Chapter I General Provisions

Article 1

To expand the opening up of the financial industry in the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (hereinafter referred to as the Qianhai Cooperation Zone), deepen the financial cooperation between Shenzhen and Hong Kong, accelerate the construction of the Qianhai Shenzhen-Hong Kong International Financial City, and further promote the agglomeration and innovative development of the financial industry in the Qianhai Cooperation Zone, the Interim Measures is formulated in accordance with the "The Plan for Comprehensive Deepening Reform and Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone" (General Office of the CPC Central Committee No. 22 [2021] ), the "Management Measures for the Industrial Development Funds of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone" (Shenzhen Qianhai No. 3 [2020]) and other relevant regulations, as well as the actual conditions of the Qianhai Cooperation Zone.

Article 2

The Interim Measures are applicable to the application, review and related management activities of the special funds supporting the development of the financial industry in the Qianhai Cooperation Zone (hereinafter referred to as the special funds).

Article 3

The Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (hereinafter referred to as Qianhai Authority) is responsible for the management and use of the special funds, including the preparation of annual fund plans, the acceptance, review and identification of application materials, and the allocation and follow-up supervision of the special funds, etc.

Article 4

The special funds are applicable to financial and other related legal persons (including branches) or unincorporated organizations (hereinafter collectively referred to as institutions) in the Qianhai Cooperation Zone, as well as individuals working in the aforementioned institutions. The organization applicants shall meet the following basic conditions at the same time:

(a) The place of registration, business operation, and tax payment should all be in the Qianhai Cooperation Zone (except as otherwise provided in the Interim Measures);

(b) The main businesses comply with the industry access catalog of Qianhai Cooperation Zone;

(c) When applying for the special funds, they are not included in the list of abnormal business operations, the list of untrustworthy persons subject to enforcement, and the blacklist of joint punishments of the municipal authorities of Shenzhen.

Article 5

If the applicant complies with the Interim Measures and other supportive policies of the same kind provided by the Nanshan District, Bao'an District and Qianhai Cooperation Zone, only the optimal policy can be applied for, instead of enjoying all of them.

Article 6

The special funds are subject to budget management, which is drawn from the Qianhai industry development fund budget on an annual basis. If the approved funds exceed the total budget for the year’s special funds, the amount of approved special funds shall be adjusted in the same proportion.

Article 7

The special funds adopts a full-process performance management method. The Qianhai Authority will simultaneously prepare the performance targets of the special funds during the annual budget preparation stage, which serves as the basis for the budget execution, tracking and monitoring of project operation, and performance evaluation of the special funds.

The performance monitoring and evaluation result of the special funds will be used as an important basis for next year’s budget arrangements and policy adjustments.

Chapter II Encouragement for the Agglomeration Development of Licensed Financial Institutions

Article 8

The financial enterprise headquarters shall refer to the stipulations in the "Interim Measures for Encouraging the Development of Headquarters Enterprises in Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone".

Article 9

For financial holding companies, commercial bank franchise institutions, Shenzhen branches of financial enterprise headquarters, professional subsidiaries established by financial enterprise headquarters, and other licensed financial institutions that newly registered or settled in Qianhai, will be given one-time settlement rewards:

(a) 10 million yuan will be given to financial holding companies established with the approval of the People’s Bank of China;

(b) 10 million yuan will be given to state-owned banks, policy banks, and national joint-stock commercial bank franchised institutions, and 6 million yuan will be given to city commercial banks, foreign banks, private banks and other franchised institutions;

(c) 8 million yuan will be given to commercial banks’ Shenzhen branches, branches of foreign and Hong Kong, Macao and Taiwan banks; 3 million yuan will be given to Shenzhen branches of other financial enterprise headquarters;

(d) For professional subsidiaries established by financial enterprise headquarters, those with paid-in capital of more than 100 million yuan will be rewarded with 5 million yuan; those with paid-in capital of less than 100 million yuan will be rewarded with 2 million yuan;

(e) For other licensed financial institutions, those with paid-in capital of more than 200 million yuan will be rewarded with 5 million yuan; those with paid-in capital of more than 100 million yuan but less than 200 million yuan will be rewarded with 2 million yuan; those with paid-in capital of less than 100 million yuan will be rewarded with 1 million yuan.

