Original Title: Three-Year Action Plan for Strengthening Longcheng Gold Valley and Promoting High-Quality Development of the Private Equity Industry (2024–2026)
　To further enhance and strengthen Longcheng Jingu, focus efforts on promoting high-quality development in the equity investment industry, and empower the city’s industries to pursue innovation and quality improvement, this Action Plan is hereby proposed with the approval of the municipal government.
　　I. General Requirements
　　Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement General Secretary Xi Jinping’s important directives on developing new-quality productive forces and strengthening patient capital. Focusing on the “532” development strategy, we will strive to forge a new development paradigm for Longcheng Gold Valley 2.0, accelerate the aggregation of innovation capital, cultivate a full-cycle fund industry cluster, and guide “long-term capital,” “patient capital,” and “strategic capital” to support high-level self-reliance and strength in science and technology as well as the construction of a modern industrial system, thereby contributing to the “Trillion-Yuan City’s New Departure.”
　　II. Main Objectives
　　We will build Longcheng Gold Valley to high standards, creating a development framework centered on the Longcheng Science and Technology Innovation Fund as a connecting hub and the aggregation of social capital; construct an integrated ecosystem where capital deeply empowers scientific and technological innovation as well as industrial transformation and upgrading, forming a high-level cycle among capital, industry, technology, and talent; and establish a coordinated system of “Four Pools and Three Centers” to promote the efficient matching of all elements of new-quality productive forces.The goal is to gradually establish Longcheng Golden Valley as the city’s “new fulcrum for financial development and a powerful engine for industrial upgrading” within three years.
　　Capital Aggregation Development Framework. By the end of 2026, the city will host over 100 private equity fund managers, with more than 800 registered private equity funds, and manage capital exceeding 300 billion yuan. The city will attract over 100 investment institutions listed on authoritative industry rankings.
　　Capital-Empowered Integration Ecosystem. By the end of 2026, the city’s equity investment scale will exceed 100 billion yuan, supporting the listing of over 70 Changzhou-based enterprises; investment in future industrial chains such as synthetic biology will exceed 20 billion yuan, facilitating the attraction of over 10 industrial projects valued at over 1 billion yuan each, as well as over 10 (potential) unicorn enterprises and top-tier talent projects under the “Longcheng Talents Plan.”
　　Capital Element Coordination System. Seizing the opportunity presented by the development of the Longcheng Golden Valley, we will establish the “Four Databases and Three Centers” for new-quality productive forces: a project database with over 2,000 entries, a listing reserve database with over 800 companies, a technology transfer database with over 300 items, and a whitelist database of investment institutions with over 800 entries. We will also essentially complete the construction of element-matching centers, including the Capital Project Matching Center, the New-Quality Productive Forces Service Center, and the Intellectual Exchange and Collaboration Center.
　　III. Work Measures
　　(I) Forging a New “One Core, Multiple Points” Development Pattern for Longcheng Golden Valley
　　1. Adjust and optimize institutional mechanisms. Establish a Longcheng Golden Valley development working mechanism involving the Municipal Government Office, the Municipal Development and Reform Commission, the Municipal Finance Bureau, the Municipal State-owned Assets Supervision and Administration Commission, and other relevant units. This mechanism will coordinate the city’s equity investment industry and the development of Longcheng Golden Valley to create a new “one core, multiple nodes” development pattern for Longcheng Golden Valley.The Investment Group will be specifically responsible for the operational management of Longcheng Golden Valley. Using the Longcheng Science and Technology Innovation Mother Fund as a link, it will establish “reception halls” and fund service centers in each district and city under its jurisdiction to jointly carry out fund attraction and industry-finance integration efforts, and scientifically construct an evaluation system for equity investment institutions.
　　2. Strengthen policy support. Consolidate the economic contributions generated by Longcheng Gold Valley across relevant localities and allocate these funds toward the construction of Longcheng Gold Valley and the development of the equity investment industry. Formulate diversified support measures, including incentives for major fundraising, local investment, early-stage investment, mergers and acquisitions, and executive talent recruitment. Provide preferential policy support for “long-term capital,” “patient capital,” and “strategic capital.”
　　3. Establish a support system for key resources. Deeply explore potential fund investment projects and science and technology innovation projects to establish an “Industrial Project Database”; expand the pipeline of pre-IPO enterprises to establish a “Pre-IPO Pipeline Database”; connect innovation resources to establish a “Technology Transfer Database”; and compile investment strategies and resources to establish a “Whitelist of Investment Institutions.”Establish a “Capital-Project Matching Center” to facilitate precise matching between capital and science and technology innovation projects; establish a “New Quality Productive Forces Service Center” to promote the deep integration of industry, capital, and technology; and establish an “Intellectual Exchange and Collaboration Center” to provide enterprises with a full-lifecycle investment and financing think tank.
　　(2) Fostering a New Ecosystem for the Equity Investment Industry
　　4. Strengthen the Leading Role of Government Investment Funds. Continuously expand the “1+3+X” government investment fund matrix, deepen cooperation with leading institutions, and actively broaden the “network” of government investment funds to effectively leverage more external capital for targeted investment in the city’s strategic emerging industries and future industries. Introduce long-term capital such as insurance funds, social security funds, and bank capital, and actively seek support from national and provincial-level funds such as the National Green Development Fund and the Jiangsu Provincial Strategic Emerging Industries Fund.Strengthen coordination between municipal and district-level government investment funds to amplify their guiding and radiating effects, thereby forming a government-guided fund system with distinct focuses and industrial synergy and complementarity.
