To thoroughly implement the directives of the Central Committee of the Communist Party of China and the State Council regarding the promotion of the healthy development of the capital market, to accelerate the listing and market entry of enterprises in our city and help them grow stronger and more competitive, and to provide solid support for our city’s comprehensive advancement toward high-quality development and excellence, the following support measures are proposed in accordance with the spirit of the “Implementation Opinions of the People’s Government of Fujian Province on Further Improving the Quality of Listed Companies” (Min Zheng [2021] No. 1) and in light of our city’s actual conditions.
I. Emphasizing Policy Support and Guidance
(1) Reducing Compliance Costs
1. Support enterprises in carrying out various preparatory tasks during the restructuring to establish joint-stock companies (hereinafter referred to as “restructuring”) and the IPO guidance process. Once an enterprise enters the guidance filing procedure with the Fujian Securities Regulatory Bureau or is listed on the National Equities Exchange and Quotations (NEEQ) (hereinafter referred to as “NEEQ”), the municipal and county-level governments shall provide a reward equivalent to 50% of the enterprise’s local fiscal contribution during the restructuring and IPO guidance periods, distributed over a period of three years.
2. For key prospective listed enterprises that sign agreements with intermediaries such as securities firms, accounting firms, and law firms regarding restructuring guidance and successfully complete the restructuring, the local government will subsidize 80% of the intermediary fees incurred during the restructuring process. The maximum subsidy is 300,000 yuan for provincial-level key prospective listed enterprises and 100,000 yuan for municipal-level key prospective listed enterprises.
3. Enterprises that implement equity incentive plans for senior executives and core personnel shall receive a reward of 100,000 yuan from the local government after completing the restructuring.
4. When enterprises undergo restructuring, reorganization, or mergers and acquisitions involving the transfer of real estate ownership certificates, vehicle and vessel usage certificates, water supply and drainage quotas, power supply quotas, qualification grades, or proprietary industrial property rights, and provided that the enterprise’s control structure has not undergone a substantive change, only registration fees shall be charged; for fee items within the scope of local authority, charges shall be levied strictly in accordance with the minimum standards approved by the price authorities.
(II) Support for IPO Financing
1. Enterprises planning to list on the domestic A-share market and entering the guidance and filing process with the Fujian Securities Regulatory Bureau shall receive a local government reward of 1 million yuan; if the initial public offering (IPO) application is accepted by the Shanghai or Shenzhen Stock Exchanges or the China Securities Regulatory Commission (CSRC), the local government shall grant a reward of 2 million yuan, with the municipal government providing an additional 1 million yuan; if the IPO application is approved, the local government shall grant a reward of 1 million yuan, with the municipal government providing an additional 1 million yuan.If a private enterprise completes an initial public offering (IPO) and lists on the stock exchange, and more than 50% of the raised funds are actually used for project investments within this city, a reward of 5‰ of the project investment amount in this city as stated in the enterprise’s public announcement documents shall be granted (to be used specifically for rewarding the enterprise’s senior management team and meritorious personnel), with a maximum of 2 million yuan.
2. For enterprises that undergo a restructuring and listing on the domestic A-share market and relocate the listed company’s registered office and tax registration to this city, or that list directly overseas using a local enterprise as the listed entity, the local government will provide a reward of 4 million yuan, with the municipal government providing an additional reward of 2 million yuan.
3. For enterprises that list indirectly overseas through a red chip structure and actually use more than 50% of the raised funds for investment in local projects, a reward of 2% of the local project investment amount stated in the enterprise’s public announcement documents shall be granted (calculated in RMB and converted using the exchange rate on the date of the initial public offering), with a maximum of 4 million yuan.If an enterprise applies for a domestic A-share listing after receiving benefits under this overseas listing incentive policy, the standards for domestic A-share listing incentives shall apply.
