The Dream Factory of China

Financial enterprises in Qianhai can now apply for a special fund of up to 25 million yuan (US$3.6 million) designed by Qianhai Cooperation Zone Authority to encourage COVID-19 prevention-related financial innovations.

The fund mainly aims to support the development of innovative financial products that address the financial difficulties of micro-, small- and medium-sized enterprises.

Start-ups invested by venture capital institutions as well as medium-, small- and micro-sized businesses providing fin-tech services and small- and medium-sized firms that use intellectual property for pledge financing and issue innovative financing instruments in regional equity markets are eligible to apply for the fund.

A fund-application green channel has been opened to financial institutions that have donated anti-epidemic supplies and funds to the virus-hit areas, that have innovated financial products related to epidemic prevention (such as the anti-virus bond “20 Nanshan Development SCP001”), and enterprises that have provided financial support to firms affected by the epidemic.

The online application process will feature simplified procedures and streamlined materials. The fund will be allocated to qualified enterprises after public scrutiny. The deadline for applications is April 20.

Financial enterprises in Qianhai have donated cash and medical supplies worth more than 70 million yuan to epidemic-hit areas since the start of the coronavirus outbreak. The Qianhai-registered China Nanshan Development (Group) Inc. has issued anti-virus bond “20 Nanshan Development SCP001” to enable its subsidiaries to contribute to COVID-19 prevention efforts. WeBank (Qianhai) has extended the SME loan repayment deadline and lowered SME loan interest rates, alleviating their financial stress.