Four financial institutions, including HSBC Qianhai Sub-branch, have recently settled in the Qianhai Shenzhen-Hong Kong International Financial City, bringing the number of financial institutions that have settled in and signed contracts with the Qianhai International Financial City to 300, Shenzhen Economic Daily reported.

Some 120 venture capital, private equity investment, and international asset management institutions have gathered in the financial city’s venture capital cluster area, managing 1,074 funds with the size of funds under management (net assets) reaching 161.8 billion yuan (US$22 billion).

In September last year, Shenzhen and Hong Kong for the first time jointly released the report “18 Measures for Supporting the Linked Development of Shenzhen and Hong Kong Venture Capital Investments in Qianhai.”

The measures include creating a Qianhai Shenzhen-Hong Kong International Venture Capital Cluster, facilitating bilateral cooperation in cross-border investment between Shenzhen and Hong Kong, supporting large-scale cluster development, and creating a good environment for the joint development of Shenzhen and Hong Kong.

Liu Yu, general manager of Hang Seng Qianhai Fund Management, said, “Qianhai is a bridgehead of financial cooperation between Shenzhen and Hong Kong. It has a superior geographical location and complete supporting policies. Our company has achieved rapid development and a relatively significant growth in scale here.”

As the first Hong Kong-funded institution to settle in the Qianhai International Financial City, after several years of development, Hang Seng Qianhai Fund Management Co. Ltd. has kept under management 22 mutual funds valued at more than 20 billion yuan.

In addition, financial supporting industries such as the Qianhai International Legal Affairs Area, the Qianhai Tax-related Service Industry Cluster, and asset evaluation agencies are also gathering in Qianhai. A more complete financial industry ecosystem is rapidly taking shape, according to the Daily report.