China Economic Reporter Zhang Manyou Beijing Report
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Financial Support for New Directions
Editor's Note / From the Central Financial Work Conference listing technology finance as the top of the &#34;five major articles,&#34; to the &#34;14th Five-Year&#34; planning outline specifically deploying the cultivation and expansion of emerging industries and future industries, clearly proposing to &#34;build a technology finance system that is compatible with technological innovation,&#34; financial support has been given a new historical mission, and more financial resources are accelerating their gathering in the field of technological innovation. This series of reports will deeply decode how the financial industry accurately aligns with the major tasks of the &#34;14th Five-Year&#34; planning outline, convey policy signals through frontline cases, and stabilize market expectations with innovative samples, providing a replicable and referable &#34;new direction&#34; answer sheet for financial support of new productive forces.
&#34;The moment the loan arrived, I felt much more at ease,&#34; recalled Wu Yang, founder of Nanjing Mengdangran Technology Co., Ltd. (hereinafter referred to as &#34;Mengdangran Technology&#34;). From the insufficient computing power and lack of attention during his university entrepreneurship period, to now settling in the OPC (i.e., &#34;One Person Company&#34;) community to obtain computing power subsidies and resource connections, and then to the injection of financial &#34;living water,&#34; this &#34;one-person company&#34; is able to lighten its load and accelerate its growth.
With the rapid development of digital platforms, AI tools, and flexible employment ecosystems, a large number of knowledge-based, technology-based, and creative individuals are engaging in entrepreneurship in the form of OPCs, becoming an important force in activating market vitality and cultivating new productive forces. In the face of this emerging group, financial institutions such as Bank of Jiangsu (600919.SH) and NJBK (601009.SH) are breaking traditional service boundaries, launching customized financial products and services, allowing &#34;one-person armies&#34; of entrepreneurs to no longer fight alone.
What is curious is that OPCs, which have small operating scales, large cash flow fluctuations, and a lack of collateral assets, were not previously seen as standard &#34;target customers&#34; by banks. Why, in just a few months, have multiple banks quickly and unanimously targeted this group, even launching exclusive products like &#34;instant approval quick loans&#34;? When financial services extend their reach to this blue ocean, what risks need to be prioritized?
Landing on &#34;Super Individuals&#34;
The core feature of OPCs is their extremely lightweight organizational form and high dependence on digital tools. Gao Zhengyang, a special researcher at SuShang Bank, analyzed that OPC entrepreneurs conduct business activities relying on AI tools and platform ecosystems, achieving value creation through diverse methods such as content production, software development, and data services.
Wang Xi, a financial industry consulting expert at Analysys Qianfan, analyzed to the &#34;China Business News&#34; reporter that OPCs, with their &#34;one-person army&#34; model, have formed distinct characteristics of light assets, high efficiency, strong flexibility, vertical technology, and &#34;people&#34; as core assets. Their funding needs often present characteristics of small amounts, high frequency, and urgency. However, traditional finance mainly serves large companies, emphasizing fixed asset collateral credit, and lacks a complete credit evaluation system for intangible assets such as technological achievements, personal capabilities, and commercial orders
On the other hand, the cumbersome approval process and lengthy loan disbursement cycle make it difficult to meet OPC's requirements for the timeliness of funds.
Taking Dream Of Course Technology as an example, the company established the OPC community at the Modelling Institute in Jianye High-tech Zone, Nanjing by the end of 2025, and successfully qualified for a software development project from a certain scientific research institute, achieving a revenue breakthrough. However, business needs such as technology upgrades, team expansion, and data collection have also created a more urgent funding gap, putting this asset-light enterprise, which relies on intellectual property and algorithm models, in a predicament where it is difficult to obtain credit from the traditional credit system.
Wu Yang stated, &#34;The enterprise is in a rapid development stage of R&amp;D breakthroughs and project advancement, and the continuity of funds must match the pace of technology upgrades and market expansion.&#34;
After gaining a deep understanding of the actual situation of the enterprise, the Jiangsu Bank Nanjing Branch quickly intervened in collaboration with Jiangsu Provincial Science and Technology Financing Guarantee Co., Ltd., establishing a dedicated service team, opening a green approval channel, breaking through traditional credit logic, and focusing on the characteristics of scientific and technological innovation. They utilized the &#34;five-dimensional portrait&#34; credit model and the &#34;Su Chuang Credit Guarantee&#34; evaluation model to achieve instant approval for quick loans and guarantees, completing the entire process of business acceptance, document review, guarantee issuance, and loan disbursement in just 5 working days.
