Article 1: To fully leverage the pivotal role of multi-tiered capital markets in the transformation and upgrading of the real economy, as well as their institutional advantages in fostering the formation of innovation capital; to seize policy opportunities such as the revision of the Securities Law and the reform of the securities issuance registration system; to strengthen policy support for key areas and weak links in enterprise listings and direct financing; to promote the categorized access of local enterprises to multi-tiered capital markets both domestically and internationally; and to increase the proportion of direct financing,accelerate the construction of an innovative modern industrial system, and serve the high-quality development of the real economy, these Provisions are hereby formulated.
Article 2 These Provisions apply to enterprises registered or established in our city, or those investing in our city, that meet any of the following conditions:
1. Enterprises that have (or intend to) conduct an initial public offering (IPO) on major domestic or international stock exchanges;
2. Listed companies with strong growth potential that align with the city’s industrial development direction, which have relocated their registered office to the city and have committed not to relocate it for five years;
3. Enterprises that have listed (or intend to list) on the National Equities Exchange and Quotations (hereinafter referred to as the “NEEQ”);
4. Enterprises listed on the Anhui Equity Custody and Trading Center (hereinafter referred to as the “Fourth Board”);
5. Private enterprises that have completed their first bond financing.
Article 3: Implementation of Fiscal Incentive Policies for Listing and Direct Financing.
Fiscal departments at all levels shall allocate special annual budgetary funds for enterprise listing and direct financing incentives.
(1) Enterprise Incentive Standards:
1. A phased reward system for enterprise listings shall be implemented.
Enterprises that conduct an initial public offering (IPO) and list on the Shanghai or Shenzhen Stock Exchanges shall receive a phased financial reward of 7 million yuan from the municipal government, distributed as follows: 1 million yuan upon signing a cooperation agreement for the IPO with intermediaries such as securities firms and completing the enterprise’s shareholding restructuring in accordance with capital market requirements; 1 million yuan upon acceptance of the filing for IPO guidance by the Provincial Securities Regulatory Bureau; 3 million yuan upon acceptance by the China Securities Regulatory Commission (CSRC) or the Shanghai or Shenzhen Stock Exchanges;and 2 million yuan upon successful listing.For companies conducting an initial public offering and listing on major overseas exchanges, the municipal government will provide a one-time reward of 7 million yuan. Listed companies with strong growth potential that align with the city’s industrial development direction, which relocate their registered office to the city and commit to remaining there for at least five years, will be treated as local enterprises conducting an IPO and will receive a one-time reward of 7 million yuan. For companies listed on the “New Third Board” that transfer to a main board for listing, the municipal government will supplement the reward to 7 million yuan in accordance with the standards for listed companies.
2. Implementation of Rewards for Enterprises Listed on the “New Third Board” Tiered System.
For enterprises listed on the Basic Layer and Innovation Layer of the “New Third Board,” the municipal government will provide a 1.5 million yuan reward in three stages, as follows: 400,000 yuan upon signing a cooperation agreement with intermediaries such as securities firms and completing the corporate shareholding restructuring in accordance with capital market requirements; 500,000 yuan upon acceptance by the National Equities Exchange and Quotations (NEEQ) and issuance of a notice of acceptance; and 600,000 yuan upon successful listing.For enterprises listed on the “New Third Board” Innovation Tier that transfer to the Select Tier and conduct a public offering of shares, the municipal government will provide an additional 2 million yuan in rewards. Enterprises already listed on the “New Third Board” will receive an annual subsidy of 300,000 yuan for ongoing supervision costs over a three-year period.
3. Implementation of Listing Incentives for Enterprises on Provincial Regional Equity Markets.
Enterprises that undergo standardized equity restructuring and list on segments such as the Growth Board or the Select Tier of the "Fourth Board" will receive a one-time grant of 400,000 yuan. Enterprises listing on non-equity restructuring segments of the "Fourth Board"—including the Science and Technology Innovation Board (Basic Tier and Cultivation Tier), Agriculture Board, Culture and Tourism Board, Traditional Chinese Medicine Board, Specialized, Refined, Unique, and New Board, and Robotics Board—will receive a one-time grant of 50,000 yuan.