(III) Encouraging Listing and Trading
1. For enterprises listed on the National Equities Exchange and Quotations (NEEQ), the local government will provide a reward of 1.2 million yuan, with the municipal government providing an additional reward of 500,000 yuan; for enterprises listed on the NEEQ Innovation Tier for the first time, the local government will provide a reward of 300,000 yuan; for enterprises successfully listed on the NEEQ Select Tier, the local government will provide a reward of 500,000 yuan, with the municipal government providing an additional reward of 500,000 yuan.If an enterprise transfers from the NEEQ Select Tier to list on the domestic A-share market, the local and municipal governments shall make a one-time payment to cover the difference, in accordance with the incentive standards for domestic A-share listings; if an enterprise delists from the NEEQ Select Tier and subsequently applies for a domestic A-share listing, the incentive standards for domestic A-share listings shall apply.
2. For enterprises listed on the trading tier of the Straits Equity Exchange, the local government will provide a reward of 400,000 yuan, and the municipal government will provide an additional reward of 200,000 yuan.
(IV) Guidance for Excellence and Strengthening
1. Starting from the year an enterprise is listed on the NEEQ (excluding the Select Layer) or the trading tier of the Straits Equity Exchange Center, local fiscal authorities shall grant a reward equal to 10% of the enterprise’s annual net profit growth; for enterprises listed on the domestic A-share market or the NEEQ Select Layer, a reward of 5% shall be granted. The above rewards shall be calculated using the previous year as the base year, for a consecutive period of three years, with the annual amount not exceeding the enterprise’s net increase in local fiscal contribution for that year and not exceeding 2 million yuan.
2. Following the successful completion of equity refinancing by listed companies (including those listed overseas) or equity financing by companies listed on the New Third Board, a reward will be granted based on a certain percentage of the municipal project investment amount stated in the company’s public announcement documents. The rate is 5‰ for listed companies and 1% for companies listed on the New Third Board (of which 50% is specifically allocated to reward the company’s senior management team), with a maximum reward of 2 million yuan.Enterprises that successfully conduct equity financing after listing on the trading tier of the Straits Equity Exchange Center shall receive a reward from the local government equivalent to 2% of the financing amount, with a maximum of 500,000 yuan.
3. For listed companies and NEEQ-listed companies that carry out mergers and reorganizations involving local enterprises, a reward of 2% of the actual investment amount stated in the company’s public announcement documents will be granted, with a maximum of 2 million yuan. If both transacting companies belong to the same tax jurisdiction, the reward funds will be borne by the local government; if they belong to different tax jurisdictions, the reward funds will be borne by the municipal government.
(V) Personnel Incentives
1. Starting from the year an enterprise enters the guidance and filing process with the Fujian Securities Regulatory Bureau or is listed on the NEEQ Select Layer, the local government will provide a reward to the enterprise’s senior executives (no more than 5 per enterprise) equivalent to 6% of their previous year’s salary and wage income for a period of three years, with a maximum cap not exceeding the local government’s contribution to the annual salary and wage of the senior executives.
2. For senior executives of key pre-IPO enterprises who participate in capital market-related training programs organized by renowned universities, the county (district) finance department where the enterprise is located shall provide a subsidy upon the participant’s receipt of a training completion certificate. Each enterprise is limited to two participants, with each subsidy covering 50% of the actual training fees paid, not to exceed 30,000 yuan.
Responsible Units: Led by the Municipal Local Financial Regulatory Bureau, with the Municipal Finance Bureau and the governments of each county (district), as well as the management committees of development zones (investment zones, high-tech zones), cooperating to implement [The following measures also require the cooperation of the governments of each county (district) and the management committees of development zones (investment zones, high-tech zones) for implementation; they will not be listed individually hereafter].
II. Optimizing the Comprehensive Service System
(1) Integrating Professional Resources
Gather experts from securities firms, accounting firms, law firms, and other institutions to form a capital market expert service team, providing medium- to long-term foundational services—including financing, legal, and financial support—to key pre-IPO enterprises. Establish a mechanism for the temporary assignment of financial officials, supporting outstanding cadres from financial regulatory departments and financial institutions to serve on secondment at the Municipal Local Financial Regulatory Bureau and the enterprise IPO management departments of each county (district) and development zone (investment zone, high-tech zone).
