Companies in FTZ win praise for innovation
Print Edition
THE city government was full of praise for Shanghai Huarui Bank, among other companies, yesterday as it sought to acknowledge innovation in the pilot free trade zone.
The lender merited special mention for its efforts to provide new financing channels for small businesses, the Shanghai Financial Services Office told a press conference.
The privately owned bank accepted equity options as collateral for a 50 million yuan (US$7.8 million) loan to Internet startup Loukou.com.
The case was one of 11 noted by the office, all of which it said had taken advantage of financial reforms in the zone to expand fundraising channels, and facilitate trade and investment.
“Due to the restrictions of traditional risk management assessment methods, it is difficult for startups that have great growth potential but haven’t yet turned a profit to get loans from commercial banks,” said Xie Qiang, assistant president and chief risk officer at Huarui.
“But with the FTZ’s policies, we’re able to team up with venture capital firms to assess the investment value and growth prospects of borrowers and mitigate any risks,” he said.
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