Original Title: Implementation Opinions of the Municipal Government on Further Promoting the High-Quality Development of Listed Companies

To thoroughly implement the decisions and arrangements of the Central Committee of the Communist Party of China, the State Council, the Provincial Party Committee, and the Provincial Government regarding financial services supporting the real economy, to fully leverage the capital market’s vital role in serving high-quality economic development, to further enhance the quality of listed companies in our city, and to promote their growth and strengthening, the following implementation opinions are formulated in light of our city’s actual conditions.

I. General Requirements

(1) Guiding Principles

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly study and implement the spirit of the 20th National Congress of the Communist Party of China, fully, accurately, and comprehensively implement the new development philosophy, adhere to the principles of marketization and rule of law, and demonstrate the “Four Dares” spirit of responsibility and initiative. We will continue to build a better business environment, guide Wuxi’s listed companies to have the willingness, direction, and capability to focus on their core businesses, standardize corporate governance, and become stronger and better, thereby achieving high-quality development and actively making new and greater contributions to the new practices of Chinese modernization in Wuxi.

(2) Basic Principles

Adhere to market-driven development with government support. Fully leverage the decisive role of the market in resource allocation, stimulate the internal momentum for the transformation and upgrading of listed companies, encourage them to focus on strategic emerging industries, and accelerate innovation and green, sustainable development. Fully leverage the government’s role in organizing, guiding, and promoting development planning, optimizing the business environment, and fostering the market. Optimize and integrate various resources to provide strong policy support and service guarantees for promoting the excellence and strength of listed companies.

We will prioritize both quantity and quality while ensuring standardized development. We will give equal importance to existing and new listings, support listed companies and assist enterprises in going public, optimize the structure and development environment of listed companies, improve corporate governance standards, strengthen the primary responsibility of listed companies, and focus on cultivating and enhancing their core competitiveness, thereby continuously elevating the influence and reputation of the “Wuxi板块” in the capital market.

We will adhere to coordinated advancement to foster synergy. We will thoroughly implement the core strategy of innovation-driven development and the leading strategy of industrial strengthening, encouraging and mobilizing all stakeholders—including listed companies, financial institutions, and intermediary agencies—to participate extensively and advance efforts collectively. This will create a synergistic force for the high-quality development of listed companies, support high-level self-reliance and strength in science and technology, and comprehensively serve the city’s overall economic and social development.

(3) Work Objectives

By 2025, the “Wuxi Sector” of the capital market will continue to grow in both scale and quality. The role of listed companies as the “foundation” of the real economy and the “pioneers” of transformation and development will become increasingly prominent. The total market capitalization of domestic and overseas listed companies will exceed 2.5 trillion yuan, with 8 companies valued at over 100 billion yuan, 15 at over 50 billion yuan, and 50 at over 10 billion yuan. The median market capitalization of listed companies will increase by 50%.Enterprises’ direct financing capabilities will be significantly enhanced, with cumulative financing through the capital market exceeding 200 billion yuan. Among these, listed companies will raise over 50 billion yuan annually through equity financing in the capital market, and the amount of equity financing per 100 million yuan of regional GDP will rank among the top in the province.The innovation-oriented focus of listed companies has become more pronounced, with total annual R&D investment exceeding 20 billion yuan and total annual operating revenue reaching 800 billion yuan. The structure and development environment of listed companies have become more optimized, with a marked improvement in operational standardization, continuous enhancement in the quality of information disclosure, and a significant increase in sustainable development capabilities and overall quality.

