Original Title: Notice Issued by the General Office of the Ma’anshan Municipal People’s Government on Several Policy Measures to Accelerate the Listing of Enterprises (Revised in 2023)
To thoroughly implement the decisions and arrangements of the Municipal Party Committee and Municipal Government regarding the promotion of the moderate and forward-looking development of the financial sector, seize major policy opportunities arising from capital market reforms, fully accelerate the listing and registration of enterprises in our city, actively encourage enterprises to leverage the capital market to grow and strengthen their operations, and promote high-quality economic development across the city, these policy guidelines are hereby formulated.
I. Clarification of Work Objectives
(1) General Approach. Strengthen unified leadership in promoting enterprise listings; balance domestic and overseas listings; advance listings and mergers and acquisitions simultaneously; further enhance policy guidance; and, in accordance with the work approach of “reserving a batch, cultivating a batch, restructuring a batch, coaching a batch, filing applications for a batch, and listing a batch,” strive to facilitate more enterprises’ access to multi-tiered capital markets.
(2) Work Objectives. Implement the “Break Zero and Double” Plan for enterprise listings. In accordance with the goals of “laying the foundation in 1 year, scaling up in 3 years, and quadrupling in 5 years,” strive to achieve large-scale growth in the number of listed enterprises citywide during the 14th Five-Year Plan period, with the total number of listed enterprises exceeding 20.
II. Optimizing the Incubation Environment
(3) Streamlining the Green Channel for Enterprise Listings. All counties, districts (development zones), and municipal departments shall adopt a proactive service mindset, simplify procedures, and optimize services. For enterprises preparing for listing or trading, they shall handle matters such as shareholding system reform, asset restructuring, and listing applications on a case-by-case basis and with urgency. Relevant certification documents or situation explanations shall be issued in a timely manner in accordance with laws and regulations, with all matters concluded within 10 working days of receiving the enterprise’s application.If an extension is required due to special circumstances, the enterprise shall be notified promptly; if a certificate cannot be issued, a written explanation shall be provided to the enterprise. Where intermediary institutions require on-site interviews for this purpose, relevant departments shall actively cooperate.
(4) Enhance the Quality of Services for Enterprise Listings. Relevant departments at all levels shall take the initiative to support the development of enterprises seeking to list or go public. Departments such as public security, justice, human resources and social security, natural resources and planning, ecology and environment, emergency management, market regulation, taxation, and customs shall, in matters involving administrative penalties and the resolution of disputes regarding intellectual property, labor, and personnel for enterprises within the city seeking to list or go public, strengthen communication with the enterprises and handle such matters appropriately while complying with laws and regulations.Establish a list of minor violations exempt from penalties. Where administrative penalties must be imposed on enterprises, relevant departments shall notify the local financial regulatory authorities at the same level prior to fulfilling the prior notification procedure. When necessary, local financial regulatory authorities may report the situation to the enterprise’s designated supervising official and request coordination for resolution.
(5) Implement the Entrepreneur Development Program. Regularly organize training sessions for the principal executives of listed and pre-IPO enterprises to foster a team of outstanding entrepreneurs who are familiar with both domestic and international markets, proficient in modern corporate management, and possess an innovative spirit. Based on the different stages of an enterprise’s engagement with the capital market, provide targeted coaching and training services to deepen their understanding of the capital market, their grasp of listing pathways, and their knowledge of policies and regulations, thereby enhancing their awareness and capabilities in engaging with the capital market.
(6) Actively Guide Service Resources from Intermediary Institutions. Adhere to a combination of cultivation and introduction to build a team of third-party intermediary institutions characterized by strong professionalism, excellent service, and high standards. Attract capital market-related financial institutions with independent legal person status—such as securities companies, futures companies, and public fund management companies—to establish operations in Ma’anshan. Provide a one-time settlement incentive of 3 million yuan to securities companies and public fund management companies established with legal person status and approved by the China Securities Regulatory Commission;and a one-time settlement incentive of 2 million yuan to legal entity futures institutions.
