Bank of Communications Co. Ltd. unit BOCOM Financial Asset Investment Co. Ltd. started operations on Feb. 5 after receiving regulatory approval in December 2017.
BOCOM Investment is mainly engaged in debt-to-equity swaps and other supporting businesses, according to a Feb. 5 release. It has a registered capital of 10 billion yuan.
As of Feb. 5, US$1 was equivalent to 6.29 Chinese yuan.
