To further encourage enterprises in our city to fully leverage the capital market to accelerate the pace of initial public offerings (IPOs) and follow-on offerings, optimize resource allocation, transform business mechanisms, foster enterprise growth and strengthening, promote the optimization and adjustment of the economic structure, and drive high-quality economic and social development, in accordance with the “Notice of the People’s Government of Guangdong Province on Forwarding the State Council’s Opinions on Further Improving the Quality of Listed Companies” (Yue Fu [2020] No. 60), the “Notice of the People’s Government of Guangdong Province on Issuing the ‘Several Policy Measures of Guangdong Province to Stimulate Enterprise Vitality and Promote High-Quality Development” (Yue Fu [2023] No. 23), and the “Implementation Plan of Guangdong Province for Implementing the State Council’s ‘Comprehensive Policy Measures to Solidly Stabilize the Economy’” (Yue Fu [2022] No. 51), and in light of our city’s actual conditions, the following opinions are hereby put forward: — Further Clarify Listing Objectives (1) Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, adhering to the principles of “enterprise voluntariness, market-driven, and government promotion,” and following the work approach of “reserving a batch, cultivating a batch, coaching a batch, filing applications for a batch, and listing a batch,” we will integrate enterprise restructuring with the reform of the financing system, the optimization and upgrading of the industrial structure, and the promotion of modern enterprise systems. We will actively cultivate new listed companies and form a reserve pool of candidates, striving to have more than 10 listed companies (both domestic and international) in the city by 2027; there will be significant growth in corporate bonds, medium-term notes, short-term corporate financing bills, and financing through international capital markets, with a substantial increase in the proportion of direct financing, and we will strive to narrow the gap between Maoming and the more developed regions in the province in terms of capital market utilization. II. Further Improving Service Mechanisms -2- (2) Improve the working mechanism for promoting enterprise listings. We must fully leverage the initiative of the Municipal People’s Government, the people’s governments of all districts (county-level cities), and the management committees of economic functional zones to coordinate efforts at all levels in advancing enterprise listing work. We will further enhance the coordination and guiding role; strengthen the leadership group’s capacity; and jointly provide efficient, smooth, and convenient services for enterprise listings. Regarding historical legacy issues arising during the process of enterprise restructuring and listing—such as land and property title confirmation, tax and fee payments, equity disputes, reissuance of licenses and permits, and inconsistencies in various administrative approvals—relevant departments must strengthen policy guidance and services to assist enterprises in properly standardizing and resolving these matters. (3) Expand the pool of potential listing candidates. Vigorously cultivate potential listing candidates, improve the database of potential listing candidates, and identify eligible entities for support and funding. At the same time, establish a tracking and management mechanism to promptly analyze the operational status of prospective listing enterprises, adopt a “one-enterprise-one-policy” approach, provide categorized guidance, and formulate scientific listing plans. The database must be subject to dynamic supervision and management; the people’s governments of each district (county-level city) shall establish corresponding databases of potential listing candidates within their respective regions. (4) Attract High-Quality Securities Service Intermediaries. Actively support domestic and foreign securities intermediaries in serving the city’s enterprise restructuring and listing efforts. For domestic and foreign securities firms, accounting firms, law firms, and other intermediaries entering the city’s restructuring and listing market, relevant functional departments shall actively coordinate and provide services. Engage the Guangdong Provincial Local Financial Regulatory Bureau, the China Securities Regulatory Commission’s Guangdong Regulatory Bureau, the Shenzhen Stock Exchange, the Shanghai Stock Exchange, the Beijing Stock Exchange, and a group of intermediaries with proven track records to serve as advisory units for our city’s enterprise listing efforts. Promote the establishment of a point-to-point assistance mechanism between securities firms based in Maoming and various districts, county-level cities, and economic functional zones to assist them in promoting enterprise listings and bond issuances. Encourage securities intermediaries to relocate their registered offices to our city or establish regional headquarters and branches. -3— (5) Attract well-known private equity firms to invest in local enterprises. Actively encourage domestic private equity firms with strong brands and substantial capital to establish branches in Maoming or launch private equity funds. Encourage these firms to invest in local enterprises to jointly promote the rapid development, expansion, and strengthening of local enterprises. Relevant departments should support the development of private equity firms in Maoming. (6) Foster a favorable environment. Relevant departments and media outlets shall extensively and thoroughly publicize the state’s major policies and guidelines regarding the development of capital