Chapter III Encouragement for the Innovative Development of Characteristic Financial Services

Article 10

Supports to the agglomeration development of financial technology companies

(a) Financial technology companies that newly registered or settled in Qianhai Cooperation Zone and meet one of the following conditions will be given a one-time settlement reward according to the following criteria:

1. For financial technology subsidiaries initiated by Hong Kong and Macao banks, Hong Kong and Macao insurance companies, Hong Kong and Macao virtual banks and virtual insurance companies and their parent companies, with a direct or indirect shareholding ratio of not less than 50% and the paid-in capital is more than 50 million yuan, a reward of 3 million yuan will be given; for those whose paid-in capital is more than 20 million yuan but less than 50 million yuan, a reward of 1 million yuan will be given;

2. For financial technology subsidiaries whose 100% of the shares are directly or indirectly held by domestic and foreign licensed banks, securities companies, and insurance companies, if their paid-in capital is 100 million yuan or more, a reward of 3 million yuan will be given; for those whose paid-in capital is more than 50 million yuan but less than 100 million yuan, a reward of 1 million yuan will be given.

(b) If the project declared by the institution is selected as a pilot program for the financial technology innovation and supervision of the national financial regulatory authority, a reward of 1 million yuan will be given; if the project declared by the institution is selected as a pilot program for the local financial innovation and supervision of Shenzhen, a reward of 500,000 yuan will be given.

Article 11

For financial leasing enterprises that meet one of the following conditions, business incentives will be given according to the following standards:

(a) For financial leasing companies, professional subsidiaries of the financial leasing companies, and their subordinate projects’ subsidiaries and financial leasing companies, if they carry out key leasing businesses such as aircraft (including helicopters, etc.), ships, and marine engineering equipment, and the term of the business contract is more than three years, a reward will be given at 1% of the actual transaction lease contract value or lease asset purchase contract value for the year, and each company will receive a maximum of 10 million yuan in rewards each year;

(b) For financial leasing companies, professional subsidiaries of the financial leasing companies, and their subordinate projects’ subsidiaries and financial leasing companies, if they carry out clean energy, energy conservation, environmental protection, new energy and other green leasing businesses (except for projects with natural persons as the lessee), if the balance of the green leasing stock business in the previous year was not less than 4 billion yuan, a reward will be given at 0.1% of the amount of newly added green leasing business that year, and each company will receive a maximum of 2 million yuan in rewards each year;

(c) For financial leasing companies, professional subsidiaries of the financial leasing companies, and their subordinate projects’ subsidiaries and financial leasing companies, if the scale of leased assets in the previous year was more than 2 billion yuan, and they provided financing support to enterprises and the contract period of a single business was more than one year, a reward will be given at 1% of the actual total financing it provided that year, and each company will receive a maximum of 1 million yuan in rewards each year.

The amount of reward for Hong Kong-funded institutions that meet the reward conditions in item (a), (b) and (c) of this article will be increased to 1.2 times, but the maximum amount of reward will remain unchanged.

The total amount of rewards stipulated in this article is 30 million yuan per year. If the amount of rewards that have passed the review exceeds 30 million yuan, the rewards will be adjusted and distributed in the same proportion. The same financial leasing contract or the same leased property can only be used for application once, and the reward adopts the principle of "selecting the optimal option". The same institution cannot apply for and enjoy the same matters repeatedly.

Article 12

Commercial factoring companies will be rewarded according to the total amount of financing they provided to enterprises in the previous year:

(a) A reward of 1 million yuan will be given to commercial factoring companies that provided enterprises with more than 10 billion yuan in financing;

(b) A reward of 500,000 yuan will be given to commercial factoring companies that provided enterprises with more than 5 billion yuan and less than 10 billion yuan in financing;

(c) A reward of 200,000 yuan will be given to commercial factoring companies that provided enterprises with more than 1 billion yuan and less than 5 billion yuan in financing;

The amount of reward for Hong Kong-funded institutions that meet the reward conditions in item (a), (b) and (c) of this article will be increased to 1.2 times.

The total amount of rewards stipulated in this article is 20 million yuan per year. If the amount of rewards that have passed the review exceeds 20 million yuan, the rewards will be adjusted and distributed in the same proportion. If several institutions are controlled by the same actual controller or operated and managed by the same senior management team, the rewards cannot be applied for multiple times even if the industrial and commercial registration information shows that there is no equity relationship between several companies.

