On 16 July 2017, advised by King & Wood Mallesons (KWM), Beijing Zhongguancun Bank Corporation Limited (Zhongguancun Bank) was opened, making it the first private bank in Beijing. With a registered capital of RMB 4 billion, the bank has 11 shareholders, which are listed companies located in the Zhongguancun area. As a financial institution founded to promote Beijing’s financial development, the incorporation and establishment of Zhongguancun Bank is a practical measure to deepen supply-side structural reform in the city’s finance field. It will promote the deep integration of technology and finance, optimize the credit structure, support the development of the real economy, and boost the growth of the technology-driven, innovative and entrepreneurial SMEs and start-ups.

With the purpose of serving “maker, venture capital and innovation-oriented enterprise”, Zhongguancun Bank is committed to providing mobile, customized, precise and intelligent services to innovative technology-driven SMEs and individuals and building a comprehensive fintech service platform that leads the future trends. In the project, the largest shareholder is Yonyou Network Co., Ltd. with a contribution of RMB1,192 million, taking up 29.8% shares of the bank. The second largest shareholder is Beijing Originwater Technology Co., Ltd. with a contribution of RMB1,080 million, taking up 27% shares. Other shareholders include Beijing Enlight Media Co., Ltd., Beijing Orient Landscape & Environment Co., Ltd., DHC Software Co., Ltd., Beijing Teamsun Technology Co., Ltd., Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Beijing Miteno Communication Technology Co, Ltd., Beijing Dinghan Technology Co., Ltd., Beijing Watertek Information Technology Co., Ltd. and LandOcean Energy Services Co., Ltd.

KWM acted as the legal counsel for the preparatory working group of Zhongguancun Bank and provided comprehensive legal services during the whole application process of the bank’s establishment and opening, including without limitation, feasibility analysis of the establishment of a private bank, designing the corporate governance structure of the bank, qualification assessment of all sponsors, and preparation of the application documents for establishment and opening. The project was led by partners Ma Feng and Wang Ning.

Ma Feng commented, “We are greatly honored to witness the successful establishment of the first private bank in Beijing and to take part in the project as the bank’s legal counsel. Opening a private bank takes complicated procedures and involves various issues. Advising on the establishment of Zhongguancun Bank reveals once again KWM’s comprehensive strength and advantages, and also provides a positive reference for similar projects in the future.”