(Yicai Global) Sept. 28 -- Chinese Internet behemoth Tencent Holdings Ltd. (Tencent) [HK:0700] has set up a holding subsidiary in Xiongan New Area in China's eastern Hebei province, with registered capital of USD3 million (CNY20 million).

The affiliate was registered Sept. 26, 2017, with 90 percent of the registered capital contributed by Shenzhen-based Tencent, and the remainder by the natural person Shen Dan, who will become its legal representative and general manager, cnstock.com reported Sept. 28.

Shen Dan currently serves as Tencent's deputy party secretary and general manager of its public policy department.

The new company's registered address is only 1.6 km from Aa Wei Mansion, the temporary office of the management committee of Xiongan New Area, but the report made no mention of its main business or business scope.