Article 13

Supports to the application and promotion of e-RMB

(a) Supports will be given to e-RMB operating institutions approved by the national financial regulatory authority for applying and promoting e-RMB in the Qianhai Cooperation Zone.

1. A reward of 500,000 yuan will be given to e-RMB operating institutions that need to transform their information system and haven taken the lead in successfully piloting cross-border e-RMB application in the Qianhai Cooperation Zone. A reward of 100,000 yuan will be given to those who do not need to transform their information system and haven taken the lead in successfully piloting cross-border e-RMB application in the Qianhai Cooperation Zone;

2. For cross-border e-RMB application scenarios successfully piloted by the e-RMB operating institutions in the Qianhai Cooperation Zone, 1% of the transaction amount will be rewarded. The amount of this award is capped at 2 million yuan per year. If the amount of award that passes the review exceeds 2 million yuan, it will be adjusted and distributed according to the same proportion.

3. For e-RMB operating institutions that have newly established or moved into e-RMB laboratories, e-RMB R&D centers, e-RMB application and display centers, etc., in the Qianhai Cooperation Zone with the approval of their headquarters, they will be rewarded with 500,000 yuan;

4. For e-RMB operating institutions that expand e-RMB consumption scenarios in the Qianhai Cooperation Zone and open e-RMB payment functions for merchants and stores in the Qianhai Cooperation Zone, they will be rewarded with 1,000 yuan for each merchant or store that is opened and activated the e-RMB payment function.

The total amount of rewards stipulated in the clause a of this article is 10 million yuan per year. If the amount of rewards that have passed the review exceeds 10 million yuan, the rewards will be adjusted and distributed in the same proportion.

(b) For e-RMB operating institutions approved by the national financial regulatory authority that newly registered or newly moved into the Qianhai Cooperation Zone,  they will be given a one-time reward for settlement in Qianhai according to the following standards:

1. A reward of 3 million yuan will be given if their paid-in capital reach 100 million yuan or more;

2. A reward of 1 million yuan will be given if their paid-in capital reach more than 50 million yuan but less than 100 million yuan;

Article 14

Supports will be given to the listing and financing of enterprises. A one-time reward of 2 million yuan will be given to enterprises in the Qianhai Cooperation Zone that are newly approved to be listed on the Shanghai Stock Exchange, Shenzhen Stock Exchange, Beijing Stock Exchange, and Hong Kong Stock Exchange and meet the requirements of Article 4.

Article 15

For institutions that meet one of the following conditions, their management team will be given rewards for the contribution to the financial industrial agglomeration in Qianhai, which will be directly distributed to the management team employees, and a single employee will not receive more than 1.5 million yuan.

(a) For institutions with a paid-in capital of more than 5 billion yuan, a total asset of more than 5 trillion yuan, and actually control more than 3 licensed financial enterprise headquarters registered and actually operating in the Qianhai Cooperation Zone, a reward of 15 million yuan will be given. If the application amount of the institution is less than 15 million yuan, the actual application amount of the institution shall prevail;

(b) For institutions with a paid-in capital of more than 7 billion yuan, a total asset of more than 8 trillion yuan, and actually control more than 3 licensed financial enterprise headquarters registered and actually operating in the Qianhai Cooperation Zone, a reward of 30 million yuan will be given. If the application amount of the institution is less than 30 million yuan, the actual application amount of the institution shall prevail;

Institutions that meet the requirements of clause (a) and (b) of this article and have obtained a financial holding company license approved by the People's Bank of China will receive annual rewards in accordance with the above-mentioned one-off support standards and methods within the validity period of the Interim Measures starting from the year when the license is approved.

Article 16

If an institution meets one of the following conditions, it will receive rewards for the development of green finance according to the following standards:

(a) If a financial institution set up legal person institutions, branches, business departments, business units in the Qianhai Cooperation Zone that specialize in green finance businesses, and if they are identified as green financial institutions by the municipal local financial supervision and management authorities, the green financial institution will be given 1 million yuan in rewards;

(b) For enterprises in the Qianhai Cooperation Zone that issue green bonds, 1% of the financing scale of the bond will be subsidized as issuance fee support, which is capped at 1 million yuan; for enterprises in the Qianhai Cooperation Zone that issue green bonds in Hong Kong, 2% of the financing scale of the bond will be subsidized as issuance fee support, which is capped at 2 million yuan, except for enterprises whose main business is real estate development or golf course development and operation. The maximum amount of rewards each company can receive each year is no more than 2 million yuan.

