Zhong Guo Ji Jin Bao·2025-11-22 09:41Core Viewpoint - China Merchants Bank's wholly-owned subsidiary, China Merchants Financial Investment, has been approved to commence operations with a registered capital of 15 billion RMB [1][6]. Group 1: Company Establishment - The establishment of China Merchants Financial Investment was a smooth process, taking just over six months from board approval to operational approval [4]. - The registered capital of 15 billion RMB makes it the highest initial registered capital for a financial asset investment company at its inception [6]. Group 2: Business Direction - Following its approval, China Merchants Financial Investment will focus on market-oriented debt-to-equity swap business, enhancing synergy between production and finance, and serving the real economy [7]. - The company aims to support technological innovation and promote high-quality development by engaging in equity investment pilot projects [7]. Group 3: Industry Context - The approval of China Merchants Financial Investment aligns with a broader trend where financial asset investment companies (AICs) are expanding their roles in supporting technology innovation and private enterprises [9][10]. - Recent regulatory changes have allowed AICs to broaden their equity investment pilot programs, increasing the number of commercial banks and insurance funds eligible to participate [9].