Qingdao Conson Group was established with the approval of Qingdao Municipal People's Government in February 2008, with a registered capital of RMB 3 billion. The group is a wholly state-owned company that is solely funded by the state and authorized by the Qingdao Municipal People’s Government to perform the responsibilities of investor by the Qingdao State-owned Assets Supervision and Administration Commission. Its main function is to act as the main body of state-owned capital investment and operation, operate state-owned capital, operate state-owned assets, and conduct investment and financing in a market-oriented manner, capital operation and asset management to ensure the preservation and appreciation of state-owned assets. Since its establishment, the group has matched the urban development strategy, assumed the mission of urban development, played its backbone and leading role, and formed a comprehensive financial, urban function development, urban operation service, marine industry, and urban information industry supported by 9 core first-level subsidiaries. The "3+2" main business sector has made important contributions to the improvement of Qingdao's financial system, the improvement of urban functions and the optimization of the urban service system.