Chapter IV Supports to the Innovative Development of Shenzhen-Hong Kong Financial Cooperation

Article 17

For Hong Kong and Macao financial institutions that newly registered or newly settled in the Qianhai Cooperation Zone, if they meet the requirements for settlement awards in Article 9 (b) to (e) of the Interim Measures, they will receive 1.2 times the rewards, and relevant regulations shall be followed if there is a limit on the rewards.

Article 18

For major financial cooperation platforms and financial infrastructure of the Guangdong-Hong Kong-Macao Greater Bay Area established in the Qianhai Cooperation Zone with the approval of the national financial regulatory authorities, a one-time settlement reward of 2 million yuan will be given.

Article 19

Supports will be given to foreign-invested enterprises for setting up private equity funds in the Qianhai Cooperation Zone. They will be given a one-time reward for settlement if they meet one of the following conditions:

(a) For newly qualified whole foreign owned enterprise private fund managements (WFOE PFM) who have completed registration procedures with the Asset Management Association of China, and established and filed funds in the Qianhai Cooperation Zone, a reward of 1 million yuan will be given;

(b) For newly eligible qualified foreign limited partners (QFLP) who have completed registration procedures with the Asset Management Association of China, and established and filed funds in the Qianhai Cooperation Zone, a reward of 500,000 yuan will be given.

Article 20

If a fintech accelerator from Shenzhen or Hong Kong meets the following conditions, the operator of the accelerator will be given a reward of 1 million yuan as operation support, and if the accelerator operator is a Hong Kong-funded institution, it will be given a reward of 2 million yuan as operation support:

(a) The actual office space is more than 500 square meters;

(b) Companies that have received acceleration aids in the past by the operator have received more than 300 million yuan in equity financing in the past two years;

(c) The operator promises that the proportion of Hong Kong-funded enterprises entering the accelerator each year will account for more than 30% of the total number.

Article 21

For Hong Kong, Macao and foreign-funded institutions that apply to the national financial regulatory authority for the establishment of a new licensed financial institution in the Qianhai Cooperation Zone, after their applications are officially accepted by the regulatory authority, they will be given a one-time preparation support in accordance with the following standards:

(a) Those who apply for the establishment of new financial enterprise headquarters, financial holding companies, branches of Hong Kong, Macao, Taiwan and foreign banks in the Qianhai Cooperation Zone, will be given 1 million yuan in support subsidies;

(b) Those who apply for the establishment of other licensed financial institutions in the Qianhai Cooperation Zone will be given 500,000 yuan in support subsidies;

Article 22

To support the innovative development of Hong Kong financial industry organizations in Qianhai, a one-time settlement reward of 500,000 yuan will be given to those who meet one of the following conditions:

(a) A branch or representative office of a Hong Kong financial industry organization established in the Qianhai Cooperation Zone with the approval of the financial authorities;

(b) A wholly foreign-owned enterprise directly or indirectly wholly-owned (within the third-level subsidiary) established in the Qianhai Cooperation Zone by a Hong Kong financial industry organization recognized by the Hong Kong financial regulatory authority as an organizer of qualification examinations.

Each eligible Hong Kong financial industry organization will be awarded only once.

Article 23

Hong Kong-funded bulk commodity spot trading venues in the Qianhai Cooperation Zone will be supported each year at 0.05% of their previous year's transaction volume, and the support to each trading venue will not exceed 15 million yuan per year.

Article 24

Support to banks in the Qianhai Cooperation Zone to carry out the Cross-boundary Wealth Management Connect (WMC) Pilot Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

For the banks of the WMC Pilot Scheme approved by the national financial regulatory authority, if the first order of their business is in the Qianhai Cooperation Zone, a one-time reward of 100,000 yuan will be given to the banks.

If the banks open personal investment accounts for Hong Kong and Macao investors or open personal remittance accounts for mainland investors and the Hong Kong, Macao or mainland investors make actual investments through the WMC Pilot Scheme, the banks will be given subsidies in accordance with the following standards:

(a) For those who open more than 100 accounts but less than 500 accounts, a one-time reward of 100,000 yuan will be given;

(b) For those who open more than 500 accounts but less than 1,000 accounts, a one-time reward of 200,000 yuan will be given;

(c) For those who open more than 1,000 accounts, a one-time reward of 300,000 yuan will be given.