III. Strengthening Enterprise Cultivation
(7) Improve the Pool of Potential Listing Candidates. Strengthen efforts to identify potential listing candidates. Based on the principles of comprehensive classification and precise alignment with the various segments of the multi-tiered capital market, establish a local and industry-specific pool of potential listing and listing candidates through a top-down and bottom-up approach. Categorize and consolidate these into a city-wide pool of potential listing and listing candidates, and publish the list of enterprises at an appropriate time.
(8) Establish a dedicated service officer system. For enterprises included in the IPO candidate pool, provide personalized “one enterprise, two officers” services, conduct targeted matchmaking, respond to enterprise needs, and promote “one-stop” integrated services to fully foster a “fast, precise, and attentive” capital market service environment.
(9) Increase the Number of Market Entities. Vigorously implement the “Top Priority Project” for investment promotion and the “Top Leader Project” for talent recruitment, fostering and strengthening the private sector. Counties, districts (development zones), and municipal departments—including Development and Reform, Economy and Information Technology, Science and Technology, and Market Regulation—shall increase support in areas such as industrial policy, technology commercialization, and investment and financing to accelerate the cultivation of industry “small giants,” “specialized, refined, distinctive, and innovative” enterprises, “single-champion” enterprises, and “hidden champions.”Fully implement central, provincial, and municipal policies and measures aimed at reducing the burden on enterprises, effectively alleviate the tax and fee burden on enterprises, and lower costs related to energy consumption, land use, logistics, financing, labor, and institutional transaction costs, thereby fostering and strengthening new growth drivers.
(10) Accelerate the cultivation of high-growth enterprises. All departments at all levels shall identify, nurture, serve, and protect innovative enterprises early on—those possessing core technologies and high market recognition within high-tech industries and strategic emerging sectors such as the internet, big data, cloud computing, artificial intelligence, integrated circuits, high-end equipment manufacturing, and biopharmaceuticals. Strengthen follow-up services for high-growth enterprises and establish a sustainable and effective mechanism for identifying promising companies.Actively promote the integration of innovation chains with industrial chains to help high-growth enterprises develop into “unicorns” and advance toward the capital markets.
(11) Regulate and guide the services provided by intermediary institutions. When enterprises planning to go public select or change intermediary institutions, they must promptly notify the local financial regulatory authorities at the same level. Establish a system for maintaining performance records of intermediary institutions, and adopt measures such as publicizing blacklists and providing positive incentives to improve service quality and standards. Support eligible financial professionals in applying for the “Poetry City Talent” program. Conduct an annual evaluation of outstanding units for “Brokerage Contributions.”
IV. Strengthening Policy Support
(12) Support standardized shareholding restructuring of enterprises. 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 payments in accordance with statutory procedures; upon approval, payment of the relevant taxes may be 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 making a one-time payment of individual income tax, they may pay in installments over a period not exceeding five calendar years, based on actual circumstances.When enterprises, in the course of 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, divisions, sales, or exchanges, the transfer of goods, real estate, and land use rights involved shall not be subject to value-added tax;Enterprises that comply with relevant tax regulations during restructuring, external investment of non-monetary assets, or asset transfers may apply special tax treatment to defer or temporarily suspend the recognition of income (or losses); Individuals receiving income from eligible equity incentive plans 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 awards.
(13) Exempt or reduce fees for relevant administrative services.Where enterprise restructuring involves the transfer of property rights—such as land use certificates, property ownership certificates, vehicle and vessel use certificates, water supply and drainage quotas, power supply quotas, qualification grades, and proprietary industrial property rights—and there is no change in the company’s actual controller or controlling shareholder, such transfers shall be treated as registration amendments, and fees for amendment and transfer procedures shall be waived; where property rights certificates have not been obtained due to historical reasons but there is no dispute, such certificates shall be supplemented in accordance with the law and included in the enterprise’s assets, with all applicable fees charged at the minimum prescribed rates.
