This Action Plan is formulated to implement the series of decisions and arrangements made by the central and provincial governments regarding the comprehensive deepening of capital market reforms, to support enterprises in accessing the capital market to accelerate listing and financing, to leverage the capital market to boost development momentum, and to promote the construction of Hefei as a “City of Innovation and Technology” and a “City of Industry.”
I. General Requirements
Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will fully implement the spirit of General Secretary Xi Jinping’s important speeches and instructions regarding Anhui, as well as his important discourses on financial work. We will earnestly implement the spirit of the 11th Provincial Party Congress, seize the opportunity presented by the reform of the comprehensive registration-based system for stock issuance, and focus on key sectors such as “chips, displays, automobiles, and integration,” “emergency medical care, lifelong care, and smart cities," with the tiered cultivation of qualified listing entities as the main focus. Relying on full-cycle policy support and end-to-end service guarantees, we will adhere to a combination of market-driven forces and government guidance, expand new listings while optimizing existing ones, and accelerate the pace of listings while enhancing listing quality. We will continuously improve capabilities and optimize services,emphasizing strict supervision and risk prevention, to help a group of enterprises that align with policy directions, have sound governance, and demonstrate positive development trends to grow stronger and more competitive through listing, thereby providing robust financial and capital support for the city’s scientific and technological innovation and industrial development.
II. Main Objectives
Through five years of effort (2022–2026), we aim to achieve a greater number of listed companies in the city, with higher quality and a more optimized distribution, and significantly enhance their capacity to support and lead industrial development. Each year, we will dynamically maintain a pool of over 100 municipal-level key listed company candidates and over 30 companies registered for IPO guidance. By the end of 2026: we aim to double the number of domestic listed companies in the city compared to the end of 2021, reaching over 140;strive to ensure that the total amount of new refinancing raised by listed companies in the city is no less than 100 billion yuan, with no fewer than 60 listed companies conducting refinancing; significantly enhance the development level and competitiveness of listed companies, and increase the ratio of market capitalization of listed companies to regional GDP to over 120%; strive to achieve full coverage of listed companies across all counties (cities), districts, development zones, and key industrial chains in the city, with enterprises from key industrial chains accounting for more than 80% of newly listed companies in the city.
III. Work Measures
(1) Fully Tap into Potential Listing Candidates. Guided by the industrial map, we will continue to identify and nurture high-growth enterprises, high-tech enterprises, and “specialized, refined, distinctive, and innovative” (SED) enterprises to expand clusters of innovative enterprises and strengthen the pool of potential listing candidates.Establish a routine mechanism for identifying potential listing candidates. Through channels such as counties (cities), districts, development zones, lead units of industrial chains, intermediary institutions, and equity investment firms, select a group of enterprises that align with industrial development priorities and demonstrate strong growth potential, and include them in the municipal-level pool of potential listing candidates for focused cultivation.Enterprises in the database will be tagged by industry category and listing segment for dynamic management and categorized services. This information will be shared with local governments (administrative committees) and relevant municipal departments to facilitate collaborative efforts in fostering listings. [Responsibility lies with the Municipal Local Financial Regulatory Bureau, lead units of each industrial chain, and counties (cities), districts, and development zones according to their respective duties]
(2) Conduct thorough cultivation of enterprises for listing. Regularly organize training on capital market operations to guide enterprises in standardizing their business practices and gaining a thorough understanding of the capital market. Continuously optimize curriculum design and innovate training formats based on the enterprises’ specific industries and development stages, combining in-person and online training. Emphasize the development of customized listing plans through on-site visits, seminars, and matchmaking events.Strengthen strategic cooperation with the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Beijing Stock Exchange. Leveraging their service bases established in Hefei, build platforms for IPO guidance, promotional exhibitions, and financing matchmaking for prospective listed companies. Support eligible enterprises in accelerating the implementation of shareholding system reforms to establish modern corporate systems with clear property rights, well-defined responsibilities, and scientific management, thereby laying a solid foundation for initial public offerings.Encourage counties (cities), districts, and development zones to formulate policies based on local conditions, providing subsidies for expenses such as intermediary fees and taxes incurred by enterprises during the shareholding restructuring process. [Responsibility lies with the Municipal Local Financial Regulatory Bureau, lead units of each industrial chain, and relevant counties (cities), districts, and development zones according to their respective duties]
