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Bank of Jiangsu Co Ltd, a city commercial lender whose total assets reached 2.05 trillion yuan, also recorded an increase of 54.39 billion yuan in its retail loans from the end of last year to 324.92 billion yuan at the end of June. The balance of its retail loans accounted for 34 percent of its total loan balance.

Based in Hong Kong, New Frontier Corp was formed by New Frontier Public Holding Ltd, an affiliate of New Frontier Group, for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. New Frontier Group is a China-focused investment group that invests in, builds and operates diversified businesses in the Chinese new economy sectors.

Barrell said the SIEIC will support companies that use technology to improve almost any aspect of urban living through low-carbon solutions.

Baidu, a Chinese pioneer in artificial intelligence, alongside the ministry launched a program last year to identify long-time shelter seekers using its facial-recognition technology.

Batato also indicated that the move doesn't mean the firm has been entirely shifted to the medical, nutrition and health sectors.