CCTV News: In order to better play the role of equity investment in supporting scientific and technological innovation and the development of private enterprises, on March 5, the State Administration for Financial Regulation issued the "Notice on Further Expanding the Pilot Equity Investment of Financial Asset Investment Companies" (Jinbanfa [2025] No. 19, hereinafter referred to as the "Notice"), further optimizing and improving the pilot policies.

In September 2024, the State Administration for Financial Regulation issued a notice to expand the scope of equity investment pilot projects for financial asset investment companies established by five large commercial banks from Shanghai to 18 cities including Beijing, and include them in a package of incremental measures to stabilize economic growth to ensure implementation, and guide large commercial banks and financial asset investment companies to promote the implementation of the pilot projects. At present, full coverage of contract signing in 18 cities has been achieved, with the contract amount exceeding 350 billion yuan, and positive results have been achieved. Based on the summary of pilot experience, the State Administration for Financial Regulation issued a "Notice" to further expand the pilot from the following three aspects:

First, expand the scope of equity investment in financial asset investment companies to the provinces where the pilot cities are located. Previously, the pilot policy only allowed financial asset investment companies to conduct equity investments within the pilot city through private equity investment funds issued by affiliated institutions. The "Notice" clearly states that relevant funds can invest equity within the provinces where the pilot cities are located, which is conducive to expanding the scope of fund project support, attracting and driving more social funds to participate in fundraising, reducing fund operation costs, and improving operational efficiency.

The second is to support qualified commercial banks to initiate the establishment of financial asset investment companies. At present, financial asset investment companies established by five large commercial banks have explored important models for financial support for technological innovation through pilot projects. Steady and orderly increase the number of institutions participating in the pilot will help mobilize more funds and resources to participate in the pilot and further increase support for scientific and technological innovation and private enterprises.

The third is to support insurance funds to participate in the pilot project of equity investment in financial asset investment companies. The "Notice" clearly states that supporting insurance funds to invest in financial asset investment through private equity investment funds issued by financial asset investment companies through affiliated institutions, bonds issued by financial asset investment companies, or equity investment companies, will help to give full play to the long-term investment advantages of insurance funds, broaden the sources of equity investment pilot funds, and further enrich the diversified financing system of technology companies.

In the next step, the State Administration for Financial Regulation will work with relevant departments to promote the optimization and improvement of the equity investment environment, guide financial asset investment companies to continuously improve the system and process, strengthen the construction of the talent team, optimize the performance appraisal system, strengthen risk management, and continuously improve the level of equity investment management, better support scientific and technological innovation, and serve the high-quality development of the private economy.