　　5. Build a full-cycle private equity fund matrix. Intensify efforts to cultivate and attract private equity fund managers, encouraging renowned domestic and international investment institutions to establish angel, VC, PE, M&A, and S-funds to refine the “4+S” full-cycle fund matrix. Introduce angel investment funds and angel investors to foster the development of future industries; introduce market-oriented M&A funds to support leading local enterprises and listed companies in accelerating their transformation and upgrading.Explore innovative development of S-funds to enhance the sequential relay of science and technology innovation investments and facilitate effective exit pathways. Continue to advance the QFLP pilot program, promote innovation in the QDLP pilot, and open up two-way cross-border investment channels.
　　6. Cultivate local investment management teams. Encourage state-owned fund managers to collaborate with leading domestic institutions to train practical fund investment professionals, building local investment teams equipped with industrial research capabilities, investment decision-making capabilities, and risk management capabilities. Guide non-local investment institutions to establish physical operations in Changzhou, dispatch high-quality fund teams to work locally, improve the “localization” service levels of equity investment institutions, and increase their attention and support for local projects.
　　(III) Establishing a New Model for Industry-Finance Collaboration
　　7. Accelerate the development of corporate venture capital (CVC).Centered on the “1028” industrial system, establish a “chain-leading enterprises + industrial funds” model to leverage enterprises as the main force of innovation. Through angel investment, focus on cutting-edge technologies to accelerate the transformation of scientific and technological achievements into future industries; through industrial investment, build “hard tech” and “growth points” for Changzhou’s strategic emerging industries; and through mergers and acquisitions, promote the extension, supplementation, and strengthening of industrial chains by large-scale leading enterprises to achieve transformation and upgrading, thereby establishing a dominant position in the global value chain.
　　8. Accelerate the commercialization of scientific and technological achievements. Encourage the establishment of funds dedicated to the commercialization of scientific and technological achievements, connect with domestic technology and intellectual property trading markets, as well as innovation platforms such as universities, research institutes, and the Longcheng Laboratory, to assist leading enterprises in establishing R&D centers, support the commercialization of scientific and technological innovations, and accelerate the formation of a powerful synergy to drive technological innovation. Further leverage the guiding role of the Changzhou Angel Investment Fund of Funds and the Longcheng Talents Science and Technology Innovation Angel Fund to attract and cultivate high-level innovation and entrepreneurship talent and incubate science and technology innovation projects locally.
　　9. Conduct targeted capital investment promotion. Establish a “investment institutions + industrial parks” partnership model for capital investment promotion. Encourage well-known investment institutions in vertical industrial sectors to focus on strategic emerging industries and future industries, attracting new and early-stage projects to cultivate a batch of technology-intensive, high-value, and promising innovation projects; and focus on advantageous industries to attract large-scale and high-impact projects, bringing in a batch of major projects with strong radiating and driving effects and high industrial support.
　　(IV) Establish a New Paradigm for Equity Investment Services
　　10. Establish an investment data management platform. In collaboration with authoritative third-party institutions, regularly collect citywide equity investment industry data to build a citywide investment data management platform. Dynamically track and analyze specific details such as the number of institutions, industry scale, investment and financing cases, and investment exits. Establish a regular reporting system to provide data support for industry classification management, tiered support, orderly exits, and risk prevention.
　　11. Enhance Comprehensive Financial Services.Collaborate with financial resources such as banks, insurance companies, trust firms, and securities firms to align investment and financing services, jointly offering comprehensive financial products such as “investment-driven lending” and “investment-lending linkage.” Foster the clustering of equity investment and financing intermediary institutions in Longcheng Gold Valley, providing professional training services in finance, law, risk control, IPO preparation, and technology to enhance private equity funds’ capabilities in investment exits, compliant operations, and enterprise incubation.
　　12. Strengthen the Longcheng Golden Valley Brand. Establish the Longcheng Golden Valley Investment Research Academy to provide enterprises and institutions with services in industry research, financial investment, and legal and tax matters. Utilize national platforms such as the three major stock exchanges to conduct activities in Longcheng Golden Valley, including IPO preparation, talent training, and project roadshows.Support the Changzhou Capital Market Association, the Venture Capital Association, and various industry associations in organizing high-level, high-quality investment and financing events and industry summits in Longcheng Gold Valley. Make comprehensive use of traditional and new media to strengthen public relations and publicity for Longcheng Gold Valley.
　　IV. Organizational Guarantees
　　(1) Creating an Optimal Business Environment. Establish a “one-on-one” service mechanism featuring coordination between municipal and district levels and among departments to provide newly established (or relocating) institutions with “one-stop” government services—including business registration, filing, and policy incentives—to build a first-class, market-oriented, and convenient business environment.
　　(2) Improve Industry Governance. Actively coordinate with securities regulatory authorities to promote the high-quality development of the equity investment industry. Establish an information-sharing mechanism with local district and municipal governments to reinforce the primary responsibilities of managers, custodians, and intermediaries. Leverage the functions of social organizations such as the Changzhou Capital Market Association and the Venture Capital Association to strengthen industry self-regulation and promote the standardized and healthy development of the sector.
　　(3) Strengthen risk prevention and control. Strictly enforce market entry requirements, effectively enhance coordination among financial regulators, market regulators, industry associations, and other relevant departments and entities, dynamically monitor risks, and collaboratively manage the exit of market entities. Implement local accountability and uphold the bottom line of preventing regional and systemic financial risks.