The total amount of rewards stipulated in this article is 4 million yuan per year. If the amount of rewards that have passed the review exceeds 4 million yuan, the amount will be adjusted and distributed in the same proportion.

Article 25

Encouragement to banks in the Qianhai Cooperation Zone to support Hong Kong and Macao youths’ innovation and entrepreneurship. For banks in the Qianhai Cooperation Zone that grant loans with an annual interest rate of less than 4% and a term of more than half a year to Hong Kong and Macao young entrepreneurs, 1% of the actual loan amount issued by the banks will be subsidized and the subsidy for each bank is capped at 1 million yuan per year.

Article 26

Support to the industrial agglomeration and development of the Qianhai Shenzhen-Hong Kong International Financial City. Office buildings that meet the basic requirements of the "Measures for Office Space Subsidies to Promote Industrial Agglomeration in Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone", and are within the range of Qianhai Shenzhen-Hong Kong International Financial City plannings in Guiwan and Qianwan areas, and the completion time is after Sept. 30, 2019 and have been put into use, can apply to the Qianhai authority to serve as industrial carriers of the Qianhai Shenzhen-Hong Kong International Financial City.

Article 27

Institutions that move into the qualified industrial carriers should meet the following requirements:

(a) The institutions and their branches should meet the requirements of Article 42 (c) of the Interim Measures, or they are private equity investment institutions that have completed registration with the Asset Management Association of China;

(b) Hong Kong, Macao-funded and foreign-funded institutions have priority to settle in the industrial carriers.

Article 28

Financial institutions that settle in the industrial carriers after January 1, 2021 will be given one-time settlement support according to one of the following criteria, and the support funds can be used to issue relevant subsidies to employees:

(a) One of the following criteria should be met, and 3 million yuan will be given to those who purchase an office space of 3,000 square meters or more for self-use or those who rent an office space of 3,000 square meters or more for self-use with a lease term of not less than 3 years; 2 million yuan will be given to those who purchase an office space of 1,000 square meters or more for self-use or those who rent an office space of 1,000 square meters or more for self-use with a lease term of not less than 3 years; 500,000 yuan will be given to those who purchase an office space of 300 square meters or more for self-use or those who rent an office space of 300 square meters or more for self-use with a lease term of not less than 3 years:

1. Headquarters of financial enterprises (including financial enterprises recognized as headquarters by the Qianhai Authority);　　　　

2. Hong Kong, Macao and foreign-funded legal person licensed financial institutions;

3. Branches of foreign and Hong Kong, Macao and Taiwan banks;

4. Franchise and Shenzhen branches of commercial banks;

5. Fintech institutions and related institutions that comply with Article 10 and item (b) of Article 13 of the Interim Measures

(b) One of the following criteria should be met, and 500,000 yuan will be given to those who purchase an office space of 150 square meters or more for self-use or those who rent an office space of 150 square meters or more for self-use with a lease term of not less than 3 years:

1. A whole foreign owned enterprise private fund management (WFOE PFM) registered with the Asset Management Association of China, and established a fund and registered in the Qianhai Cooperation Zone;

2. A qualified foreign limited partner (QFLP) registered with the Asset Management Association of China, and established a fund and registered in the Qianhai Cooperation Zone.

For Hong Kong-funded institutions that meet the conditions in (a) and (b) of this article, the support standard will be increased to 1.2 times.

Article 29

For financial institutions that have settled in industrial carriers after January 1, 2021 and have a total profit of more than 50 million yuan, the management team of the institutions will be rewarded according to the following standards:

(a) If the operating income of the previous year is more than 2 billion yuan, the management team will be given 3 million yuan;

(b) If the operating income of the previous year is more than 1 billion yuan but less than 2 billion yuan, the management team will be given 2 million yuan;

(c) If the operating income of the previous year is more than 500 million yuan but less than 1 billion yuan, the management team will be given 1 million yuan;

(d) If the operating income of the previous year is more than 100 million yuan but less than 500 million yuan, the management team will be given 500,000 yuan.

Chapter V Creation of a Benign Financial Ecology

Article 30

A one-time settlement reward of 2 million yuan will be given to national industry organizations whose registered domicile is in the Qianhai Cooperation Zone and has been approved by the national financial supervision department to establish or act as competent departments; a one-time settlement reward of 1 million yuan will be given to financial industry organizations whose registered domicile is in the Qianhai Cooperation Zone, and has been approved by the central financial supervision department in Shenzhen or the local financial supervision department to establish or act as competent departments.

