As the top priority among the "five major areas" of finance, fintech not only highlights the important role of technological innovation in promoting my country's modernization, but also points out the key path for financial services to support the real economy.
Currently, my country's scientific and technological innovation has entered a critical stage of tackling key challenges and breakthroughs, and the construction of a modern industrial system is accelerating. How financial institutions can accurately meet the financing needs of technology companies throughout their entire life cycle has become a key issue in promoting the deep integration of science and technology with finance.
As a wholly-owned subsidiary of Bank of Beijing, Beijing Bank Wealth Management closely follows Bank of Beijing's strategic direction of "being the first bank specializing in, refining, and innovating," continuously improving the quality and efficiency of its services in the field of fintech by innovating investment tools, highlighting business characteristics, and reserving investment resources. It contributes to the construction of a technologically strong nation and a financially strong nation through concrete actions. As of the end of September 2025, Beijing Bank Wealth Management had approximately RMB 19.4 billion in assets invested in the fintech sector, serving over 600 enterprises in strategic emerging industries, high-tech service industries, and high-tech manufacturing industries.
Recently, Guo Zhentao, President of Beijing Bank Wealth Management, gave an exclusive interview to a reporter from the Financial Times, sharing Beijing Bank Wealth Management's practical explorations in the field of fintech and discussing how the banking wealth management industry can better empower technological innovation and development.
Financial Times reporter: Supporting technological innovation and promoting the development of new productive forces requires financial institutions to continuously improve their capabilities and levels of technology financial services. Through which channels and methods does Beijing Bank Wealth Management primarily provide financial services to technology innovation enterprises?
Guo Zhentao: In recent years, Beijing Bank Wealth Management has made full use of its license advantages in foreign exchange and derivatives to build investment capabilities that combine debt and equity, as well as domestic and overseas investments. It has focused on both the funding and asset sides to create a new paradigm of technology-driven financial services.
First, at the asset allocation level, we will focus on in-depth development in the technology finance sector to provide financial resources for science and technology innovation enterprises. First, we will strengthen investment research support. We have established a special science and technology innovation wealth management plan, setting up a composite investment research team of "wealth managers + industry researchers" for science and technology innovation assets, with technological innovation as one of the core allocation directions. Second, we will innovate index-based strategies. We have constructed distinctive index strategies such as the "Beijing Technology Leading Index" and the "Central State-Owned Enterprises Accounts Receivable Asset-Backed Securities Index" to guide investment in key areas and contribute to the security and stability of the industrial chain and supply chain. Third, we will leverage diversified assets in a synergistic manner. In bond investment, priority is given to science and technology innovation bonds in key national sectors such as integrated circuits and biomedicine. High-quality targets are selected based on credit rating and risk pricing models to provide medium- and long-term low-cost funds. In equity and bond investment, convertible bonds and other equity-debt hybrid instruments are used to meet the needs of science and technology innovation enterprises at different stages. In equity investment, relying on the resources of the parent bank, cooperation with industry "chain leaders" is strengthened to provide comprehensive financial services for specialized and innovative enterprises throughout their entire life cycle, and investments are made in private equity funds for semiconductors, biomedicine, and next-generation information technology. In equity investment, the efficiency of liquidity management of science and technology innovation assets is improved by directly participating in hard technology-themed index funds and using ETFs and derivatives.
Secondly, in terms of product innovation, we balance volatility, liquidity, and returns, building a bridge between capital and demand. By enriching the "fixed income+" strategy, we develop wealth management products linked to science and technology innovation bonds, science and technology innovation bond funds, and equity funds. Currently, we have launched thematic wealth management products such as the "Jinghua Vision Science and Technology Innovation Jingpin Series," the "Jinghua Vision Strategizing and Profit-Taking Series," and the "Jinghua Runze Winter Series," deeply participating in the science and technology innovation secondary market, attracting social capital to share the long-term growth dividends of science and technology innovation enterprises, and helping science and technology innovation enterprises broaden their financing channels.
Financial Times reporter: After a series of explorations and practices, what specific progress and achievements has Beijing Bank Wealth Management made in supporting technological innovation?
Guo Zhentao: Beijing Bank Wealth Management has thoroughly implemented the national innovation-driven development strategy, focusing precisely on and continuously exerting efforts in the field of technological innovation, achieving numerous results.
First, investments in the science and technology innovation sector are precisely targeted. In terms of standardized investments, we actively deploy assets such as science and technology innovation bonds, corporate bonds of science and technology innovation enterprises, ABS of science and technology innovation enterprises, and commercial financial bonds, and participate in investments in public REITs and science and technology innovation index-linked funds. Among these, the two technology innovation bonds invested in by the first batch of private equity investment institutions in the market are of milestone significance. In terms of equity investments, we have established a professional team and cooperated with high-quality private fund managers to issue seven private equity wealth management products, supporting the development of leading innovative enterprises in industries such as next-generation information technology, biomedicine, and semiconductors through primary market financing.
