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New Hope Bank established to bet on mobile technologies
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Private bank New Hope Bank, with a register capital of 3 billion yuan (US$462 million) and investors including New Hope Group and Xiaomi Corp, has got regulatory approval to get founded in Sichuan Province.
The bank will use mobile Internet technologies to serve clients. It’s also the latest move of Xiaomi’s expansion besides smartphone business.
New Hope Group obtains 30 percent stake in the bank, while Xiaomi holds 29.5 percent stake and Shenzhen-listed Chengdu Hongqi Chain Co and other five Sichuan-based firms have the remainder shares.
It’s also the first private bank approved in Sichuan Province in West China, regarded as part of the nation’s strategies to support underdeveloped western China and facilitate the Belt and Road initiative.
Xiaomi, which posted a less-than-expected smartphone sales in 2015, has diversified business covering home appliance, finance and sport sectors through investment and business expansion. It debuted a drone early this month.
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