Article 31

For branches of international organizations that meet the following conditions, a one-time settlement reward of 500,000 yuan will be given:

(a) Offices, project centers and other branches opened by international financial organizations in the Qianhai Cooperation Zone with the approval of the relevant national competent authorities;

(b) Offices, project centers and other branches opened by international financial organizations in the Qianhai Cooperation Zone with the aim of promoting green finance and sustainable financial development approved the relevant national competent authorities.

Article 32

The Qianhai Cooperation Zone will collect and select financial innovation cases every year, and provide financial support to outstanding financial innovation cases according to prize levels they win. The specific selection methods and funding standards will be formulated separately.

Article 33

For projects of strategic significance or significant contributions to Shenzhen-Hong Kong cooperation, the agglomeration, innovation, and development of financial industry in the Qianhai Cooperation Zone, the Qianhai Authority may separately agree on the amount of financial support by signing a cooperation agreement. The number of institutions supported by Qianhai Authority through this method shall not exceed 10% of the total number of supported institutions in the same year, and the subsidy amount shall not exceed 25% of the total amount of the subsidies.

Chapter VI Application and Review

Article 34

If the tax payment place of the institutional applicant is in the Third Sub-bureau of Shenzhen Tax Service, it is deemed that they are paying taxes in the Qianhai Cooperation Zone. Those who apply for the financial supports stipulated in Article 13 (a), Article 16 (a), Article 18, Article 20, Article 22, Article 24, Article 25 and Article 32 of the Interim Measures , do not subject to the restrictions stipulated in Article 4 (a).

Article 35

The procedures for application and approval of the special funds are as follows:

(a) Application. Applications for the special funds will be accepted in a centralized manner, and the acceptance time shall be subject to the announcement issued by the Qianhai Authority, which shall not be less than 10 working days. The applicants should submit relevant application materials during the acceptance period.

(b) Material review. The Qianhai Authority will review the application materials. Those who have passed the review shall be publicized to the public, and the publicity period shall not be less than 5 working days. Any organization or individual who has objections to the publicity shall submit a written objection to the Qianhai Authority within the publicity period. The Qianhai Authority shall investigate and verify the objection. If the objection is established, the matter shall be publicized and the objector shall be notified in writing form; if the objection is not established, a written decision shall be made and the objector shall be notified.

(c) Funds allocation. If there is no objection during the publicity period or if the objection is not established, the Qianhai Authority shall allocate corresponding support funds in accordance with the regulations. If the funds is given to the management team, the funds will be directly distributed to the individual team members, and the individuals should pay taxes in accordance with relevant regulations.

Article 36

The application materials shall be listed by Qianhai Authority in the form of application guidelines in accordance with the conditions stipulated in the Interim Measures, and shall be published on the official website of Qianhai Authority. The applicant shall provide a credit commitment and be responsible for the authenticity and legality of the application materials.

Article 37

If the application materials meet the requirements, the Qianhai Authority shall accept the application and complete the review procedures within 90 working days.

Chapter VII Supervision and Management

Article 38

Institutions that have obtained the one-time settlement award shall promise in writing that from the date of obtaining the special funds, they will not move their places of registration, tax payment, and business operation out of the Qianhai Cooperation Zone within ten years. For those who move out of Qianhai in advance, the Qianhai Authority will recover the remaining annual funds and calculate interest at the current loan prime rate (LPR).

Institutions that have obtained the subsidies for settling in the industrial carriers of the Qianhai Shenzhen-Hong Kong International Financial City shall promise in writing that from the date of obtaining the special funds, they will not move their places of business operation out of the industrial carrier within three years. Those who move out of the industrial carriers in advance shall refund the support funds obtained at one time and pay for interest at the current loan prime rate (LPR).

If a financial enterprise that has obtained land for industrial development in the Qianhai Cooperation Zone and signed an industrial development supervision agreement violates the core provisions of the supervision agreement on property ownership and local operation time limit, it shall return the support funds obtained in accordance with the Interim Measures and pay for interest at the current loan prime rate (LPR) from the date the Qianhai Authority issues a default reminder letter.