4. Listed enterprises that attract private equity investment or raise equity capital through over-the-counter markets such as the “New Third Board” and “Fourth Board” will receive a reward equal to 1% of the initial equity financing amount, with a maximum reward of 700,000 yuan per enterprise; for listed companies conducting private placements, a reward equal to 1% of the financing amount will be granted to senior executives, with a maximum reward of 1 million yuan per private placement.
5. Private enterprises that successfully complete bond financing for the first time shall receive a reward of 1% of the issuance scale, with a maximum reward of 700,000 yuan per project and per enterprise.
(2) If an enterprise obtains or assists others in obtaining the aforementioned awards and subsidies through fraudulent means, or if a listed company that has relocated from another region relocates again within five years, the Municipal Local Financial Regulatory Bureau, in conjunction with the finance department, shall promptly recover the full amount of the awarded funds and revoke the enterprise’s eligibility to apply for any government support policies for a period of five years.
(3) In accordance with the fiscal hierarchical management system and enterprise affiliation, municipal-level special funds shall provide a 100% reward to enterprises whose tax payment location is at the municipal level; for enterprises whose tax payment location is in various districts and counties (including the Huangshan High-Tech Industrial Development Zone), the municipal and district/county (including the Huangshan High-Tech Industrial Development Zone) finance departments shall each provide a 50% reward.
Article 4: Support policies shall be implemented for the local contribution portion of enterprises preparing for an IPO or those that have been (or are preparing to be) listed on a stock exchange.
(1) For enterprises that, in the process of standardized restructuring, reorganization, or conversion into a joint-stock company due to an IPO or listing, contribute non-monetary assets as equity investments to participate in the recipient’s profit distribution and jointly bear investment risks; and for national high-tech enterprises that convert undistributed profits, retained earnings, or capital reserves into share capital for individual shareholders, the local government at the same level shall provide a 100% reward for the local contribution portion of income tax paid in accordance with relevant regulations.Where an individual faces difficulties in making a lump-sum payment of individual income tax but meets the requirements of relevant tax policies, payment may be made in installments over a period of five years. Where a high-tech enterprise grants equity incentives to its relevant technical personnel for the commercialization of scientific and technological achievements, and the individual faces difficulties in making a lump-sum tax payment, the individual may formulate a tax payment plan in installments over five years based on actual circumstances and file it with the tax authorities for record.
(2) During the process of standardized shareholding restructuring for enterprise listings or stock exchange listings, provided that the actual controller remains unchanged, the local government at the same level shall provide a 100% reward for the local contribution portion of taxes actually paid on the equity changes resulting from the transfer of assets (including land, real estate, vehicles and vessels, equity, etc.), as well as for the increase in the local contribution portion of taxes arising from the adjustment of historical operating indicators to reflect increased revenue and profits.
(3) A five-year support policy shall be implemented for enterprises that have completed standardized equity restructuring and are preparing for an IPO or have been (or are preparing to be) listed. Using the average of the enterprise’s actual tax payments (including corporate income tax, value-added tax, individual income tax, and other tax categories; the same applies hereinafter) over the three years prior to the completion of equity restructuring as the baseline, the local finance department at the same level shall provide a 100% reward for the first three years and a 50% reward for the following two years on the portion of local tax revenue exceeding the baseline, starting from the year the enterprise completes equity restructuring.For enterprises that completed standardized shareholding reforms prior to 2017, the average of the actual taxes paid in 2014, 2015, and 2016 shall serve as the baseline. The aforementioned five-year fiscal incentive policy shall take effect starting from 2017.
Article 5: Priority shall be given to securing land for projects of enterprises that have been (or are拟 to be) listed. Priority shall be given to resolving the construction land needs for investment projects funded by raised capital of such enterprises, which shall be treated as municipal key projects and investment promotion projects and enjoy relevant preferential policies. For each new listed company on the Shanghai, Shenzhen, or Hong Kong stock exchanges, an application may be submitted to the provincial natural resources department to grant the local government where the listed company is located a reward of 100 mu of new construction land quota in the allocation of the new construction land plan.
