(Yicai Global) Jan. 22 -- Shanghai has launched the Lujiazui Board Secretaries' Home online platform in Lujiazui Financial City to help build an optimal service area for its local capital market.
The platform will connect financial institutions and listed companies by releasing information on the activities of nearly a thousand public firms to further connect banks, insurance companies, securities firms, private equity funds and listed companies. It will also create a financial services ecosystem for listed companies, manage institutional investor relations, guide value investment, and improve the efficiency of capital market services, Lujiazui told Yicai Global.
The board secretaries' home will offer services in three forms. The first will be to establish a physical presence in the Lujiazui Emerging Financial Industry Park. The second is to connect communication channels for listed companies in multiple fields. The third shall be to build a platform for listed companies to share resources with their peers and those in other sectors and improve the efficiency of capital market services.
In the next phase, Lujiazui Financial City will further exert the radiation effect of its cluster of financial institutions, actively guide various types of capital investment in outstanding science and technology companies, help venture capital institutions continue to grow bigger, better and stronger, and gather a group of Chinese venture capital brands with international influence and competitiveness in its financial district, according to a source with the enclave’s administrative bureau.
Billed as the “Manhattan of the East,“ Lujiazui Financial City in Shanghai’s Pudong New Area has gathered more than 6,000 financial institutions of various types, including over 5,000 emerging financial institutions engaged in financial leasing, equity investment, financial technology, and other up-and-coming fields. More than 900 licensed financial institutions have offices in the district, among them foreign corporate banks, insurance asset management firms, reinsurers, futures companies and securities firms.
Shanghai had CNY3.8 trillion (USD587.5 billion) in gross domestic product in 2019 in an annual 6 percent rise, per figures from China’s National Bureau of Statistics. The East China megacity's GDP was about CNY2.7 trillion in the first three quarters, down 0.3 percent on a yearly basis, while its financial market turnover was about CNY1.73 billion in an 18.6 percent yearly growth.
Editor: Ben Armour, Xiao Yi