Responsible Units: The Municipal Party Committee Organization Department and the Municipal Local Financial Regulatory Bureau shall take the lead, with the People’s Bank of China Zhangzhou Central Sub-branch and the Zhangzhou Banking and Insurance Regulatory Bureau Sub-branch assisting in implementation
(2) Enhancing Government Services
1. Make every effort to promote enterprise listings and stock exchange listings, establishing a “green channel” for enterprise listings. When handling matters such as equity transfers, land disposal, project approvals, historical background reviews, social security, taxation, environmental protection, registration, and the issuance of compliance certification letters for enterprises, optimize procedures, innovate approval processes, and improve efficiency. Actively support and cooperate with intermediary institutions such as securities companies and law firms regarding interview requests for enterprise listings.
2. Provide proactive services to facilitate the standardized development of key pre-IPO enterprises. Through guidance and education, urge enterprises to rectify non-compliant practices within a specified timeframe to minimize negative impacts on their IPO processes.
3. Listed (or listed-on-a-board) companies and key prospective listed enterprises that apply for certifications such as High-Tech Enterprise or Technological Innovation Enterprise, or that apply for various science and technology planning projects or special programs, as well as those applying for policy-based support funds—including matching funds for high-tech industrial projects, funds for technological innovation and R&D, and the “6·18” Science and Technology Achievement Transformation Special Fund—shall be given priority support under equal conditions.
Responsible Units: Led by the Municipal Local Financial Regulatory Bureau, with the Municipal Development and Reform Commission, Science and Technology Bureau, Industry and Information Technology Bureau, Public Security Bureau, Finance Bureau, Human Resources and Social Security Bureau, Natural Resources Bureau, Ecology and Environment Bureau, Housing and Urban-Rural Development Bureau, Transportation Bureau, Agriculture and Rural Affairs Bureau, Commerce Bureau, Culture and Tourism Bureau, Emergency Management Bureau, State-owned Assets Supervision and Administration Commission, Market Regulation Bureau, Tax Bureau, as well as the People’s Bank of China Zhangzhou Central Branch and the Zhangzhou Banking and Insurance Regulatory Bureau, cooperating to implement these measures.
(3) Strengthening Financial Support
1. Support securities firms’ branches in Zhangzhou in connecting with key prospective listed companies. For each company successfully guided by a lead underwriter to list on the domestic A-share market, and for each company successfully guided to list on the New Third Board Select Layer, the municipal government will award the relevant securities firm’s Zhangzhou branch 500,000 yuan and 300,000 yuan, respectively. These funds are earmarked to incentivize the relevant staff of these branches to effectively advance the city’s capital market initiatives.
2. Guide equity investment funds to participate in corporate capital increases, restructuring, and mergers and acquisitions, thereby improving the accessibility and convenience of direct financing for enterprises. For equity investment management firms established in our city or relocated from outside the municipal area, if the equity investment funds under their management invest in key prospective listed companies in our city, and the enterprise subsequently achieves a domestic A-share listing, the municipal government will award the equity investment management firm a bonus equivalent to 3‰ of the actual investment amount, with a maximum of 500,000 yuan.
3. Guide banking institutions to offer preferential policies regarding loan interest rates and terms, support the development of various secured and unsecured loan businesses, and prioritize financial support such as M&A loans, bill acceptance, and discounting. Encourage insurance institutions to develop comprehensive insurance plans for restructured enterprises and establish “one-stop” convenient service channels for insurance underwriting and claims settlement.