(3) Actively Provide Coordination Services for Listings. Under the premise of compliance with laws and regulations, implement a “green channel” system for handling matters related to enterprise listings, and coordinate and advance these efforts in accordance with the principles of “one policy per enterprise” and “maximum-level service.” Explore the establishment of a “one-stop” mechanism for issuing compliance certificates, promote the use of enterprise credit reports in lieu of listing compliance certificates, and create a more convenient service environment for enterprise listings.Strengthen support for project approval, land use, environmental impact assessments, and other tasks related to enterprises’ IPO fundraising projects. For historical issues faced by enterprises, provide active guidance and assistance to ensure proper coordination and resolution. Vigorously attract leading securities firms, accounting firms, and law firms; establish and improve an evaluation mechanism for IPO intermediary service providers; reinforce the accountability of intermediary institutions; and guide them to enhance their service standards.[The Municipal Development and Reform Commission, Municipal Bureau of Natural Resources and Planning, Municipal Ecology and Environment Bureau, Municipal Human Resources and Social Security Bureau, Municipal Commerce Bureau, Municipal Taxation Bureau, Municipal Emergency Management Bureau, Municipal State-owned Assets Supervision and Administration Commission, Municipal Market Regulation Bureau, Municipal Local Financial Regulatory Bureau, and other relevant departments, as well as all counties (cities), districts, and development zones, shall be responsible in accordance with their respective duties]
(4) Strengthen the Support of the Equity Investment System. Further improve the municipal government-guided fund system; continue to standardize the operation of the Municipal High-Quality Development Guidance Fund, Industrial Guidance Fund, and Entrepreneurship Guidance Fund; and guide social capital to participate in the establishment of various special-purpose funds, focusing on providing support to key industries and science and technology innovation enterprises.Expand and enhance the Municipal Angel Fund and Municipal Seed Fund, optimize due diligence exemption and error-tolerance mechanisms, advance the timing of fund investments, resolve the “first-mile” financing challenges in the commercialization of scientific and technological achievements, and cultivate more “golden seeds” for enterprise listings. Encourage equity investment funds to concentrate in Hefei and increase their investment efforts, providing rewards and subsidies in accordance with the provisions of the “Several Policies on Promoting Equity Investment Development and Accelerating the Construction of a Science and Technology Innovation Capital Center in Hefei.”Advance the implementation of the Qualified Foreign Limited Partner (QFLP) pilot policy to attract foreign capital to support the city’s development. [Responsibility lies with the Municipal Finance Bureau, Municipal State-owned Assets Supervision and Administration Commission, Municipal Science and Technology Bureau, Municipal Investment Promotion Bureau, Municipal Local Financial Regulatory Bureau, and the Management Committee of the Hefei Area of the China (Anhui) Pilot Free Trade Zone, in accordance with their respective duties]
(5) Optimize Incentive Policies for Enterprise Listings. Continuously improve systems and refine policies to advance the timing of incentive disbursements, thereby alleviating the financial pressure on enterprises during the listing process. Enterprises will receive rewards of 500,000 yuan, 1,000,000 yuan, and 2,000,000 yuan upon completing shareholding system reform, registering for guidance with the Anhui Securities Regulatory Bureau, and having their application accepted by the China Securities Regulatory Commission (CSRC) or a stock exchange, respectively. An additional 500,000 yuan will be awarded upon acceptance of the enterprise’s application for listing on the STAR Market.Enterprises that list directly on major overseas stock exchanges (the Hong Kong Stock Exchange, the New York Stock Exchange, or NASDAQ) will receive a one-time reward of 2 million yuan after listing; enterprises listing in multiple overseas locations or on multiple occasions will be eligible for this subsidy only once. Listed companies from outside the province and key pre-IPO enterprises that relocate to our city will receive one-time rewards of 3 million yuan and 1 million yuan, respectively.Counties (cities), districts, and development zones are encouraged to formulate enterprise listing incentive policies tailored to local conditions. [Responsibility lies with the Municipal Local Financial Regulatory Bureau, the Municipal Finance Bureau, and relevant counties (cities), districts, and development zones according to their respective duties]
