CECloud receives Hubei's biggest IP-backed loan

The CECloud headquarters in the Wuhan Economic & Technological Development Zone (WEDZ). [Photo/whkfq.gov.cn]

The CECloud headquarters, based in the Wuhan Economic & Technological Development Zone (WEDZ), Wuhan, Central China's Hubei province, recently received an intellectual property (IP)-backed loan worth 800 million yuan ($112.8 million) from the Wuhan Branch of the Industrial and Commercial Bank of China, which is the biggest loan of its kind in the province.

The loan will be mainly used for the company's R&D, to facilitate the application of domestic cloud services in smart cities, and to empower new quality productive forces represented by the digital economy.

The CECloud headquarters was established in the zone three years ago as the company's global R&D base centers on technology and service systems in AI, cloud platforms, and big data. It will support the digitalized transformation of areas such as smart cities, finance, energy, manufacturing, and healthcare.

From 2021 to 2023, WEDZ registered more than 300 million yuan in total IP pledge financing, benefiting over 40 local enterprises. The total IP pledge financing scale this year is expected to exceed 1 billion yuan.

Small and medium-sized sci-tech enterprises usually feature small amounts of tangible assets, rapid growth and high development risks, and financing has become a long-standing problem hindering their progress. In this regard, WEDZ will soon establish a full-fledged government-bank-enterprises cooperation mechanism to support their innovative development.