II. Policy Measures

(1) Supporting Financing and M&A Activities of Listed Companies

1. Support mergers and acquisitions (M&A) by listed companies. Broaden the resource channels for M&A by listed companies, support them in attracting high-quality strategic investors, establish sustainable capital replenishment mechanisms, strengthen capital strength, and optimize corporate governance structures. Integrate and establish a municipal-level high-quality development fund for listed companies with a total scale of 5 billion yuan to provide capital support to listed companies undergoing quality improvement, efficiency enhancement, and transformation.Support Xichuang Venture Capital and other municipal state-owned enterprises in establishing various specialized industrial investment funds totaling no less than 10 billion yuan, each focusing on key sectors within the “465” industries—such as semiconductors, new energy, and high-end equipment—to provide guidance, models, and asset-side resources for the transformation and development of listed companies.We will encourage all regions to participate in the cooperative establishment of M&A funds and support private equity funds and venture capital funds registered in Wuxi to participate in the mergers and acquisitions (M&A) and restructuring of listed companies. Through various methods such as private placements, negotiated transfers, and block trades, we will establish close industry-finance partnerships based on equity ties to jointly promote the transformation and upgrading of traditional industries and cultivate new competitive advantages. We will actively guide leading securities firms and local brokerages to select outstanding teams and recommend high-quality resources to provide professional services for the M&A and restructuring of listed companies.We encourage banks, insurance companies, and other financial institutions to innovate products centered on M&A and restructuring of listed companies, providing comprehensive financing support such as investment-loan linkage, M&A loans, and insurance capital, and to participate in the refinancing and M&A of listed companies. We support listed companies in conducting M&A and restructuring activities across the upstream and downstream of industrial chains to promote the transition of industries from agglomeration to cluster development. We support listed companies in acquiring equity in non-financial assets to address corporate needs for capacity reduction and structural adjustment. We guide high-quality Wuxi-based listed companies overseas to participate in the M&A and restructuring of A-share listed companies and return to the A-share market.State-controlled listed companies are encouraged to acquire high-quality assets in accordance with market-oriented and rule-of-law principles to effectively resolve issues of disorderly competition and standardize related-party transactions. Local high-quality assets are encouraged to list on the A-share market through restructuring. When a listed company acquires another local enterprise in accordance with national industrial policy guidelines, the acquired target company’s legally obtained water withdrawal quotas, energy consumption quotas, pollution discharge quotas, and carbon emission allowances shall be assumed by the acquiring listed company in accordance with laws and regulations.Listed companies that successfully implement mergers and reorganizations (excluding asset sales) meeting the criteria for major asset reorganization as defined in the China Securities Regulatory Commission’s “Measures for the Administration of Major Asset Reorganization of Listed Companies” shall be granted a one-time reward of up to 1 million yuan. Listed companies are encouraged to relocate enterprises in which they hold controlling or equity stakes from outside Wuxi to Wuxi.(Responsible Units: People’s Governments of all districts, Wuxi Economic and Technological Development Zone Administrative Committee, Municipal Bureau of Local Financial Supervision, Municipal Development and Reform Commission, Municipal Finance Bureau, Municipal Bureau of Natural Resources and Planning, Municipal Bureau of Ecology and Environment, Municipal Bureau of Commerce, People’s Bank of China Wuxi Central Branch, Wuxi Branch of the China Banking and Insurance Regulatory Commission, Wuxi Regulatory Office of the Jiangsu Securities Regulatory Bureau, and other relevant units shall assume responsibility in accordance with their respective duties)

2. Support for Listed Companies’ Refinancing. Guide listed companies to focus on transformation and upgrading, and to reasonably determine financing scale, optimize financing structure, and improve capital utilization efficiency based on their own development strategies and operational needs. Encourage listed companies to fully utilize capital market financing instruments such as share issuances, bond issuances, asset-backed securities (ABS), real estate investment trusts (REITs), and global depositary receipts (GDRs) to significantly increase the proportion of direct financing and accelerate their development pace.Make full use of platforms such as the “Shanghai-London Stock Connect” and China (Macao) Financial Assets Exchange Co., Ltd. to issue overseas bonds, thereby tailoring professional services to broaden overseas financing channels and develop cross-border innovative businesses for listed companies in need. Actively guide high-quality listed companies overseas to achieve dual-channel financing both domestically and internationally through means such as issuing Chinese Depositary Receipts (CDRs) on domestic exchanges. Encourage various financial institutions to strengthen financial support for high-quality listed companies in areas such as credit and financing guarantees.We will encourage bank wealth management subsidiaries, private equity funds, and industrial guidance funds to participate in the refinancing, share buybacks, and overseas privatization-to-re-listing of listed companies. For listed companies that successfully implement mergers and acquisitions (excluding asset sales) and the funds participating in such transactions, support will be provided based on the incremental contribution to the local economy; specific measures will be formulated separately.For listed companies that conduct refinancing through rights issues, additional share issuances, or convertible bonds, and invest 80% or more of the raised funds in the Wuxi region, support will be provided based on the incremental contribution to the local economy, along with support in areas such as land use, energy consumption, and environmental capacity. For raised funds of up to 1 billion yuan, a one-time reward of up to 200,000 yuan will be granted; for amounts exceeding 1 billion yuan, a one-time reward of up to 500,000 yuan will be granted.(Responsible Units: People’s Governments of all districts, Wuxi Economic and Technological Development Zone Administrative Committee, Municipal Bureau of Local Financial Supervision, Municipal Development and Reform Commission, Municipal Finance Bureau, People’s Bank of China Wuxi Central Sub-branch, Wuxi Branch of the China Banking and Insurance Regulatory Commission, Wuxi Regulatory Office of the Jiangsu Securities Regulatory Bureau, and other relevant units shall assume responsibility in accordance with their respective duties)

