China Sees Launch of 19th Private Lender with Establishment of Wuxi Commercial Bank

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The number of private banks in China has just reached 19 in total with the launch of a new lender in the Jiangsu province city of Wuxi.

Wuxi Xishang Bank Share Limited Company (无锡锡商银行股份有限公司) was registered and established on 14 April with registered capital of 2 billion yuan, according data from China’s National Enterprise Credit information Publicity System.

The company’s legal representative and chair is Zhou Haijiang (周海江), who is the chair and CEO of textiles company Hongdou Group.

On 16 April Wuxi Xishang Bank held its opening ceremony, becoming the second private bank to launch in Jiangsu province after Suning Bank.

The launch of Wuxi Xishang brings the number of private banks in China established since the start of trials in 2014 to 19 in total.

Wuxi Xishang Bank was founded by a consortium of eight enterprises in Jiangsu province, including Hongdou Group and Jiangyin Chengxing Industrial Group Co., Ltd.

On 18 September 2019 Jiangsu Hongdou Shiye Share Company Limited (江苏红豆实业股份有限公司)announced that it planned to launch Wuxi Xishang Bank and contribute 100 million yuan in capital for a 5% equity stake.

Hongdou Group, the controlling shareholder in Jiangsu Hongdou, announced that it would contribute 500 million yuan in capital for a 25% stake, or control of 30% of equity.

Jiangsu Hongdu said it hoped that the private bank would further expand investment channels and create new profit growth points.

Other shareholders include:

  • Jiangyin Chengxing Industrial Group Co., Ltd. (江阴澄星实业集团有限公司) – 24%,
  • Xingda Investment Group Co., Ltd. (兴达投资集团有限公司) – 9.99%,
  • Jiangsu Hengke Cailiao Co., Ltd. (江苏恒科新材料有限公司) – 9.99%,
  • Jiangsu Shuangxiang Group Co., Ltd. (江苏双象集团有限公司) – 9.99%,
  • Jiangsu Lichuangxin Nengyuan Co., Ltd. (江苏利创新能源有限公司) – 9.99%,
  • Ganzhi Jishu Wuxi Co., Ltd. (感知技术无锡有限公司) – 6.04%.

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