Zhong Guo Ji Jin Bao·2025-11-22 09:39Core 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][4]. 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 [4]. Group 2: Business Development Direction - After commencing operations, China Merchants Financial Investment will focus on market-oriented debt-to-equity swap business, enhancing synergy between industry and finance, and serving the real economy [5]. - The company aims to support technological innovation and improve the bank's comprehensive operational capabilities, promoting high-quality development [5]. - It will concentrate on key areas such as technological innovation, green low-carbon initiatives, and advanced manufacturing, leveraging long-term and patient capital to assist enterprises in reducing leverage and facilitating transformation [5][6]. Group 3: Industry Context - The approval of China Merchants Financial Investment aligns with a broader trend of expanding financial asset investment companies (AICs) in China, with several banks recently receiving approval to establish similar entities [7]. - Recent policies have been favorable for the development of AICs, positioning them as significant "patient capital" in the technology finance market [8].