Feb 07, 2022 08:43 PM

FINANCE

PBOC Accepts First Bid From Private Firm to Set Up Financial Holding Company

By Kelsey Cheng

China's central bank said it has begun reviewing applications from China Merchants Finance Investment Holdings and China Wanxiang Holding to set up financial holding companies. Photo: VCG

China's central bank said it has begun reviewing applications from China Merchants Finance Investment Holdings and China Wanxiang Holding to set up financial holding companies. Photo: VCG

A company linked with Chinese industrial conglomerate Wanxiang Group Corp. could become the first privately owned firm in the country to win a license to operate a financial holding company, jumping ahead of fintech giants Ant Group Co. Ltd. and Tencent Holdings Ltd.

The People’s Bank of China (PBOC) said it is processing China Wanxiang Holding Co. Ltd.’s application in accordance with rules that took effect in November 2020. The submission was accepted on Jan. 29, the PBOC said in a notice published on its website on Jan. 30.

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