WeBank to set up technology company headquarters in Hong Kong, plans to invest up to US$150 million

The Hong Kong SAR government welcomed the establishment of the technology company headquarters of Shenzhen Qianhai Weizhong Bank Co., Ltd. in Hong Kong on July 10th, and plans to invest up to $150 million and create high-skilled technology jobs in Hong Kong. In June of this year, the Shenzhen Regulatory Bureau of the China Banking and Insurance Regulatory Commission announced that it had agreed in principle to the establishment of Weizhong Technology Co., Ltd. by Shenzhen Qianhai Weizhong Bank in Hong Kong, with an investment of $150 million and 100% ownership of Weizhong Technology Co., Ltd. Weizhong Bank also became the first private bank to be approved to establish a technology subsidiary.