Article 6: Municipal departments including Development and Reform, Finance, Economy and Information Technology, Agriculture and Rural Affairs, Science and Technology, Culture and Tourism, and Commerce shall prioritize the allocation of various policy-based support funds and subsidies for national bond projects to enterprises that have been or are planning to be listed or listed on a trading platform, or shall prioritize their application for such funds to the national and provincial governments;They shall give priority to recommending such enterprises to the national and provincial authorities for qualifications such as leading enterprises, high-tech enterprises, and specialized, refined, distinctive, and innovative enterprises; regarding changes in rights and interests—such as alterations to land use rights and transfers of property ownership—as well as matters related to business registration and establishment, relevant departments shall establish a green channel to streamline procedures;Regarding certificates required by the China Securities Regulatory Commission (CSRC) and intermediary institutions—such as those verifying no major violations or administrative penalties in tax, environmental protection, fire safety, work safety supervision, administrative litigation, social security and labor arbitration disputes, housing provident fund, land use planning, and public security matters—relevant departments must process these promptly unless special circumstances exist. If coordination with other departments is required, the Municipal Local Financial Regulatory Bureau shall review the matter and issue a “Letter Regarding Matters Requiring Coordination for Enterprises in Huangshan City That Have Listed or Are Planning to List” to facilitate processing by the relevant departments.
Article 7: For enterprises that have signed listing agreements with securities firms and other intermediaries and have completed standardized shareholding restructuring in accordance with capital market requirements, if they face temporary difficulties in working capital due to production and operations, policy-based financing guarantee companies may provide credit enhancement support through financing guarantees within the financing guarantee limit for individual enterprises.
Article 8: Enterprises and institutions intending to list or go public that apply for incentive and subsidy policies shall file a report with the Municipal Local Financial Regulatory Bureau within 15 working days after signing a formal cooperation agreement with the relevant party, and shall promptly provide relevant written supporting materials upon completion of phased tasks.
The local financial regulatory bureau where the enterprise is located (the competent authority for enterprise listing and registration) shall conduct a preliminary review of the enterprise’s application materials for incentives and subsidies. Upon passing the preliminary review, it shall submit the application to the Municipal Local Financial Regulatory Bureau. The Municipal Local Financial Regulatory Bureau shall review the application and propose recommendations for incentives and subsidies. After obtaining approval from the municipal government, the Municipal Finance Bureau shall disburse the incentive and subsidy funds to the enterprise or institution.
Enterprises and institutions that fail to file or submit materials in a timely manner as required shall not be eligible for the incentive and subsidy support policies.
Article 9: The municipal government shall include the completion of tasks related to advancing the construction of a multi-tiered capital market system in the annual performance evaluation of district and county governments, as well as the Huangshan Scenic Area Management Committee, the Huangshan Economic Development Zone Management Committee, and the Huangshan Modern Service Industry Park Management Committee.
The Municipal Local Financial Regulatory Bureau shall conduct an annual performance evaluation of the funds allocated for listing, trading, and direct financing incentives, and shall report the results of such evaluations to the Municipal Finance Bureau. When necessary, the Municipal Finance Bureau may commission third-party institutions and experts to conduct relevant performance evaluations and ensure the proper application of the evaluation results.
Article 10: Where a single matter involves multiple or repeated awards and subsidies, the principle of “taking the higher amount and avoiding duplication” shall apply.
Article 11: The Municipal Local Financial Regulatory Bureau, as the competent authority for enterprise listings and direct financing throughout the city, shall be responsible for the organization and implementation of these provisions.
Article 12: These Provisions shall be interpreted by the Municipal Local Financial Regulatory Bureau and shall take effect from the date of issuance. The “Several Policy Provisions of Huangshan City on Incentives for Enterprise Listings and Quotation (Revised)” (Huang Zheng Ban Mi [2017] No. 74) is hereby repealed. Where any previous reward policies regarding enterprise listings, quotations, and direct financing issued by the municipal government and its relevant departments are inconsistent with these Provisions, these Provisions shall prevail.