Second, thematic wealth management products performed steadily. Science and technology innovation-themed products achieved a "win-win" situation in terms of social benefits and investment returns. Among them, the "Jinghua Vision Science and Technology Innovation Jingpin Series," as an open-ended fixed-income wealth management product, adopted an innovative "fixed-income+" strategy. By implementing a core strategy of allocating over 80% of assets to high-quality fixed-income assets and flexibly utilizing no more than 20% of the position, it accurately addressed the financing needs of science and technology innovation enterprises while fully leveraging the SSE Science and Technology Innovation 50 and Science and Technology Innovation 100 index products. This resulted in good investment returns, maintaining product stability while providing effective financial support for high-quality companies listed on the Science and Technology Innovation Board.
Third, we have broadened financing channels through innovative tools. We utilize the "Beijing Science and Technology Leading Index" to focus on high-quality science and technology innovation enterprises in Beijing with high R&D investment and abundant patent achievements, providing investors with a transparent and standardized pool of science and technology innovation targets. Since 2023, the index's net asset value has increased by more than 60%, demonstrating its professional judgment capabilities in the field of science and technology innovation. In addition, we have focused on participating in publicly offered science and technology innovation REITs, widely deploying in sub-sectors such as new energy, affordable rental housing, and industrial parks through strategic placements, offline subscriptions, and online investments. In particular, we successfully facilitated the listing and issuance of the first publicly offered infrastructure REITs for a private science and technology innovation industrial park service operation entity in China, effectively broadening our medium- and long-term funding channels.
Financial Times reporter: To ensure the smooth progress of supporting technological innovation, what specific measures has Beijing Bank Wealth Management taken in terms of building a supporting mechanism system?
Guo Zhentao: Beijing Bank Wealth Management adheres to the business philosophy of "distinctive features, standardized management, technology-led, product-rich, expert-managed, and leading performance." It has built a distinctive risk control system and support system tailored to the characteristics of science and technology innovation investment to ensure the safety of funds.
First, we innovate risk management tools. Before investment, we establish a three-dimensional due diligence model encompassing "technology, market, and finance." This model assesses the quality of a company's patents and the intensity of its R&D investment from a technological perspective; analyzes the commercialization prospects of its products from a market perspective; and monitors the health of its cash flow from a financial perspective, thereby achieving a precise profile of science and technology innovation enterprises. After investment, we form a dedicated management team to conduct quarterly reviews of science and technology innovation targets, focusing on monitoring core indicators such as R&D progress and patent maintenance, and promptly issuing warnings and exiting projects with outdated technology. Simultaneously, we implement diversified allocation across multiple business formats and asset types, including REITs and other projects, using a "regional + industry" approach.
Second, we will improve the institutional safeguards. We have established a "three-meeting, three-review" decision-making mechanism to strengthen strategic control, compliance review, and professional internal assessment. We will continuously upgrade the intelligent credit assessment system and build a machine learning-driven intelligent early warning system to achieve real-time capture of risk signals. At the same time, we will continuously expand the database of credit rating entities, which now covers nearly 200 science and technology innovation enterprises and their related parties. We have also developed a risk transmission tracking model to map the transmission path of related risks in real time, realizing a shift from "post-event response" to "pre-event prevention."
Financial Times reporter: From the perspective of industry development, what opportunities and challenges do bank wealth management institutions face in supporting technological innovation? How should these institutions respond?
Guo Zhentao: Currently, bank wealth management institutions possess resource endowments and business advantages in supporting technological innovation. First, they have a significant advantage in terms of capital scale. As of the end of June 2025, the total scale of wealth management products in the industry exceeded 30 trillion yuan, with Beijing Bank's wealth management products reaching nearly 420 billion yuan, providing continuous and stable financial support for technological innovation. Second, they have a strong customer base, leveraging their parent bank's channels to efficiently reach individual and institutional clients, forming a scale effect in technology financial services. Third, they have mature risk control experience, drawing upon the credit assessment and post-investment management capabilities of commercial banks, enabling them to further explore the credit value of science and technology innovation entities and expand the scope of investment.
At the same time, the industry also faces some real challenges. First, product homogenization is obvious, with most science and technology innovation wealth management products still focusing on debt investments in mature companies, while support for early-stage technology companies needs to be improved, and professional research in the technology field needs to be deepened. Second, risk-return matching is difficult, as the high-risk nature of technology investment contradicts the stable needs of wealth management clients, and the annualized volatility of science and technology innovation-themed products is higher than the average volatility of traditional products.
To address these bottlenecks, we believe a comprehensive innovation is needed, encompassing systems, mechanisms, and product services. First, we should build an "investment research ecosystem," suggesting collaboration with securities firms, asset management companies, and research institutions to establish a technology expert database and enhance the technology assessment capabilities of the science and technology innovation sector. Second, we should innovate product supply, continuously exploring "investment-loan linkage" wealth management products, allowing a certain percentage of wealth management product funds to be invested in early-stage technology projects, and providing supporting risk mitigation tools such as technology insurance. Third, we should improve investor education, establishing a dedicated risk assessment system for science and technology innovation wealth management clients and developing tools such as a "technology investment simulator" to help clients establish reasonable return expectations.
Looking ahead, under the strategic guidance of Bank of Beijing, BOC Wealth Management will continue to uphold its original mission of serving the real economy and contributing to common prosperity. It will fully leverage the Group's and its professional strengths, continuously innovate financial tools and service models, and contribute to the advancement of fintech, thereby accelerating the development of new productive forces.