How to break the boundaries of traditional financial services and shift the core logic of OPC financial services from &#34;making a loan&#34; to &#34;serving a company&#34;? Empowered by digital technology, Jiangsu Bank launched exclusive financing products for OPCs based on the big data advantages of the Su Yin Jin Guanjia platform, breaking the reliance on traditional collateral and using industry trends, core technologies, order information, and innovation points as the basis for credit, achieving instant approval for quick loans and flexible borrowing and repayment, truly transforming technology into credit and credit into development funds.
Dream Of Course Technology is one of the beneficiaries of OPC, and Jiangsu Bank is just a microcosm of the many banking institutions laying out OPCs.
Among state-owned banks, Bank of Communications (601328.SH) Suzhou Branch has innovatively launched the &#34;OPC Entrepreneur Talent Loan,&#34; a distinctive financial product for global OPC talents starting businesses in Suzhou. Among city commercial banks, Nanjing Bank has officially launched the special &#34;OPC Tongxin Plan&#34; and quickly achieved its first deal. This plan focuses on the characteristics of related enterprises being &#34;asset-light and highly innovative,&#34; concentrating on the core development elements of &#34;human resources + computing power,&#34; relying on Nanjing Bank's &#34;Computing Power Loan&#34; and &#34;Xing Talent&#34; credit products to meet their financing needs while constructing a full lifecycle service system through &#34;investment-loan linkage + ecological empowerment,&#34; comprehensively addressing the financing bottlenecks and service blockages in the growth process of OPCs.
Not only is the speed of product launch fast, but the processing speed of the products themselves is also quick. The person in charge of Hailan Zhihua Intelligent Technology (Qingdao) Co., Ltd. just received the OPC business license from the administrative approval hall in the afternoon and successfully opened the basic corporate account at Shanghai Pudong Development Bank (600000.SH) Qingdao Branch that evening.
It is worth mentioning that OPCs, which center around &#34;people&#34; as core assets, are asset-light and have significant cash flow fluctuations, and are not the standard &#34;target customers&#34; in the eyes of banks. Why are banks intensively laying out in this area?
&#34;The current OPC organizational form relying on AI is indeed innovative, but the bank's credit judgment logic has not fundamentally changed,&#34; a person from the investment banking department of a state-owned bank told reporters. &#34;No matter how it changes, the core of the bank's evaluation remains the robustness of the business model and the rhythm of cash flow. Just in response to the characteristics of OPC replacing some positions with AI, banks will increase their assessment of AI training levels, 'human efficiency,' and other dimensions, while still paying attention to traditional indicators such as financial statements and payment rhythms.&#34;
In Wang Xi's view, the bank's willingness to quickly identify and actively serve OPC is the result of the combined effects of policy, strategy, and technology. In terms of policy, relevant special support policies issued by multiple local governments have created favorable conditions for banks to intervene; strategically, banks view OPC as a micro carrier of &#34;new productive forces&#34; in the AI era and a cradle for future &#34;unicorns,&#34; with early layout essentially being an investment in the future aimed at locking in the lifecycle value of high-growth potential clients; in terms of technology, the maturity of big data, artificial intelligence, and other technologies allows banks to convert previously difficult-to-quantify &#34;soft information&#34; such as intellectual property, platform value, and founder credit into reliable credit assessment indicators, thereby providing precise financial services to this type of light asset, high volatility clientele in a sustainable manner.
Multi-dimensional Efforts to Build a Defense Line
As banks' service reach continues to extend to the OPC group, injecting growth momentum while also exposing the inherent operational weaknesses and legal risks of this group, these issues have become important points of concern in the financial service process.
