On November 8, Ruanya Xinchuang Private Equity Management Co., Ltd. (Ruanya Xinchuang), a wholly-owned subsidiary of SoftBank Ventures Asia (SoftBank Asia), was approved for the QFLP pilot in Beijing, with the approved quota of USD 100 million. Ruanya Xinchuang becomes the second pilot in Beijing after the city's QFLP policy was optimized and upgraded, which is deemed as another important result in the "Two Zones" development".

Ruanya Xinchuang in October this year was registered in Daxing China-Japan Innovation and Cooperation Demonstration Zone, with a registered capital of USD two million. It is the first wholly-owned private equity company established by SoftBank Asia in Beijing, and the sole renminbi investment platform set up by SoftBank Asia in China. Relying on the industrial background and investment network of SoftBank Asia, Ruanya Xinchuang will do business in such niche fields as technology-driven new-generation IT, advanced manufacturing and new energies, and attract high-tech companies to Daxing China-Japan Innovation and Cooperation Demonstration Zone.

To facilitate the building of the center for international exchanges and national center for financial management, and deepen financial reform and innovation, Beijing launched the QFLP pilot in 2011. To be specific, QFLP pilot means raising funds from overseas investors in a non-public way to invest in the Chinese market. It is an important trial effort of the foreign investment management policy under the capital account. 

To expand the scope of foreign investment, attract and cultivate more Chinese and foreign investors to invest in Beijing, on April 28, 2021, Beijing Local Financial Supervision and Administration issued the Interim Measures of Beijing Municipality on QFLP Pilot, which optimized and upgraded the threshold conditions for investors, investment scope, and audit process, etc. After the upgraded policy was released, Beijing Guoxiang Shangheng Private Equity Management Co., Ltd., a wholly-owned subsidiary of SenseTime, became the first institution approved for the QFLP pilot.

Next, more high-quality foreign investments will be encouraged to participate in the QFLP pilot in Beijing, so as to boost the high-quality economic development of the capital city, build the new pattern of financial opening-up and improve the international level of Beijing's financial industry.