markets, introduce policies, regulations, and requirements related to enterprise listings, promote the exemplary practices of high-quality listed companies, and fully mobilize enterprises’ enthusiasm for going public. Organize capital market training sessions and forums to enhance enterprises’ awareness of utilizing capital markets to accelerate their development. III. Vigorously Implement Policy Support and Fully Mobilize Local Efforts to Promote Enterprise Listings (7) Establish the “Maoming City Special Fund for Cultivating and Developing Listed Enterprises,” to be allocated in phases for rewards to the following eligible entities (hereinafter referred to as “enterprises”): 1. Local reserve enterprises for listing (as recognized by the Municipal Leading Group for Enterprise Listing) that have made substantial progress toward listing on domestic capital markets (i.e., the Shenzhen Stock Exchange, Shanghai Stock Exchange, and Beijing Stock Exchange) or overseas capital markets; 2. Eligible listed companies with headquarters registered within the municipal jurisdiction; 3. Listed companies from other regions that relocate their registered headquarters to the city; 4. Enterprises with headquarters registered within the municipal jurisdiction that have completed the transformation to a joint-stock company and successfully listed on the “NEEQ”; (8) Enterprises that formulate detailed IPO work plans, sign IPO service agreements with intermediary institutions, complete the restructuring to establish a joint-stock company, and are approved by the China Securities Regulatory Commission Guangdong Regulatory Bureau and have passed the guidance acceptance inspection, shall be awarded 1 million yuan. (9) Enterprises that submit an application for an initial public offering (IPO) to the China Securities Regulatory Commission and the Shanghai, Shenzhen, or Beijing Stock —4_ Exchanges, and have their application formally accepted, shall be awarded 2 million yuan. (10) Enterprises that have been approved by the China Securities Regulatory Commission and the Shanghai, Shenzhen, or Beijing Stock and successfully lists on the domestic capital market, a reward of 2 million yuan shall be granted. (11) Rewards shall be categorized into three tiers based on the amount of funds raised through the enterprise’s initial public offering on the domestic capital market: for fundraising amounts of 500 million yuan or less (including 500 million yuan), a reward of 1 million yuan shall be granted; for fundraising amounts exceeding 500 million yuan but not exceeding 1 billion yuan (including 1 billion yuan), a reward of 3 million yuan shall be granted;for fundraising amounts of 1 billion yuan or more, a reward of 5 million yuan shall be granted. (12) Enterprises that list on overseas capital markets such as Hong Kong shall be granted a one-time reward of 3 million yuan. (13) Enterprises that list on the domestic capital market through shell acquisitions, reverse takeovers, or equity control shall be granted a one-time reward of 3 million yuan. (14) Listed companies from other regions that relocate their registered headquarters to our city and provide a written commitment that, for 5 years not to relocate the registered headquarters out of our city due to subjective reasons within five years, a one-time reward of 6 million yuan shall be granted. (15) Listed companies that raise additional capital in the capital market through rights issues, new share issuances, or corporate bond issuances, and whose financing reaches 500 million yuan or more (including 500 million yuan), shall be granted an additional one-time reward of 1.2 million yuan. (16) Enterprises that successfully list on the National Equities Exchange and Quotations (NEEQ, also known as the “New Third Board”) shall be granted a reward of 500,000 yuan. (17) When enterprises undergo shareholding restructuring or asset reorganization involving asset transfers, such matters shall be —5— handled in accordance with the provisions of the Company Law of the People’s Republic of China. Specifically: For limited liability companies converting in their entirety into joint-stock companies involving asset transfers, relevant departments such as real estate registration shall process the registration of name changes for such assets; where two or more companies merge into a single entity in accordance with legal provisions and contractual agreements, and the original investing entities continue to exist, the merged company shall assume the land and property rights of the merged parties, and relevant departments such as real estate registration shall process the registration of asset transfers and changes accordingly; tax authorities shall implement tax and fee ; where real estate is contributed as equity investment to participate in the profit distribution of the investee and jointly bear investment risks, such transactions shall be processed as property rights transfers in accordance with relevant regulations. (18) Efforts shall be made to expedite the approval process for the restructuring and listing of enterprises under the jurisdiction of state-owned assets. Where enterprise restructuring and listing involve state-owned equity under the jurisdiction, the local state-owned assets supervision and administration department shall, in accordance with relevant policy provisions, establish a green channel, provide unified management and coordination, and strive to expedite the approval process. (19) Enterprises requiring additional construction land quotas, environmental emission quotas, or energy consumption quotas due to restructuring and listing shall be given priority in allocation. (20) Vigorously