Article 39

If the applicant has fraudulently obtained support funds by other improper means, or refuses to cooperate with the supervision and inspection, the Qianhai Authority will withdraw the support funds and calculate the interest at the current loan prime rate (LPR). The applicants are also not allowed to apply for any form of industrial supportive funds of Qianhai within five years, and will be put in the list of dishonesty and sent to relevant departments in Shenzhen in accordance with relevant national regulations. At the same time, the information of the institution and its legal representative, main responsible person and other directly liable personnel will be incorporated into the public credit information system for disciplinary measures. Those suspected of crimes shall be transferred to judicial organs for handling in accordance with the law.

Article 40

The allocation and use of support funds will be disclosed to the public and subject to supervision by relevant departments and the society. The Qianhai Authority and the applicants shall ensure the integrity of the application materials, the use of funds and other materials, and accept the supervision of the financial department, the audit department and the Qianhai Anti-corruption Bureau.

Article 41

If the staff of the Qianhai Authority neglected their duties, abused their powers, failed or incorrectly performed their responsibilities stipulated in the Measures, or used their positions to obtain improper benefits, they shall be given Party discipline and administrative sanctions in accordance with laws and regulations. Those suspected of committing crimes by duty shall be transferred to the supervisory organs for handling in accordance with the law.

Chapter VIII Supplementary Provisions

Article 42

The explanations of the relevant terms in the Interim Measures are as follows:

(a) The scope of the "Qianhai Cooperation Zone" referred to in the Measures is the area determined by "The Plan for Comprehensive Deepening Reform and Opening Up of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone" (General Office of the CPC Central Committee No. 22 [2021]) issued by the Central Committee of the Communist Party of China and the State Council. The original scope of the "Qianhai Cooperation Zone" is the area determined by the "Overall Development Plan for Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone” (State Council correspondence No.86 [2010]).

(b) The term "place of actual business operation" mentioned in the Interim Measures refers to the fact that at the time of application, the actual management organization of the institution is located in the Qianhai Cooperation Zone, and it implements substantial and comprehensive management and control over the institution's production and operation, personnel, accounting, property, etc. The area of the business site in Qianhai shall be calculated at not less than one-third of the number of total employees, which should be 10 square meters per capita. If an enterprise that has obtained industrial land in the Qianhai Cooperation Zone and signed an industrial development supervision agreement, promises to move in within 12 months after the project is put into use as agreed in the land transfer contract, it is deemed that the place of actual business operation is in the Qianhai Cooperation Zone.

(c) The "institutions" mentioned in the Interim Measures include the following types:

1. Financial enterprise headquarters: operating financial enterprise with independent legal personality approved by the national financial supervision department such as banks, trust companies, financial leasing companies, finance companies, consumer finance companies, auto finance companies, wealth management companies, financial asset investment companies, securities companies, securities asset management companies, fund management companies, futures companies, insurance companies, insurance asset management companies, mutual insurance organizations, and financial asset management companies, etc., local asset management companies that have been approved or authorized to carry out the business of bulk acquisition and disposal of non-performing assets of financial enterprises, and franchise institutions of commercial banks (including but not limited to commercial bank credit card centers, capital operation centers, bill centers, small business financial service centers, etc.), and important financial infrastructure and financial service institutions that are approved by the municipal government to enjoy the relevant settlement incentive policies with reference to the financial enterprise headquarters;

2. Financial holding companies;

3. Shenzhen branches of financial enterprises: Shenzhen branches (subsidiaries) affiliated to the headquarters of financial enterprises such as banks, securities companies, insurance companies, etc., as well as branches of foreign, Hong Kong, Macao and Taiwan banks;

4. Specialized subsidiaries established by the headquarters of financial enterprises: specialized subsidiaries with independent legal personality established by the headquarters of financial enterprises with the approval (registration) of the national financial regulatory authority or the registration of national financial industry associations. The specialized subsidiaries established by financial enterprise headquarters include but are not limited to: specialized subsidiaries of financial leasing companies; specialized subsidiaries of bank wealth management subsidiaries; specialized subsidiaries of securities companies such as self-operated business, brokerage business, underwriting sponsorship, and alternative investment; specialized subsidiaries of fund management companies such as asset management for specific clients and independent sales; specialized subsidiaries of futures companies such as asset management and risk management;

5. Other licensed financial institutions: independent fund sales agencies, fund evaluation agencies, and securities fund investment consulting agencies established with the approval of the national financial regulatory authorities; national insurance brokerage companies, insurance adjustment companies, insurance agency companies, insurance sales companies; currency brokerage companies, payment institutions, credit rating agencies, credit reporting agencies, bank card clearing agencies, etc.;

6. Local financial organizations: financial enterprises supervised by local financial supervision and administration departments, including small loan companies, financing guarantee companies, financial leasing companies, commercial factoring companies, trading venues, regional equity markets, etc.;

7. Other financial service institutions: eligible private equity investment institutions, financial industry organizations, financial technology companies, financial infrastructure institutions and other innovative financial institutions.

