Bank of Hangzhou wealth management unit boosts capital to RMB30bn

Hangzhou Bank Co., Ltd. announced that its wholly-owned subsidiary, Hangyin Wealth Management Co., Ltd., has completed the industrial and commercial registration for a change in its registered capital. This strategic move aims to enhance Hangyin Wealth Management's capital strength and market competitiveness. The registered capital has been increased from RMB1bn to RMB30bn, utilizing RMB20bn from undistributed profits.

This capital increase follows approvals from the Zhejiang Regulatory Bureau of the National Financial Regulatory Administration. Hangyin Wealth Management has received its updated business license reflecting these changes. The subsidiary's legal representative is Zhang Qiang.

Hangyin Wealth Management, established on December 20, 2019, operates as a limited liability company. Its business scope includes publicly issuing wealth management products, managing entrusted investor assets, privately issuing wealth management products to qualified investors, providing wealth management consulting services, and other businesses approved by the China Banking and Insurance Regulatory Commission. The subsidiary's registered address is 6th, 7th, and 18th floors of Jinlong Fortune Center, No. 38 Qingchun Road, Gongshu District, Hangzhou, Zhejiang Province.