3. Support listed companies in improving quality and efficiency. Encourage listed companies to increase their market capitalization and enhance their financing capabilities by improving quality and efficiency, while increasing investment in their respective competitive industries to continuously grow and strengthen their businesses.Priority will be given to strengthening categorized guidance for listed companies with a market capitalization of less than 5 billion yuan, adopting a “tailored approach for each enterprise” to support them in doubling their market capitalization. Specifically: For companies with a market capitalization below 3 billion yuan, guidance will be provided to help them integrate advantageous resources; while enhancing their core business, they will be encouraged to explore transformation opportunities in emerging industries, and guided to improve industrial operational capabilities and achieve transformative development at the appropriate time;For companies with a market capitalization between 3 billion and 5 billion yuan, we will assist them in connecting with opportunities within the industrial chain and its upstream and downstream sectors. We will encourage them to gradually increase the proportion of strategic emerging industries within their core business through industrial chain extension, help them enhance their industrial and capital operation capabilities, and encourage mergers and acquisitions in relevant fields to accelerate development while achieving high-quality growth.The Municipal Local Financial Regulatory Bureau, in collaboration with Xichuang Venture Capital and various market-oriented investment institutions, will organize professional teams to adhere to market-oriented operational approaches and mobilize resources from multiple sources to provide professional guidance and capacity support for the transformation and quality improvement of listed companies.We encourage all types of financial institutions in Wuxi to vigorously pursue financial innovation, actively seek resources from higher authorities, and explore innovative cooperation models with various funds and investment institutions to pool resources and provide financial guarantees for the transformation and development of listed companies. By fully mobilizing all relevant parties to actively participate in activities such as roadshows for listed companies, we will integrate the development of listed companies into the city’s overall industrial development plan. We will leverage Wuxi’s industrial strengths to empower the high-quality development of listed companies and increase the total market capitalization of the “Wuxi sector” in both domestic and international capital markets.Fully leverage the exemplary and leading role of state-controlled listed companies. Clarify their strategic positioning and core business directions, inject more high-quality assets into these companies to enhance corporate management standards and profitability; optimize the evaluation and supervision mechanisms for state-owned assets, incorporating the development quality of state-controlled listed companies into the performance evaluation criteria for responsible officials of state-owned shareholders to better guide the implementation of national strategies. Support locally registered listed financial institutions in expanding the scope of their business qualifications, enriching financial products, and improving financial services; strive to establish licensed financial institutions such as wealth management subsidiaries and public mutual funds to enhance their overall competitiveness.(Responsible Units: People’s Governments of all districts, Wuxi Economic and Technological Development Zone Administrative Committee, Municipal Bureau of Local Financial Supervision, Municipal State-owned Assets Supervision and Administration Commission, and other relevant units shall assume responsibility in accordance with their respective duties)