8. Other legal persons or unincorporated organizations that meet the express provisions of the Interim Measures.

(d) The “newly registered or newly relocated” financial institutions referred to in the Interim Measures refers to financial institutions registered or relocated in the original Qianhai Cooperation Zone after January 1, 2021, or registered or moved to the expanded Qianhai Cooperation Zone after September 6, 2021. Financial institutions that obtain financial licenses after January 1, 2021 are regarded as newly registered financial institutions.

(e) The "newly listed" mentioned in the Interim Measures refers to listing after January 1, 2021.

(f) The term "Hong Kong-funded institutions" mentioned in the Interim Measures refers to enterprises registered in the Qianhai Cooperation Zone where Hong Kong investors hold more than 25% of the shares. Hong Kong investors refer to legal entities and Hong Kong residents that are legally registered or established in the Hong Kong Special Administrative Region of China and engage in substantive business operations. Hong Kong residents refer to permanent residents of the Hong Kong Special Administrative Region of China and mainland residents who have settled in Hong Kong (the mainland household registration has been canceled).

The substantive business operations mentioned in the preceding paragraph shall meet the following standards:

1. Registered in accordance with the Hong Kong Companies Ordinance or other relevant regulations, and obtain a valid business registration certificate. If required by the laws of Hong Kong, a license or permit to carry out the business shall be obtained;

2. Registered in Hong Kong and engaged in substantive business operations for more than 1 year (including 1 year);

3. Pay profits tax in accordance with the law during the period of substantive business operations in Hong Kong;

4. Owning or renting business premises in Hong Kong to engage in substantive business operations;

5. Employ residents who are unrestricted to reside in Hong Kong or mainlanders who hold a one-way permit to settle in Hong Kong.

If more than 50% of the equity of a Hong Kong legal entity as specified in the clause f is acquired by way of acquisition or merger for more than one year, the acquired or merged institution is a Hong Kong investor that meets the requirements of clause (f) of Article 42.

The certification and support standards of Macao-funded institutions shall be implemented in accordance with Hong Kong-funded institutions.

(g) The term "Hong Kong and Macao youth" as mentioned in the Interim Measures refers to permanent residents of Hong Kong, Macao or mainland residents who have settled in Hong Kong and Macao (the mainland household registration has been canceled) between the ages of 18 and 45. In addition, they should also abide by laws and regulations, uphold "one country, two systems", and have no record of bad behavior such as violations of laws and regulations.

Enterprises founded by Hong Kong and Macao youths refer to enterprises that are registered in the Qianhai Cooperation Zone and have fixed sites for business operations. The Hong Kong and Macao team members should hold more than 25% of the enterprises’ initial registered shares, or hold more than 10% of the enterprises’  registered shares after the latest round of financing. If Hong Kong and Macao youths take overseas enterprises as shareholders of enterprises registered in Qianhai, the proportion of the shares held by them in the overseas enterprises shall not be lower than the above-mentioned proportions after proportional conversion. As of the application deadline, enterprises founded and registered by Hong Kong and Macao youths should be within 5 years, and the operating income of the previous year should be less than 50 million yuan.

(h) The "unicorn company" mentioned in the Interim Measures refers to an enterprise that has been established within 10 years and whose valuation in the latest round of financing is not less than 1 billion U.S. dollars and has not yet been listed.

(i) The currency of the amount mentioned in the Interim Measures is RMB unless “US dollar” and “Hong Kong dollar” are clearly stated.

(j) The terms "above", "not more than", and "not less than" in the Interim Measures include this number, and "below" does not include this number.

Article 43

Institutions that meet the relevant provisions of the "Detailed Implement Measures for the Special Funds Supporting the Development of the Financial Industry of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Trial)" (Shenzhen Qianhai No. 11 [2019]) before January 1, 2021 shall apply for and enjoy the relevant supportive policies in accordance with the original regulations.

Article 44

The Interim Measures shall be implemented on November 21, 2021, and shall be valid for three years.