On August 2, Beijing Guoxiang Shangheng Private Fund Management Co., Ltd. (hereinafter referred to as Guoxiang Shangheng), a wholly-funded subsidiary of SenseTime, was officially approved to join the Qualified Foreign Limited Partnership pilot project in Beijing (QFLP Pilot), with approved quota of USD 300 million. SenseTime is a world leading AI algorithm provider that has independently developed multiple AI underlying infrastructure. Relying on SenseTime's industrial background and competitiveness, Guoxiang Shangheng plans to raise overseas funds to invest in domestic enterprises in relation to the AI industrial chain.

To keep on carrying out and implementing the policy for further opening up the service industry, Beijing Local Financial Supervision and Administration, by taking into account local realities and market concerns of Beijing Municipality, adjusted and modified the pilot QFLP policy in a timely manner. It is worth pointing out that the new policy expands the scope of overseas investors, permits funds to adopt more flexible management architecture, further broadens the range of investment, and provides "One-to-One" dedicated butler service. The new policy refines the in-process and ex post management mechanism, fosters excellent business environment, coordinates the services and promotes normal and healthy development of pilot institutions in Beijing. Guoxiang Shangheng is the first pilot institution that settles in Beijing after Beijing updates the QFLP policy, regarded as another major achievement arising from construction of the "Two Zones".

Next, Beijing Local Financial Supervision and Administration, by adhering to the national requirements about further opening-up, etc., will focus on the market demands to improve the quality of foreign capital utilization, and encourage more institutions to take part in the QFLP pilot. Meanwhile, it will actively diversify the channels for bringing in overseas investors, broaden the range of investment, and promote the interconnection between domestic and foreign financial markets. Moreover, it will draw on the strength of cross-border linkage, invest in China's key enterprises and projects, support building the city into an international center for science and technology innovation, and improve the level of internationalization of Beijing's finance sector.

Source: Beijing Local Financial Supervision and Administration