To encourage enterprises in our county to go public and raise capital, and to fully leverage the role of the capital market in promoting high-quality economic development across the county, the following incentive measures are formulated in accordance with the actual conditions of our county.
I. Guiding Principles
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will fully implement General Secretary Xi Jinping’s important expositions on financial work and the spirit of his important speeches and instructions during his inspection of Anhui. We will fully leverage the capital market’s role in promoting high-quality economic development across the county, seize the window of opportunity presented by capital market reforms, raise reward standards, reasonably share enterprise costs, stimulate enterprises’ enthusiasm and initiative in going public and raising funds through listing, and further advance the work of enterprise listings and direct financing across the county.
II. Work Objectives
During the 14th Five-Year Plan period, we aim to cultivate 3–5 listed companies, 4–6 companies listed on the National Equities Exchange and Quotations (NEEQ), and more than 50 companies listed on regional equity trading markets.
III. Incentive Policies
(1) Differentiated Incentives for Enterprise Listings.
The county government will provide a differentiated incentive of 8 million yuan to the first enterprise in the county to conduct an initial public offering (IPO), 5 million yuan to the second such enterprise, and 3 million yuan to the third. Ten percent of the differentiated incentive will be awarded to the enterprise’s IPO team.
(2) Incentives for Enterprise Listing and Quotation.
1. For enterprises listed on the Shanghai Stock Exchange or the Shenzhen Stock Exchange, the county government will provide phased rewards totaling no more than 5 million yuan. An enterprise will receive a 500,000 yuan reward upon completing shareholding reform under the guidance of a qualified securities firm and obtaining a business license; a 500,000 yuan reward upon filing for guidance with the Anhui Securities Regulatory Bureau; and a 1 million yuan reward upon achieving the “under review” status or submitting a registration application with the China Securities Regulatory Commission;Upon completion of the initial public offering (IPO), a reward of 3 million yuan will be granted, of which 500,000 yuan will be directly awarded to the enterprise’s IPO team. For enterprises that have completed their IPO but did not receive the phased listing rewards during the earlier stages, the county treasury will make up the difference to the total reward of 5 million yuan after the IPO is completed.
2. For enterprises listing for the first time on the Hong Kong Stock Exchange or overseas stock exchanges, the county treasury will provide a phased reward of 5 million yuan. Based on two milestones—approval by the China Securities Regulatory Commission (CSRC) and commencement of trading, with all raised funds invested in our county—the county treasury will award 2 million yuan and 3 million yuan, respectively.
3. For listed companies from other regions that relocate to our county, complete the change of business registration and tax registration, and invest all raised funds within our county, the county treasury shall provide a reward of 5 million yuan.
4. For enterprises that achieve listing on the National Equities Exchange and Quotations (NEEQ, also known as the “New Third Board”) or the Beijing Stock Exchange (BSE), the county government will provide a phased reward of 5 million yuan.Enterprises that list on the Basic Layer of the NEEQ under the guidance of a qualified securities firm will receive a 500,000 yuan reward; enterprises that transfer to the Innovation Layer of the NEEQ will receive a 500,000 yuan reward; and enterprises that subsequently list on the BSE will receive an additional 4 million yuan in phased rewards from the county treasury, specifically: 500,000 yuan upon filing for guidance with the Anhui Securities Regulatory Bureau; 500,000 yuan upon submitting the registration application to the BSE;Upon completion of an initial public offering (IPO), a company will receive a 3 million yuan reward, of which 500,000 yuan will be directly awarded to the company’s IPO team. For companies that list on the BSE but have not previously received phased rewards, the county government will supplement the total 5 million yuan reward upon the company’s listing on the BSE. For companies listed on the NEEQ, the corresponding level of government will provide a subsidy of 100,000 yuan annually for three consecutive years to cover ongoing supervision costs.
5. For enterprises registered at both the municipal and county levels and listed on the Provincial Equity Exchange Center, the county treasury will provide different rewards based on the listing tier. Enterprises that have completed shareholding system reform will receive a 300,000 yuan reward from the county treasury; non-shareholding reform enterprises will receive a 50,000 yuan reward from the county treasury.
(3) Incentives for Enterprise Direct Financing.
1. For non-listed private enterprises that issue bonds and invest the entire proceeds locally, the corresponding-level government will provide a reward equal to 3% of the financing amount, up to a maximum of 1 million yuan.
2. For enterprises listed on the National Equities Exchange and Quotations (NEEQ) or the Provincial Equity Exchange Center that secure their first round of financing and invest the entire amount locally, the corresponding-level government will provide a reward of 3% of the financing amount, not to exceed 500,000 yuan.
3. For newly established private equity and venture capital funds in our county, where the total paid-in capital (limited to monetary contributions, excluding county fiscal matching funds) reaches 300 million yuan or more, the county government will grant a 300,000 yuan reward to the fund management team one year after the fund begins making investments.