(14) Reduce the cost of enterprise listing. For enterprises preparing to list on the Beijing Stock Exchange, in addition to provincial-level rewards (excluding municipal-level matching funds), rewards will be provided in phases, as follows: enterprises that successfully list on the Basic Layer of the “New Third Board” will receive a one-time subsidy of 500,000 yuan;enterprises that successfully list on the “New Third Board” Innovation Tier shall receive an additional one-time subsidy of 500,000 yuan; enterprises that list directly on the “New Third Board” Innovation Tier shall receive a one-time subsidy of 1,000,000 yuan; and “New Third Board” enterprises that transfer to the Beijing Stock Exchange for listing shall receive a one-time supplementary reward in accordance with the listing standards of the Shanghai and Shenzhen Stock Exchanges.
(15) Encourage enterprises to list overseas or pursue restructuring-based listings. For enterprises that complete an IPO on major overseas capital markets and whose operational entity and tax obligations are based in our city, a one-time reward will be granted after a successful listing, based on domestic listing standards (limited to the local tax contribution from the two years prior to listing).For enterprises within the city that list on the domestic A-share market through a “shell acquisition” or “backdoor listing” in another location in accordance with regulations, and subsequently relocate their registered office and tax registration back to our city, a listing reward equal to the amount granted for a domestic listing will be provided. For enterprises that relocate an A-share listed company from another region to our city, this will be treated as a domestic initial public offering (IPO), and a listing reward equal to the amount granted for a domestic listing will be provided.
(16) Enterprises are encouraged to list on the provincial regional equity market. Enterprises listed on the Provincial Equity Custody and Trading Center that have completed restructuring will receive a one-time subsidy of 500,000 yuan in addition to the provincial reward. For enterprises that have already received municipal subsidies for listing on the Provincial Equity Custody and Trading Center prior to the implementation of this policy, the subsidy amount will be reduced accordingly.(For enterprises that were already listed on the Provincial Equity Custody and Trading Center and completed restructuring after the implementation of this policy, the reward shall be supplemented in accordance with the standards of this item.)
(17) Support refinancing for listed companies. For listed companies in our city that conduct refinancing through methods such as rights issues, additional share issuances, or convertible bonds, a reward of 5‰ of the refinancing amount shall be granted, with an annual reward per company not exceeding 1 million yuan. We encourage subsidiaries of listed companies to establish operations in our city and pursue spin-off listings; such cases shall be treated as domestic initial public offerings (IPOs) and granted corresponding rewards. All counties, districts, and development zones shall provide key support in areas such as project settlement, land supply, and financial assistance in accordance with investment promotion policies and conditions.
(18) Strengthen the allocation of government special support funds.When municipal departments such as Development and Reform, Finance, Science and Technology, Economy and Information Technology, Commerce, and Agriculture and Rural Affairs apply to higher-level authorities for funding for major science and technology special projects, various other science and technology projects, special funds for SME development, fiscal interest subsidies for government bond projects, and other project funds, or when arranging various special funds, they shall give priority to eligible pre-IPO enterprises under equal conditions. Under equal conditions, all policy-based support funds allocated from the municipal budget shall be prioritized for pre-IPO enterprises, and support shall be provided at the highest applicable level.
(19) Strengthen guarantees for project land use and project approval. When pre-IPO enterprises acquire land use rights through land grants, the Department of Natural Resources and Planning shall promptly process the relevant land use and real estate registration procedures. For projects that pre-IPO enterprises undertake to construct or expand using raised capital and that comply with national industrial policies, the departments of Development and Reform, Natural Resources and Planning, and Ecology and Environment shall provide policy preferences and technical support in all aspects, including project approval, allocation of land quotas, and environmental impact assessment approvals.
