Upon the approval of the State Council, National Development Fund for Small and Medium-sized Enterprises Co., Ltd., initiated by the Ministry of Industry and Information Technology and the Ministry of Finance, was officially established on 22 June 2020 with a registered capital of RMB 35.75 billion.

As one of the initiating shareholders, Chengdu Development Fund, one of the initiating shareholders, subscribed RMB1 billion to participate in the capital contribution and was elected as the supervisor of the 1st board of supervisors, indicating its successful participation in the establishment of a national fund again after its participation in the national debt-to-equity swap fund with a scale of RMB 30 billion.

Grandall Chengdu Office has been retained as the special legal advisor by Chengdu Development Fund with Mr. LIU Xiaojin, Mr. GUO Xiaofeng and Mr. YU Zhuoqun as key lawyers serving the case.