support eligible enterprises in issuing corporate bonds and exploring the development of asset securitization and other related businesses. (21) Special funds allocated annually by municipal-level financial departments—such as funds for technological transformation, special interest subsidies, and equity investment funds—shall give priority to supporting eligible enterprises that have entered the pre-listing guidance phase. (22) For listed companies in the Maoming region and prospective listed enterprises within the jurisdiction that apply for high-tech enterprise status or technology innovation projects, and apply for national and provincial high-tech industry funds, special funds for small and medium-sized enterprises, applied technology research and development funds, and other policy-based funds in accordance with relevant policies, the municipal finance, development and reform, industry and information technology, science and technology, natural resources, and other relevant departments shall give priority recommendations; for construction land required by investment projects funded by IPO proceeds, priority shall be given to the allocation of new -6- Additional construction land planning quotas shall be allocated; projects funded by IPO proceeds shall be designated as key projects at the municipal level in Maoming and given priority in reporting to the provincial authorities as key projects. (23) Enterprises are encouraged and supported to enter national, provincial, high-tech industrial parks, and industrial parks at all levels to pursue development through listing. All prospective listed enterprises entering the aforementioned parks shall, in addition to enjoying the support policies introduced in this opinion, also enjoy the various investment and tax preferential policies introduced by the state and Guangdong Province investment and tax preferential policies supporting enterprise development within industrial parks. IV. Related Matters (24) Procedures for Applying for Rewards (Subsidies) and the Proportion of Reward Fund Sharing. When enterprises carry out work at various stages—including due diligence, restructuring, IPO guidance, and IPO filing—they shall submit summaries of relevant working materials to the financial work department (IPO Office) of the local district (county-level city) or economic functional zone for filing. Upon completion of each IPO stage, the enterprise may submit an application for financial rewards to submit an application for financial incentives to the district (county-level city) people’s government and the economic functional zone management committee where the enterprise is registered. After review by the respective district (county-level city) people’s governments and economic functional zone management committees, they shall submit an application for financial incentives to the municipal people’s government. Following review by the Municipal Financial Work Bureau (Municipal Listing Office) in conjunction with relevant departments, the application shall be submitted to the municipal people’s government for approval. The incentive funds shall be shared between the municipal and district (county-level city) levels in an 8:2 ratio, meaning the municipal people’s shall bear 80% of the incentive funds, while the district (county-level city) people’s government and the economic functional zone management committee where the enterprise’s headquarters is registered shall bear 20% of the incentive funds. (25) Municipal departments including finance, industry and information technology, housing and urban-rural development, market regulation, audit, natural resources, human resources and social security, taxation, ecology and environment, emergency management, state-owned assets, fire safety, education, water resources, culture, radio, television, tourism, and sports shall emancipate their thinking, perform their respective duties in accordance with their functional divisions discharge their respective duties, coordinate with one another, and effectively carry out work to accelerate enterprise listings and support the refinancing of listed companies. -7— (26) The responsibility of district (county-level city) people’s governments and economic functional zone management committees to foster enterprise listings shall be implemented. The Municipal Leading Group for Enterprise Listings shall annually assign listing cultivation tasks to district (county-level city) people’s governments and economic functional zone management committees; the fulfillment of these tasks as a key indicator in the annual high-quality development assessment of each district (county-level city) and economic functional zone. The people’s governments of each district (county-level city) and the management committees of economic functional zones shall allocate corresponding funds in accordance with these guidelines, formulate work measures and specific support policies within their jurisdictions, and submit copies to the Municipal Financial Work Bureau (Municipal IPO Office) for the record. (27) After the aforementioned fiscal incentive funds have been fully disbursed and utilized, a performance evaluation shall be conducted in accordance with relevant regulations. (28) The Municipal Financial Work Bureau (Municipal Listing Office) shall be responsible for interpreting these Opinions. (29) These revised Opinions shall take effect on the date of issuance and remain valid for five years. The “Notice of the General Office of the Maoming Municipal People’s Government on Issuing Several Opinions on Supporting Enterprise Listing and Post-Listing Refinancing” (Mao Fu Ban [2013] No. 2) is hereby repealed.