(20) Facilitate access to various financial resources. Support banking institutions in developing comprehensive financing plans for pre-IPO enterprises, under the premise of controllable risk, to provide flexible and diversified financing combinations, including credit loans, intellectual property pledge loans, guaranteed loans, M&A loans, and trade financing. Give priority to recommending applications for corporate bond issuances. Promote cooperation between financing guarantee institutions and banking institutions to actively conduct business such as on-lending and guaranteed loans for pre-IPO enterprises, with financing guarantee rates capped at 1.2%.The Municipal Government Guidance Fund will establish a special sub-fund. For enterprises included in the prospective listing enterprise database that have signed listing service agreements with intermediary institutions, once an investment intent is reached with market-oriented funds, the sub-fund may co-invest on equal terms, with the co-investment amount not exceeding 50% of the total investment for that round.
V. Improving Support Mechanisms
(21) Strengthen the municipal-level coordination and leadership mechanism. The Municipal Leading Group for Promoting Enterprise Listing and Quotation will be restructured and reinforced. The head of the municipal government will serve as the group leader, the executive vice mayor as the first deputy group leader, and the vice mayor in charge of this work as a deputy group leader. The principal officials of each county, district (development zone), and relevant municipal departments will serve as members (see the appendix for the list of members). This group will be responsible for organizing and leading the city’s enterprise listing and quotation efforts.The Office of the Leading Group shall be established within the Municipal Bureau of Local Financial Supervision, responsible for promoting and coordinating the daily work related to enterprise listings and listings on over-the-counter markets across the city. A regular reporting system shall be established, and a system of designated responsibility for key prospective enterprises shall be implemented to promptly coordinate and resolve difficulties and issues encountered by enterprises during the processes of restructuring, guidance, and listing.
(22) Optimize the service mechanisms of functional units.Regarding historical legacy issues encountered during enterprise restructuring and listing—such as property rights registration, tax and fee payments, equity disputes, intellectual property disputes, reissuance of certificates and licenses, and inconsistencies in administrative approvals—as well as issues requiring standardization arising from production and business operations within the three years prior to restructuring and listing, relevant departments shall promptly provide policy guidance and support. In accordance with laws and regulations, they shall streamline internal procedures and ensure timely completion of tasks, and must not shirk, delay, or evade responsibility.For special issues not explicitly addressed by laws, regulations, rules, or policies, relevant functional departments shall propose solutions based on the principles of respecting history, resolving problems, and promoting development. The local government where the enterprise is located shall adopt a “case-by-case” and “enterprise-specific” approach to resolve such issues through the signing of memorandums of understanding, meeting minutes, or similar documents. If necessary, the matter may be submitted to the Municipal Leading Group for Promoting Enterprise Listing and Quotation for special deliberation.
(23) Strengthen the performance evaluation mechanism for enterprise listings. All counties, districts (development zones), and relevant municipal departments shall treat the promotion of enterprise listings as a “top-priority project” and establish sound supervision and accountability mechanisms. The municipal government will incorporate the promotion of enterprise listings into its target management performance evaluation system and intensify supervision and assessment of this work.
(24) Establish a capital market expert advisory mechanism. Establish strategic cooperative relationships with the Shanghai Stock Exchange, the Shenzhen Stock Exchange, and other key capital market institutions. Organize and establish a municipal capital market expert advisory team, composed of representatives from relevant government departments, securities regulatory authorities, stock exchanges, and third-party intermediary service providers, to provide consulting and guidance services for enterprise listings and listings on over-the-counter markets.
VI. Other Matters
(25) The rewards provided under this policy shall be shared on a 1:1 basis between the municipal government and the finance departments of counties, districts, and development zones.
(26) For any local enterprise that has already benefited from this policy, if the enterprise relocates its registered address or tax jurisdiction outside the city, or if the enterprise’s primary production and operation location is no longer within the city due to circumstances such as a backdoor listing by an enterprise from outside the city, all financial rewards received under this policy shall be canceled or recovered. The county, district, or development zone where the enterprise is located shall be responsible for collecting such amounts.
