs, promoting a more diversified investment and financing system [4][5] Benefits for Banks and Enterprises - AICs will provide comprehensive financial services throughout the lifecycle of enterprises, particularly benefiting high-growth technology firms [5][6] - The establishment of AICs is expected to create new revenue streams for banks, including transaction settlements and fee income from enhanced cooperation with technology companies [7] Challenges and Considerations - AICs face challenges in balancing traditional risk-averse banking practices with the high-risk nature of technology investments [9] - There is a need for AICs to enhance their research and investment capabilities by increasing professional talent reserves and developing a differentiated operational structure [9]