Wu Di, a financial lawyer at Beijing Leishi (Fengtai District) Law Firm, told reporters that the core legal weakness of OPC is rooted in the high risk of corporate personality denial (i.e., &#34;piercing the corporate veil&#34;). Due to the highly singular ownership structure and governance mechanism, lacking internal checks and balances, it is easy for personal accounts of shareholders to be mixed with company accounts, personal consumption to be indistinguishable from company expenditures, and financial records to be missing or chaotic, leading to property commingling. According to Article 63 of the Company Law, shareholders must bear joint liability for the company's debts in such cases. Once the company fails to operate, the lending bank will face multiple dilemmas. These include: unclear debt recovery targets; although shareholders can be sued for liability, the commingled property is difficult to clearly define and seize; traditional guarantee measures may fail, for example, personal guarantees provided by shareholders, as their responsible property has been mixed with company property, and the actual debt repayment resources have not increased; judicial execution procedures become complicated, requiring banks to first assert and prove personality commingling in litigation or execution, consuming a lot of time and judicial costs, and ultimately may still be unable to effectively recover loans due to limited clear assets available for execution.
In addition, the core assets of OPC—source code, self-media accounts, digital assets, etc.—also face legal awkwardness when used as credit enhancement means.
Wu Di further pointed out that the difficulty lies in the systemic lack of legal qualification, public disclosure, and monetization. First, the determination of ownership is complex. Source code may involve disputes over ownership among multiple parties, such as work-related creations and commissioned development; self-media accounts possess both property and personal attributes, and ownership usually belongs to the platform, with users only enjoying limited usufruct rights;
The ownership of data assets has not been clearly defined in law. Secondly, the effectiveness of security rights is difficult to establish effectively. The types of rights that can be pledged, as clearly stipulated in the property section of China's Civil Code, do not directly cover such new types of assets. Although parties can agree to establish &#34;atypical guarantees,&#34; there is a lack of a statutory, unified registration and public disclosure platform (for example, the effectiveness of registration for such assets in the People's Bank of China's unified registration and public disclosure system for movable property financing has not been clarified), resulting in the inability of security rights to produce priority effectiveness against third parties, and bank claims remain at the contractual debt level. Finally, there are practical obstacles to value assessment and liquidation. The value of such assets highly depends on operational capability, market popularity, and technological iteration, exhibiting significant volatility and lacking fair assessment standards; when a debtor defaults, judicial authorities face &#34;execution difficulties,&#34; lacking clear operational procedures on how to seal (such as freezing account operation permissions), how to assess, and how to marketize the conversion (for example, forcibly transferring account control rights may violate platform rules and attract no bidders), making it difficult for collateral to be effectively converted into debt repayment funds.
In the face of these risks coexisting with opportunities, how to balance innovative services and risk control, and implement precise policies, becomes the key to breaking the deadlock.
Gao Zhengyang believes that from a risk management perspective, banks need to build a more refined response strategy. Firstly, they can establish a more granular risk identification system through digital means, relying on multidimensional information such as platform transaction data, cash flow data, and operational activity to conduct dynamic credit assessments, enhancing the ability to judge the true operational status of enterprises. Secondly, in financial product design, strategies of small, dispersed, and revolving credit can be adopted to strictly control single-exposure risks, thereby reducing the overall risk exposure level of the business.
In addition, implementing tiered management of customer groups and a laddered credit mechanism is also crucial. Gao Zhengyang analyzed to reporters that for different tracks of technology-driven and content-creative OPCs, differentiated credit limits and interest rate standards can be matched. At the same time, banks should shift their service focus from merely lending to continuous operational support throughout the entire business cycle, providing value-added services such as financial management guidance, compliance operation counseling, and industrial resource matching, helping enterprises improve growth quality, which can reduce the risks of financial services and also benefit banks in cultivating high-quality long-term customer relationships, achieving a win-win situation for both banks and enterprises

600919

601009

512800

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The report explores how financial support can assist emerging industries, particularly customized financial services for "One Person Companies" (OPC) entrepreneurs. With the rapid development of fintech, financial institutions such as Bank Of Jiangsu and NJBK have begun to focus on this emerging group, launching exclusive products to meet their needs. OPC entrepreneurs rely on digital tools and face challenges such as cash flow fluctuations and asset shortages, and banks' service innovations in this area will activate market vitality

腾讯新闻 - 财经

Bank Of Jiangsu

BANK OF NANJING

Hwabao WP CSI Banks ETF

Tianhong CSI Bank ETF

Anchoring on "Investing in People" Banks Race for the New Blue Ocean of "One-Person Companies"