(2) Supporting Listed Companies in Leading Development

4. Support listed companies in leading industrial upgrading. Guide listed companies in transforming and upgrading their operations, and establish innovation and entrepreneurship platforms—such as technology incubators and maker spaces—where enterprises serve as the primary innovators. Institutions newly designated as national-level or provincial-level technology incubators will receive one-time rewards of up to 1 million yuan and 500,000 yuan, respectively; institutions newly designated as national-level or provincial-level maker spaces will receive one-time rewards of up to 500,000 yuan and 250,000 yuan, respectively.Accelerate the transfer and commercialization of scientific and technological achievements. Listed companies that introduce technological achievements from within or outside the city for transfer and commercialization will receive tiered, merit-based rewards not exceeding 5% of the actual transaction value of the registered technology contract, with a maximum annual reward of 1 million yuan per company. Support eligible listed companies in participating in the construction of innovation platforms and industrial parks through new industrial land use models. For eligible innovation projects incubated by listed companies, actively support investment from angel investment guidance funds.Listed companies and their controlling shareholders are encouraged to invest in market-oriented equity investment funds to help enterprises strategically position themselves through industrial investment entities, expand industrial ecosystems, and extend innovation value chains. (Responsible Units: People’s Governments of all districts, Wuxi Economic and Technological Development Zone Administrative Committee; Municipal Science and Technology Bureau, Municipal Bureau of Industry and Information Technology, Municipal Bureau of Local Financial Supervision, and other relevant units shall assume responsibility according to their respective duties)

5. Support listed companies in enhancing their innovation capabilities. Guide listed companies in the manufacturing sector to transition from a manufacturing-oriented to an R&D-oriented model. Encourage listed companies to strengthen industry-academia-research collaboration with universities and research institutes. For joint research projects with universities and research institutes, subsidies of up to 30% of the actual cooperation funds paid by the enterprise to these institutions in the initial phase will be provided on a competitive basis, with a maximum subsidy of 1 million yuan per enterprise.Encourage listed companies to participate in the “Taihu Light” Science and Technology R&D Program, with a focus on supporting their efforts to tackle key core technologies in fields such as the Internet of Things (IoT), 5G, artificial intelligence, integrated circuits, high-end equipment, software, new energy, new materials, and green environmental protection. R&D funding of up to 5 million yuan per project will be provided on a tiered, merit-based basis. Enterprises and products that are recognized for the first time as national-level “Manufacturing Single Champions” will receive one-time rewards of up to 800,000 yuan and 500,000 yuan, respectively;Enterprises recognized for the first time as national or provincial “Specialized, Refined, Unique, and Innovative” enterprises will receive one-time rewards of up to 500,000 yuan and 300,000 yuan, respectively. (Responsible Units: People’s Governments of all districts, Wuxi Economic and Technological Development Zone Administrative Committee; the Municipal Science and Technology Bureau, Municipal Bureau of Industry and Information Technology, Municipal Education Bureau, Municipal Local Financial Regulatory Bureau, and other relevant units shall assume responsibility in accordance with their respective duties)

6. Support listed companies in attracting talent. Encourage listed companies to raise funds through various means, such as issuing preferred shares and convertible bonds, to repurchase shares, implement equity incentive plans and employee stock ownership plans, retain outstanding talent, and enhance their development momentum and vitality.Listed companies are encouraged to leverage external expertise to establish think tanks or set up off-site R&D centers in suitable locations. Efforts to cultivate successors for listed companies will be intensified. Collaborative platforms such as the Shanghai Stock Exchange, Shenzhen Stock Exchange, and Shenzhen Institute of Advanced Finance will be fully utilized to organize specialized training programs, including the Taozhu Academy Financial Innovation and Technology Leadership Training Program and the Yangtze River Delta Financial Talent Lecture Series, thereby strengthening targeted training for senior executives of listed companies. District governments with the necessary resources are encouraged to provide appropriate tuition subsidies.Vigorously promote the entrepreneurial spirit and guide the actual controllers of listed companies to serve as role models in patriotism, dedication to their work, law-abiding operations, entrepreneurship and innovation, and giving back to society. Regularly organize various excellence recognition activities and prioritize the recommendation of outstanding talents from listed companies as candidates for deputies to the People’s Congress and members of the Chinese People’s Political Consultative Conference at all levels.We will thoroughly implement the “Taihu Talent Plan” and provide subsidies in accordance with relevant regulations to listed companies that recruit strategic scientific and technological talent, industry leaders, outstanding young talent, highly skilled professionals, and R&D teams. Financial support will be provided in accordance with regulations to newly recruited innovative leaders (or teams) tackling key industrial technologies. Talent contribution awards will be granted to eligible high-level talent, with a maximum of 2 million yuan per person per year.Support listed companies in recruiting outstanding capital operations and information disclosure professionals, and encourage them to purchase capital market training services to enhance their capital operations capabilities. (Responsible Units: People’s Governments of all districts, Wuxi Economic and Technological Development Zone Administrative Committee; the Municipal Party Committee Organization Department, Municipal Human Resources and Social Security Bureau, Municipal Science and Technology Bureau, Municipal Industry and Information Technology Bureau, Municipal Finance Bureau, Municipal Local Financial Regulatory Bureau, and other relevant units shall assume responsibility according to their respective duties)

