WeBank to Establish Subsidiary in Hong Kong

TapTechNews June 26 - The Shenzhen Bureau of the China National Financial Supervision and Administration Bureau issued a statement approving WeBank to establish a wholly-owned subsidiary in Hong Kong - WeBank Technology Co., Ltd., with a capital of 150 million US dollars (TapTechNews note: currently about 1.091 billion Chinese yuan).

According to public information, Shenzhen Qianhai WeBank Co., Ltd. was initiated and established by enterprises such as Tencent, Baiyeyuan and Liye, and officially opened on December 16, 2014. It is the first commercial bank established by private enterprises in the territory of the People's Republic of China.

WeBank said in a statement on Tuesday that the establishment of the new Hong Kong subsidiary is to respond to the strategic policy of the country, and the Hong Kong subsidiary will manage WeBank's overseas business and provide services to the countries and regions covered by the Belt and Road Initiative.

WeBank currently has a valuation of 235 billion Chinese yuan, an asset scale of 535.5 billion Chinese yuan, and an annual revenue of 39.3 billion Chinese yuan, ranking as the 10th largest unicorn company in the world in 2024.