(27) The reward for entering the “New Third Board” Select Layer may be claimed only once; no repeat reward will be granted if the enterprise exits the Select Layer and re-enters it. If an enterprise has previously received a reward during the辅导期 (pre-listing guidance period) and subsequently re-registers for guidance, no repeat reward will be granted.For enterprises that have already filed for listing or trading after the effective date of this document, if the previously granted phased rewards are lower than the standards set forth herein, the difference will not be retroactively compensated; subsequent phases shall follow the reward standards of this document. Enterprises that have received a reward for passing the listing review but subsequently fail to list and then re-apply for listing shall not be eligible for a repeat reward. Except for rewards related to follow-on financings, this policy does not apply to enterprises that have already successfully listed or traded.
(28) These Opinions shall take effect upon issuance. The Municipal Local Financial Regulatory Bureau shall be responsible for their interpretation and shall organize their implementation in conjunction with relevant functional units.
(29) The original “Several Opinions of the General Office of the Ma’anshan Municipal People’s Government on Further Encouraging and Supporting Enterprise Listings (Quotation)” (Ma Zheng Ban [2017] No. 8) is hereby repealed.
Appendix: List of Members of the Municipal Leading Group for Promoting Enterprise Listing and Quotation
Appendix
List of Members of the Municipal Leading Group for Promoting Enterprise Listings and Quotations
Group Leader: Yuan Fang, Deputy Secretary of the Municipal Party Committee and Mayor
First Deputy Head: Wu Jin, Deputy Secretary of the Municipal Party Committee and Executive Vice Mayor
Deputy Group Leader: Zheng Xiuxu, Vice Mayor
Members: Yang Qinghai, Deputy Secretary-General of the Municipal Government
Tian Xiaoming, Judge at the Municipal Intermediate People’s Court (Director-level)
Hu Jianping, Director of the Municipal Development and Reform Commission
Wang Yan, Director of the Municipal Science and Technology Bureau
Huang Xiang, Director of the Municipal Bureau of Economy and Information Technology
Liu Minggang Deputy Director of the Municipal Public Security Bureau
Wu Bin Director of the Municipal Finance Bureau
Li Huai-dong, Director of the Municipal Human Resources and Social Security Bureau
Rong Zhengfa, Director of the Municipal Bureau of Ecology and Environment
Sha Dehong, Director of the Municipal Bureau of Housing and Urban-Rural Development
Dou Nianhua Director of the Municipal Bureau of Agriculture and Rural Affairs
Hu Zhinong, Director of the Municipal Bureau of Culture and Tourism
Huo Gengsheng Director of the Municipal Bureau of Commerce
Xu Ping, Director of the Municipal Emergency Management Bureau
Fang Cheng, Director of the Municipal Bureau of Natural Resources and Planning
Chen Guoshuang Director of the Municipal Market Regulation Bureau
Zhang Bangyan Director of the Municipal Local Financial Regulatory Bureau
Weng Qingnian Director of the Municipal Public Resources Trading Regulatory Bureau
Jiang Lizhong, Director of the Municipal Taxation Bureau
Liu Changkun, Commissioner of Ma'anshan Customs
Qian Jun, County Magistrate of Hanshan County
Wang Qiang, County Magistrate of He County
Que Fangjun County Magistrate of Dangtu County
Zhang Weiguo District Governor of Huashan District
Shen Chunxia, District Chief of Yushan District
Ma Yong, District Governor of Bowang District
Gong Yuzhi, Director of the Ma'anshan Economic and Technological Development Zone (Demonstration Zone) Management Committee
Zhang Yali Director of the Cihu High-Tech Zone Management Committee
Wu Xiaodong Director of the Zhengpugang New Area Administrative Committee
Zhang Daoxiang Chairman of Jiangdong Holding Group
Wang Chao Deputy Director of the Municipal Local Financial Regulatory Bureau
The Leading Group Office is located within the Municipal Local Financial Regulatory Bureau and is responsible for the Leading Group’s daily operations. Comrade Zhang Bangyan serves concurrently as Director of the Office, and Comrade Wang Chao serves concurrently as Deputy Director of the Office.
