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ICBC Launches Cooperation with Ten Securities Companies on Science and Technology Innovation Board

On July 17, ICBC held a launching ceremony for cooperation with ten securities companies on science and technology innovation board (STAR Market for short) in Beijing. It signed the Memorandum of Cooperation between Banks and Securities Companies on Science and Technology Innovation Board with each of them, with a purpose of carrying out strategic cooperation in key areas such as innovative technological projects, customers, services, financing, investment and research. ICBC’s President Gu Shu, Vice President Tan Jiong, and heads of the ten securities companies attended the ceremony.

Gu Shu said that STAR Market is a major measure for China to promote financial supply-side structural reform, deepen the integration of science, technology and capital, and implement the innovation-driven development strategy. This cooperation between banks and securities companies is a major step we take to implement national strategies, adhere to the origin of finance, and better perform our responsibilities. He pointed out that all parties will play a constructive role through pragmatic cooperation. First, ensuring capital security of STAR Market. ICBC will better take advantage of its strength in security fund settlement as a major state-owned bank, do full justice to securities companies’ role as a capital intermediary, strictly abide by settlement rules, actively upgrade systems, and perform liquidity management in a well-conceived way, so as to ensure the efficient operation of the security fund settlement system of STAR Market. Second, spearheading the development of science and technology innovation enterprises. ICBC will provide financing and technological assistance over the full life cycle of such enterprises, including listing consultation, risk management, debt financing, equity financing, transaction advisory and fund settlement, so as to sustain development of quality science and technology innovation enterprises. Third, guiding investors in wealth management. ICBC will tap into the value of science and technology innovation enterprises, and develop new financial products so that investors can share in the benefits of growth of enterprises and realize asset preservation and appreciation. Meanwhile, all parties should act according to the principle of achieving shared growth through discussion and collaboration, further cooperation through mutual assistance and learning, and by taking early moves, and give full play to their respective strengths based on STAR Market demands to yield practical results as soon as possible.

At the launching ceremony, ICBC Wealth Management, a wholly-owned subsidiary of ICBC, released the wealth management product of “Kechuang Youxuan”. This product is expected to be subscribed on STAR Market, thus giving more access for investors to invest in the Market and share in the benefits from growth of science and technology innovation enterprises.

Prior to this, ICBC has already issued the Integrated Financial Service Plan for Science and Technology Innovation Enterprises, and established financial service centers in Shanghai and Shenzhen to provide specialized services for such enterprises and enhance its capabilities to serve the financial technology market on all fronts.