In 1987, China Merchants Bank (CMB) was founded in Shekou Industrial Zone of Shenzhen, the forefront of China's reform and opening-up. It is China's first joint-stock commercial bank wholly owned by corporate legal entities and represents the first pilot bank to promote China's banking reform driven by endeavors outside the government. By the end of 2017, with over 70,000 employees, CMB has set up a service network that consists of more than 1,800 branches worldwide including six overseas branches, three overseas representative offices, and service outlets located in more than 130 cities of mainland China. In mainland China, CMB has two subsidiaries, namely CMB Financial Leasing (wholly-owned) and China Merchants Fund (with controlling stake), and two joint ventures, namely CIGNA & CMB Life Insurance (50% in shareholding) and Merchants Union Consumer Finance Company (50% in shareholding). In Hong Kong, it has two wholly-owned subsidiaries, namely Wing Lung Bank and CMB International Capital. CMB has evolved into a comprehensive banking group equipped with financial licenses of commercial banking, financial leasing, fund management, life insurance, and overseas investment banking. In recent years, CMB has pushed forward the "Light-operation Bank" strategy in pursuit of dynamic balance in quality, profitability, and scale, and fostered a safer structure, more distinctive features, and a more clear business model. In 2017, CMB maintained stable asset growth and strong profitability with a profit growth among the highest in the industry, and improved asset quality with declining balance and ratio of non-performing loans. CMB's market value surpassed RMB 710 billion at the end of 2017, ranking 11th among global listed banks.