7. Support quality and brand development for listed companies. Deepen the implementation of the Quality and Brand Initiative, encouraging listed companies to substantively participate in standard development and international standardization activities; eligible companies will be selected on a tiered basis to receive support of up to 1 million yuan, 500,000 yuan, or 200,000 yuan. Support efforts to enhance quality standards; listed companies receiving the “Wuxi Mayor’s Quality Award” or the “Wuxi Excellence in Quality Management Award” for the first time will be awarded up to 1 million yuan and 200,000 yuan, respectively.Encourage listed companies to establish high-value patent incubation centers; provide support of up to 1 million yuan to selected incubation projects based on merit. Encourage listed companies to strengthen trademark and brand development; provide support of up to 500,000 yuan to high-profile trademark projects based on merit and categorized by tier. Support key leading enterprises in participating in the mixed-ownership reform of state-owned enterprises to improve the efficiency of state capital operations and allocation. Eligible domestic A-share listed companies that are recognized as headquarters enterprises may enjoy relevant policies for headquarters enterprises.Rewards and support will be provided to listed companies that are selected for the first time for rankings such as the Top 500 Chinese Enterprises. (Responsible Units: People’s Governments of all districts, Wuxi Economic and Technological Development Zone Administrative Committee; the Municipal Bureau of Industry and Information Technology, Municipal Development and Reform Commission, Municipal Market Regulation Bureau, Municipal State-owned Assets Supervision and Administration Commission, Municipal Local Financial Regulatory Bureau, Municipal Commerce Bureau, and other relevant units shall assume responsibility in accordance with their respective duties)

(3) Preventing and Addressing Risks in Listed Companies

8. Improve the governance standards of listed companies. Standardize corporate governance and internal controls. Promote listed companies to enhance the quality of information disclosure, ensuring that the proportion of listed companies rated Class B or higher (inclusive) in the stock exchange’s annual information disclosure quality assessment reaches over 98%. Require the disclosure of Environmental, Social, and Governance (ESG) reports (information) to effectively improve the level of green governance. Strengthen the management, guidance, and supervision of listed companies’ implementation of internal control standards to enhance the effectiveness of internal controls over financial reporting and the quality of accounting information.Strengthen the regulation of conduct and oversight of controlling shareholders, actual controllers, directors, supervisors, and senior management, and urge directors, supervisors, and senior management to perform their duties with loyalty and diligence. Guide listed companies to operate with integrity and in compliance with regulations, focus on their core businesses, and conduct operations prudently, continuously improving their operational standards and development quality. Support strategic investors, institutional investors, and state-owned capital in playing an active role in the governance of listed companies.Guide directors, supervisors, senior management, and actual controllers of listed companies to further enhance their awareness of risks and social responsibility, perform their duties in accordance with laws and regulations, and treat all shareholders fairly. Strictly guard against situations involving “high valuations, high commitments, and high goodwill” in mergers and acquisitions, and curb blind cross-sector restructuring. Strictly guard against listed companies’ disclosure practices that “ride on hot topics” or “hype concepts,” as well as manipulative behavior by related parties of listed companies.(Responsible Units: People’s Governments of all districts, Wuxi Economic and Technological Development Zone Administrative Committee, Municipal Bureau of Local Financial Supervision, Municipal Finance Bureau, Wuxi Regulatory Office of the Jiangsu Securities Regulatory Bureau, and other relevant units shall assume responsibility in accordance with their respective duties)

