Bank of Beijing to invest in tech startups

Bank of Beijing Co Ltd is preparing to launch an investment subsidiary to invest in technology companies with potential for high growth, as well as lending to startups.

The move follows the Bank of Beijing's selection by the China Banking Regulatory Commission as one of the first batch of 10 banks to participate in a pilot program to establish an "investment and loan linkage mechanism" for qualified technology startups.

"A team headed by our Chairman Yan Bingzhu was formed to carry forward the pilot program," said Xu Ningyue, vice-president of Bank of Beijing.