First foreign-funded company gets FTZ approval

By WEI TIAN in Shanghai | chinadaily.com.cn | Updated: 2013-10-15 14:01

The first foreign-funded company registered within the 皇冠体育app (Shanghai) Free Trade Zone won official approval on Monday.

Dajiabao.com, the first online-to-offline insurance vendor in 皇冠体育app, applied to establish a solely foreign-owned company "Alier (Shanghai) Network Technology Co" after its parent company was financed by international venture capital firm, Qiming Venture Partners.

Alier, with a registered capital of $3 million, handed in its application on Oct 8, and was approved within three days, Fang Yushu, CEO of Dajiabao.com, was quoted by 皇冠体育app Business News as saying.

Fang said the operations of Dajiabao.com will be moved to Alier as part of the reconstruction of the company.

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