A bird's-eye view of Hangzhou's CBD, Qianjiang New City. [Photo/IC]

Hangzhou held a signing ceremony on Oct 8 for a landmark collaboration with the five largest financial asset investment companies (AICs) from ICBC, ABC, BOC, CCB, and BoCom, local media outlets reported.

This marks the first time a Chinese city has partnered with all five AICs simultaneously, with the goal of supporting sci-tech companies through equity investment funds.

AICs, non-bank financial institutions specializing in converting bank debt into equity, began piloting equity investment in Shanghai in 2021. Recently, the regulatory body expanded the pilot program to include 18 cities, with Hangzhou among them, allowing more flexibility in investment amounts and proportions.

Hangzhou, as a new pilot city, secured an initial investment of 90 billion yuan ($12.7 billion). This move supports the city's ambition to become a global financial hub and strengthens financing channels for key sectors such as smart IoT, biopharma, and AI.

The partnership builds a crucial bridge between national capital and Hangzhou's innovative enterprises, accelerating investment in strategic industries and fostering high-tech growth in the city.

Qianjiang New City, Hangzhou's CBD. [Photo/IC]