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Caixin Global
Caixin Global
National
Zhang Yukun and Liu Ran

Tencent’s Online Bank Gets Nod to Open Hong Kong Subsidiary

What’s new: WeBank Co. Ltd. has been cleared to set up a tech subsidiary in Hong Kong, as the Tencent Holdings Ltd.-backed online lender looks to expand into new markets.

The Shenzhen office of the National Financial Regulatory Administration released an approval on Friday for WeBank’s application, allowing it to set up the wholly owned company with $150 million.

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