9. Prevent and resolve risks associated with listed companies. Strengthen risk screening for listed companies, maintain continuous monitoring of key risk areas such as stock pledges, misappropriation of funds, illegal guarantees, and insider trading. Implement dynamic management of risk lists, improve risk monitoring and early warning mechanisms, and fulfill risk mitigation tasks. Incorporate these efforts into routine financial risk prevention and resolution work.Hold listed companies, controlling shareholders, and actual controllers strictly accountable for their primary responsibilities. For existing issues of misappropriation of funds and unauthorized guarantees, guide listed companies, controlling shareholders, and actual controllers to formulate practical and feasible plans, setting clear deadlines for repayment or resolution. If a listed company intends to apply for bankruptcy reorganization, it must propose a specific plan to resolve issues of misappropriation of funds and unauthorized guarantees to safeguard the legitimate rights and interests of the listed company and investors.In response to the normalization of delisting for listed companies, establish a coordination and resolution mechanism for delisting risks to ensure a smooth and orderly delisting process. District governments must earnestly assume responsibility for the risk resolution of listed companies, formulate risk mitigation plans for existing high-risk listed companies on a “one-company-one-plan” basis, and promote the stable resolution of risks. Establish and improve working mechanisms for the standardized introduction of listed companies to prevent merger and acquisition risks such as blind cross-sector expansion, “three-high” (high debt, high leverage, high risk) mergers and acquisitions, and the incorporation of “toxic assets” into listed companies.Support and guide banks, securities firms, insurance companies, private equity funds, and other institutions to organize new funds, either individually or jointly, to help listed companies with promising prospects but facing temporary difficulties overcome their challenges and promote healthy development. (Responsible Units: Municipal Intermediate People’s Court, district people’s governments, Wuxi Economic and Technological Development Zone Administrative Committee; the Municipal Bureau of Local Financial Supervision, Municipal Public Security Bureau, and Wuxi Regulatory Office of the Jiangsu Securities Regulatory Bureau, among others, shall assume responsibility according to their respective duties)

(IV) Focus on Strengthening the Development of a Pipeline of Listed Companies

10. Increase support for the cultivation of (prospective) listed companies. Focusing on the city’s strategic emerging industries system, further expand and improve the pool of potential listed companies. Optimize and refine the evaluation system for corporate listings, design assessment methods tailored to the listing process, and accelerate the pace of corporate listings. Strengthen interdepartmental coordination and information sharing, and implement categorized management and targeted cultivation based on the development characteristics of companies in the pool. Establish a “green channel” for the approval of projects such as technological upgrades and smart transformation for (prospective) listed companies.Municipal competent authorities shall take the lead in coordinating the establishment of a mechanism to resolve complex and intractable issues encountered by enterprises during the listing and financing processes. For initial public offering (IPO) and follow-on financing projects of listed companies that comply with national industrial policies, provide policy and technical support in areas such as land allocation for project planning, administrative approvals, and real estate registration.Explore the establishment of a regional allocation and sharing mechanism; upon confirmation by both the district where the listed company is registered and the district where the investment project is located, the investment outcomes of the listed company’s fundraising projects may be allocated across regions. Encourage and support qualified venture capital institutions to go public, innovate fundraising methods, and broaden fundraising channels. Support enterprises in accelerating their listing process through shareholding restructuring; encourage all districts to formulate and improve relevant policies, and provide rewards and support to enterprises that have completed standardized shareholding restructuring based on their contribution to the local economy.(Responsible Units: People’s Governments of all districts, Wuxi Economic and Technological Development Zone Administrative Committee; Municipal Development and Reform Commission, Municipal Bureau of Industry and Information Technology, Municipal Finance Bureau, Municipal Commerce Bureau, Municipal Bureau of Natural Resources and Planning, Municipal Local Financial Regulatory Bureau, and other relevant units shall assume responsibility in accordance with their respective duties)

