Hanhua Financial Holding (HKSE: 3903), a Hong Kong listed company, issued an announcement to state that Chongqing Fumin Bank, whose main sponsor and the largest shareholder is Hanhua Financial Holding, obtained the license from the Chongqing Office of China Banking Regulatory Commission on August 26, and was officially opened the same day.

Chongqing Fumin Bank is the first bank approved to start business after the China Banking Regulatory Commission issued the Guidance on Promoting the Development of Private Banks, as well as the first private bank in middle and western China. It was set up by seven excellent private enterprises in Chongqing under the leadership of Hanhua Financial Holding which owns 30% shares of Fumin Bank.

On May 5, 2016, the establishment of Chongqing Fumin Bank was approved by the China Banking Regulatory Commission. On August 16, relevant procedures were completed, including establishment approval, acceptance of system outlets, inspection of qualifications of directors and senior executives, review and approval of application documents for business operation, and license acquisition, and finally the bank was approved for business operation by the Chongqing Office of China Banking Regulatory Commission. This case not only sets a new record on the fastest speed of approval for business operation, but also provides practical experience for the follow-up exploration of the businesses opening of private banks.

It is learned that Fumin Bank will adhere to the positioning of "inclusive financial bank serving micro and small-sized enterprises" and the mission of “supporting micro business & helping startups and enriching the people & prospering Chongqing. It will follow the ideas of partner finance, platform finance and ecological finance, and provide high-quality and quick inclusive financial services for micro, small and medium-sized enterprises, enterprises serving agriculture, rural areas and farmers, individuals and the innovative enterprises both online and offline. It will work with other existing banks in a way of complementary development and differentiated competition.

Hanhua Financial Holding pointed out in the announcement that the Chongqing Fumin Bank was officially approved for business operation, which will help Hanhua Financial Holding to further deepen the overall arrangement of the inclusive financial ecosystem and continue to enhance the comprehensive operating strength of the Group. Hanhua will fully support the business development of Chongqing Fumin Bank, continually strive to seize the business opportunities of mainstream finance through equity investment and platform resource integration.

In recent years, in addition to its traditional business, Hanhua Financial Holding has run its business intensively in a number of provinces and cities, vigorously developed its equity investment platform, bond platform and financial asset trading platform, invested in the Shandong Financial Trading Center, set up the guarantee fund for technology-based enterprises and landscape industry fund in Chongqing Liangjiang New Area, and established the guarantee industry development fund, small and medium-sized enterprises (SMEs) development fund and liquidity bond fund together with Shenyang Municipal Government. In addition, Hanhua helped local enterprises to optimize financing structure, reduce financing cost and promote effective capital flow through innovations such as private debt and credit enhancement for small and medium-sized enterprises.

Mr. Zhang Guoxiang, Chairman of Hanhua Financial Holding, said, "the financial needs of small and medium-sized enterprises are diverse and comprehensive, so we will further apply for more new licenses such as insurance, securities, financial leasing and third-party payment and continuously open new platforms based on the existing full-chain financial platform with multiple licenses. We will use the Internet and technological means to innovate service models, integrate finance and industry, support the supply-side reform, the "mass entrepreneurship and innovation" and the real economy, and make contribution to inclusive financial industry in China.