4. Guidance funds shall support enterprise development. For funds based in our county, if investments in local enterprises reach 50 million yuan or more in a given year and the investment period has lasted at least three months (if managing multiple funds, amounts may be aggregated; the same applies below), the county government shall grant the private equity fund management team a reward of up to 2‰ of the actual investment amount; for investments reaching 100 million yuan or more, the county government shall grant a reward of up to 3‰;For funds that attract enterprises to newly establish operations in our county with a registered capital of 50 million yuan or more, thereby promoting local economic development, the county treasury shall grant a reward to the private equity fund management team equivalent to 2‰ of the enterprise’s actual paid-in capital, with a maximum of 500,000 yuan per project (excluding amounts already received by the private equity fund manager and the fund within the scope of the contractually agreed reinvestment ratio).
(4) Rewards shall be granted to filing intermediaries that provide high-quality services.
Intermediary teams that assist enterprises in completing the filing process shall receive a reward of 100,000 yuan (distributed among securities firms, accounting firms, and law firms in a 5:3:2 ratio, as applicable hereinafter); intermediary teams that assist enterprises in successfully listing on a stock exchange shall receive an additional reward of 250,000 yuan; advisory teams that assist enterprises in listing on the National Equities Exchange and Quotations (NEEQ) shall receive a reward of 50,000 yuan; and intermediary teams that assist enterprises in listing on the Provincial Equity Exchange Center and completing shareholding restructuring shall receive a reward of 10,000 yuan.
(5) Support Measures.
1. The County Leading Group for Promoting Enterprise Listings (Quotation) and Expanding Direct Financing shall implement a system of monthly coordination, quarterly analysis, and leadership oversight to comprehensively advance the county’s enterprise listing and quotation efforts, and shall regularly convene meetings to discuss, study, and resolve difficulties and issues encountered by key enterprises during the listing and quotation process.
2. For prospective enterprises that have entered the substantive stage of listing or registration, where the processes of shareholding restructuring, equity registration, and transfer involve project approvals, land use, planning, construction, fire safety, property transfers, environmental assessments, market supervision, or social security (housing provident fund) certifications—and where compliance certificates or relevant procedures are required—all relevant departments at all levels shall resolve such matters within a specified timeframe in accordance with the “streamlining administration, improving regulation, and enhancing services” reform requirements, provided that statutory acceptance conditions and relevant requirements are met;If, due to special circumstances, matters cannot be concluded on time, relevant documents may be issued first and procedures completed later, provided this complies with relevant laws and policies. For approval issues involving multiple departments, they shall be concluded within a specified timeframe through the “joint review and approval” channel.
3. For key enterprises preparing for an IPO that have clear property rights but are unable to obtain real estate ownership certificates due to historical legacy issues, the County Leading Group for Promoting Enterprise Listings (Quotation) and Expanding Direct Financing shall take the lead, with relevant departments cooperating, to coordinate and resolve the matter in a lawful and compliant manner on a “case-by-case” basis according to the enterprise’s needs.
4. If enterprises face genuine difficulties in paying value-added tax, corporate income tax, or individual income tax due to restructuring, they may apply to the tax authorities for a deferral of tax payment in accordance with statutory procedures. Upon approval, payment of the relevant taxes may be temporarily deferred within the prescribed time limit;If small and medium-sized high-tech enterprises convert undistributed profits, retained earnings, or capital reserves into share capital for individual shareholders, and such shareholders face genuine difficulties in paying individual income tax in a single installment, they may pay in installments over a period not exceeding five calendar years, based on actual circumstances.When enterprises, during asset restructuring, transfer all or part of their tangible assets, along with associated claims, liabilities, and labor, to other entities or individuals through means such as mergers, spin-offs, sales, or exchanges, the transfer of goods, real estate, and land use rights involved is exempt from value-added tax;Where an enterprise complies with relevant tax regulations during restructuring, external investment of non-monetary assets, or asset transfers, it may apply for special tax treatment, deferred taxation, and other policies regarding corporate income tax; Individuals receiving income from equity incentives of listed companies may, upon filing with the competent tax authorities, pay individual income tax within a period not exceeding 12 months from the date of stock option exercise, restricted stock vesting, or receipt of equity rewards.
5. If an enterprise halts the process of listing or going public for reasons other than force majeure, or fabricates false materials to fraudulently obtain incentive funds, the County Finance Bureau (Local Financial Regulatory Bureau) shall recover the principal amount of the aforementioned incentive funds received by the enterprise, along with interest calculated at the benchmark bank lending rate for the corresponding period. Furthermore, the enterprise’s related applications will not be accepted for a period of three years, and legal liability will be pursued in accordance with laws and regulations.
6. The incentive policy shall be disbursed in stages according to the enterprise’s progress in the listing and financing process. Upon submission of a written application by the enterprise, and following preliminary review by the relevant township people’s government or industrial park management committee, and review by the County Finance Bureau (Local Financial Regulatory Bureau), the funds shall be disbursed by the County Finance Bureau after approval by the Deputy County Magistrate in charge and the County Magistrate.
IV. Other Provisions
(1) These guidelines shall take effect on January 1, 2022, and remain valid until December 31, 2025. In the event of any inconsistency between the original incentive policies and these guidelines, these guidelines shall prevail.
(2) The County Finance Bureau (Local Financial Regulatory Bureau, State-owned Assets Supervision and Administration Commission) shall be responsible for interpreting these measures.