11. Support enterprises in accessing multi-tiered capital markets both domestically and internationally. Continue to seize opportunities arising from capital market reforms, prioritize both quantity and quality, and support enterprises in selecting different listing segments based on their specific characteristics. Enterprises that successfully list domestically and invest 80% or more of the raised funds in Wuxi’s urban area will receive a one-time reward of up to 3 million yuan; enterprises that successfully list domestically but invest less than 80% of the raised funds in Wuxi’s urban area will receive a one-time reward of up to 2 million yuan.Enterprises that successfully list directly overseas and conduct an initial public offering (IPO), with 80% or more of the raised funds invested in Wuxi’s urban area, will receive a one-time reward of up to 2.5 million yuan. For listed enterprises undergoing spin-offs, the newly listed entities resulting from the spin-off may be eligible for the support policies applicable to initial public offerings. We will continue to deepen cooperation with domestic and overseas exchanges and support listed companies in conducting secondary listings domestically or overseas.We will actively align with the reform measures of the Hong Kong Stock Exchange (HKEX) to support technology companies with international expansion needs in piloting the listing rules for Specialized Companies and Special Purpose Acquisition Companies (SPACs) to list on the Hong Kong stock market. We will also support overseas SPAC-listed companies in acquiring local enterprises. For enterprises that successfully list by establishing an offshore red-chip structure, if they directly inject the raised foreign capital into the local operating entity within one year of the successful listing, a reward of up to 1% of the actual paid-in foreign capital in the registered capital will be granted.Specific implementation shall follow relevant provisions on foreign investment introduction. (Responsible Units: People’s Governments of all districts, Wuxi Economic and Technological Development Zone Administrative Committee; the Municipal Bureau of Local Financial Supervision, Municipal Bureau of Industry and Information Technology, Municipal Finance Bureau, Municipal Bureau of Natural Resources and Planning, Municipal Bureau of Ecology and Environment, Municipal Taxation Bureau, and other relevant units shall assume responsibility according to their respective duties)

12. Optimize the capital market service environment. Deepen cooperation and exchanges with securities regulatory authorities and stock exchanges. Fully leverage the roles of the Shanghai Stock Exchange’s Capital Market Service Base for Southern Jiangsu, the Shenzhen Stock Exchange’s Wuxi Base, and the Beijing Stock Exchange’s Wuxi Service Base to provide enterprises with one-stop, comprehensive, and highly efficient professional services for going public.Actively attract high-quality domestic and international third-party intermediaries—such as securities firms, accounting firms, and law firms—to establish operations in Wuxi; cultivate local third-party intermediaries with securities business qualifications; and support local securities firms in becoming stronger and more competitive. Guide securities firms with branches in our city to upgrade their operations, strengthen their investment banking teams, and improve service quality.We will organize an annual ranking and award ceremony to recognize and promote brokerage firms and other intermediaries, private equity management firms, and Wuxi-listed companies that have demonstrated outstanding performance in their operations in Wuxi, as well as those with high-quality development and significant contributions.We will continue to host the “Venture Capital Wuxi” initiative, encouraging well-known financial institutions to organize influential high-level forums, exchange salons, and investment strategy meetings in Wuxi. We will develop various thematic indices for the Wuxi region within the capital markets to enhance the visibility and influence of the “Wuxi板块” in the capital markets.Fully leverage the role of the Municipal Joint Conference on Enterprise Listing. Relevant departments will strengthen communication and coordination to form a cohesive working force, routinely monitor the development trends of listed companies, and coordinate the resolution of issues encountered during enterprise listing, refinancing, and mergers and acquisitions. Coordination meetings will be convened in a timely manner to adopt a “tailored approach for each enterprise” to address relevant issues.(Responsible Units: People’s Governments of all districts, Wuxi Economic and Technological Development Zone Administrative Committee, Municipal Bureau of Local Financial Supervision, Municipal State-owned Assets Supervision and Administration Commission, Wuxi Regulatory Office of the Jiangsu Securities Regulatory Bureau, and other relevant units shall assume responsibility in accordance with their respective duties)

III. Other Matters

(1) These guidelines shall take effect upon issuance and remain valid until December 31, 2025.

(2) The Municipal Bureau of Local Financial Supervision and the Municipal Finance Bureau shall be responsible for the specific interpretation of these guidelines. Funds related to policies implemented by various departments shall be allocated in accordance with the original channels. Should there be changes in laws, regulations, or major policies from higher authorities during the implementation of this policy, these guidelines will be adjusted accordingly. Financial support under similar policies shall not be duplicated.

(3) These guidelines apply to the urban area of Wuxi; Jiangyin City and Yixing City may implement them by reference.