Responsible Units: Led by the Municipal Local Financial Regulatory Bureau, with the Municipal Finance Bureau, State-owned Assets Supervision and Administration Commission, the People’s Bank of China Zhangzhou Central Branch, and the Zhangzhou Banking and Insurance Regulatory Bureau cooperating to implement these measures
III. Improving the Work Support Mechanism
(1) Strengthen Organizational Leadership. Further enhance the coordinating role of the Municipal Leading Group for Financial and Listing Work. An office (hereinafter referred to as the “Municipal Listing Office”) shall be established under the Leading Group and attached to the Municipal Local Financial Regulatory Bureau. It shall be responsible for providing specific guidance and coordination services to promote enterprise restructuring and listing across the city, as well as organizing the implementation of relevant support policies. All localities shall establish and improve corresponding working mechanisms and strengthen support in terms of policies, personnel, and funding.
(2) Strengthening Coordination and Implementation. The Municipal IPO Office shall take the lead in overall coordination, while member units shall collaborate according to their respective responsibilities, designate specific personnel, strengthen operational guidance, and promptly resolve existing difficulties and issues. The governments of all counties (districts) and the management committees of development zones (investment zones, high-tech zones) shall designate the responsible leaders and specific administrative departments for advancing enterprise IPO work, and organize dedicated personnel to collect and report, on a quarterly basis, the basic situation regarding enterprise restructuring, listing on over-the-counter markets, and IPOs in their respective regions, as well as issues requiring coordination.
(3) Strengthen Multi-Party Collaboration.Efforts should be made to promote and disseminate professional knowledge and best practices regarding the capital market. Relevant training sessions should be actively organized or attended to enhance the awareness and capabilities of leading officials and enterprise executives in utilizing the capital market. Collaborative mechanisms—including public opinion monitoring, information sharing, and media briefings—should be improved. Unsubstantiated reports and false news targeting listed companies and key pre-IPO enterprises must be combated in accordance with the law. The role of public opinion supervision, including that from civil society, should be leveraged to continuously foster a favorable public environment that supports enterprise listings.
IV. Other Matters
(1) All “local fiscal” subsidies and rewards under these measures shall be borne by municipal and county (district) governments, as well as the administrative committees of development zones (investment zones, high-tech zones), in accordance with the current fiscal revenue-sharing system.Regarding the provisions in these Measures that encourage enterprises to use raised funds for investment in projects within this city (i.e., points 1 and 3 of the second paragraph of Article 1, and point 2 of the fourth paragraph), if the enterprise and the investment project are located within the same tax jurisdiction, the reward funds shall be borne by the local government; for portions of the investment that extend beyond the enterprise’s tax jurisdiction, the reward funds shall be borne by the municipal government.
(2) Where the disbursement of rewards and subsidies under these Measures involves municipal fiscal resources, the department responsible for enterprise listing affairs within the county (district) government or the management committee of the development zone (investment zone, high-tech zone) where the enterprise is registered shall conduct an initial review of the completeness of materials; the Municipal Local Financial Regulatory Bureau shall be responsible for review and confirmation; after coordination by the Municipal Finance Bureau, the matter shall be submitted to the Municipal Government for approval prior to disbursement. Where municipal fiscal resources are not involved, the government of the enterprise’s registered location shall independently organize the review and approval, and a copy of the reward document shall be sent to the Municipal Listing Office.To qualify for the preferential policies under these measures, enterprises must provide a written commitment that they will not relocate their registered office or tax registration location outside the city for a period of 10 years. If relocation occurs prematurely, the enterprise must refund the full amount of the rewards and subsidies already received. If an enterprise or intermediary engages in fraud or misrepresentation to obtain fiscal rewards, it will be dealt with in accordance with laws and regulations and included in the list of enterprises with poor credit standing.
(3) These Measures shall be interpreted and implemented by the Municipal Local Financial Regulatory Bureau. They shall take effect on August 10, 2021, and remain valid for three years.For matters occurring between March 22, 2021, and the effective date of these Measures that meet the eligibility criteria for rewards and subsidies under these Measures, these Measures shall apply. Enterprises that have already benefited from certain provisions of the original enterprise listing support policies may continue to be subject to these Measures during their validity period if they meet the eligibility criteria for rewards and subsidies under these Measures due to progress in their listing or trading activities.