(6) Continuously coordinate the provision of various supporting resources. Support pre-IPO enterprises and listed companies in accelerating their development by actively implementing relevant industrial policies and providing priority support for projects such as technological upgrades and smart manufacturing enhancements.We encourage pre-IPO enterprises and listed companies to conduct business locally, identify key industrial chain opportunities, and support their participation in municipal bidding projects in accordance with laws and regulations to expand the scale of their core businesses. We will improve the financial service system, leverage the role of Hefei’s Comprehensive Enterprise Financing Service Platform, and guide banking institutions, financing guarantee agencies, and equity investment funds to provide financing services to pre-IPO enterprises.For pre-IPO enterprises that sign IPO advisory agreements with underwriters during the policy’s validity period, a subsidy of 50% of the actual interest expenses incurred on working capital loans prior to successful listing will be provided annually, up to a maximum of 500,000 yuan, with the cumulative subsidy period not exceeding two years. [Responsibility lies with the Municipal Development and Reform Commission, Municipal Bureau of Economy and Information Technology, Municipal Science and Technology Bureau, Municipal Finance Bureau, Municipal Local Financial Regulatory Bureau, and other relevant departments, as well as all counties (cities), districts, and development zones according to their respective duties]
(7) Steadily Improve the Quality of Listed Companies. Promote listed companies to consolidate their foundations, pursue innovative development, and achieve rapid growth.Support listed companies in conducting refinancing and mergers and acquisitions (M&A). Leverage the city’s policies and resources for attracting investment and talent to empower listed companies in their M&A activities. Encourage listed companies to conduct refinancing through rights issues, public offerings, convertible bonds, corporate bonds, and asset securitization, and support their M&A initiatives. For projects where raised funds are invested in our city and meet the criteria for major projects, or where the target of an M&A is relocated to our city and meets the criteria for major projects, support will be provided on a case-by-case basis.Further improve mechanisms for assisting, rescuing, and regulating listed companies to prevent and mitigate risks. Cultivate and promote the listing of eligible state-owned enterprises, guide listed state-owned enterprises to continuously improve corporate governance and standardize internal controls, and leverage the capital market to grow and strengthen their operations. [Responsibility lies with the Municipal Local Financial Regulatory Bureau, Municipal Finance Bureau, Municipal State-owned Assets Supervision and Administration Commission, Municipal Investment Promotion Bureau, and other relevant departments according to their respective duties]
IV. Support Measures
(1) Strengthen Organizational Leadership. The Municipal Financial Work Leading Group shall coordinate and advance the city-wide initiative to double the number of listed enterprises. The Municipal Local Financial Regulatory Bureau shall take the lead, with relevant departments providing collaborative support. Counties (cities), districts, and development zones shall fulfill their primary local responsibilities, implement a “leadership-led support service” for key projects, and make every effort to organize and advance the listing of enterprises.
(2) Establish a Coordination Mechanism. A municipal leader in charge of financial affairs shall serve as convener. Following a problem-oriented approach, this mechanism will promptly coordinate and resolve issues encountered by key prospective listed companies during the listing process. Enterprises or relevant counties (cities), districts, and development zones shall routinely identify and report issues to the Municipal Local Financial Regulatory Bureau. For matters requiring coordination at the municipal level, the Municipal Local Financial Regulatory Bureau shall compile the issues and submit them to municipal leaders for coordination.
(3) Strengthen the Implementation of Responsibilities. Break down the IPO doubling targets to each county (city), district, and development zone, and incorporate them into financial work performance evaluations. Counties (cities), districts, and development zones that achieve outstanding results in enterprise IPOs during the year will be publicly recognized and incentivized. All localities should formulate their own work plans or programs and implement them diligently.
(4) Mobilize Collaborative Efforts. Pool resources from all parties to conduct high-quality specialized training initiatives on capital market operations. Collaborate with securities regulatory authorities, stock exchanges, capital market intermediary service providers, and higher education institutions to provide intellectual support for the city’s enterprise listing efforts through joint research by capital market think tanks, policy consultation, and training and guidance.
(5) Strengthen Publicity and Guidance. Actively promote corporate listings to guide enterprises in enhancing their awareness of going public, planning ahead, operating in compliance, and scaling up their operations. Intensify publicity and guidance on capital market development, thoroughly explore exemplary cases and best practices in corporate listings, and foster a positive atmosphere where enterprises compete to go public.
This plan shall take effect on January 1, 2022, and remain valid for five years. The implementation rules for the incentives and subsidies covered by this plan shall be separately formulated by the Municipal Local Financial Regulatory Bureau in conjunction with the Municipal Finance Bureau. Where standards for similar municipal-level policies are inconsistent, the principle of “choosing the higher standard and avoiding duplication” shall apply.
