Shenzhen: Support eligible companies to go public overseas, support high-quality red-chip companies to return and go public on A-share market.

On September 7, the Shenzhen Industrial and Information Technology Bureau issued several measures to further promote the listing of enterprises and the high-quality development of listed companies. The measures include promoting the financing of enterprises on the multi-level market, supporting qualified enterprises to go public overseas, supporting high-quality red-chip companies to return to the A-share market, and supporting listed companies to list their subsidiaries at home and abroad. It also supports state-owned enterprises in deepening the mixed-ownership reform and promoting different types of high-quality state-owned enterprises to list on corresponding sectors in China. Attracting high-quality enterprises from other provinces to list on the Shenzhen Stock Exchange and guiding listed companies to raise more funds to invest in Shenzhen. The measures also mention the role of the Shenzhen Stock Exchange Sci-Tech Innovation Center, providing comprehensive services from intellectual property (IP) to initial public offerings (IPO) to facilitate efficient integration between the capital market and the technology market. Strengthen cooperation with major global securities markets, promote the issuance of Global Depository Receipts (GDR) by listed companies for offshore financing, and attract high-quality overseas listed companies to issue Chinese Depository Receipts (CDR) on the Shenzhen Stock Exchange. Companies planning to go public domestically and have completed the shareholding system reform and IPO counseling will be rewarded up to RMB 1.5 million; those listed overseas will be rewarded up to RMB 800,000; those listed on the New Third Board for the first time will be rewarded up to RMB 500,000, and those entering the Innovation Layer will be rewarded up to RMB 300,000. On September 7, the Shenzhen Industrial and Information Technology Bureau issued several measures to further promote the listing of enterprises and the high-quality development of listed companies. The measures state that efforts will be made to promote the financing of enterprises on the multi-level market. Support will be provided to qualified enterprises to go public overseas, support high-quality red-chip companies to return to the A-share market, and support listed companies to list their subsidiaries at home and abroad. Efforts will be made to deepen the mixed-ownership reform of state-owned enterprises and promote different types of high-quality state-owned enterprises to list on corresponding sectors domestically. Efforts will also be made to attract high-quality enterprises from other provinces to list on the Shenzhen Stock Exchange and guide listed companies to raise more funds to invest in Shenzhen. The measures mention the role of the Shenzhen Stock Exchange Sci-Tech Innovation Center in providing comprehensive services from intellectual property (IP) to initial public offerings (IPO) to facilitate efficient integration between the capital market and the technology market. Cooperation with major global securities markets will be strengthened to promote the issuance of Global Depository Receipts (GDR) by listed companies for offshore financing and to attract high-quality overseas listed companies to issue Chinese Depository Receipts (CDR) on the Shenzhen Stock Exchange. Companies planning to go public domestically and have completed the shareholding system reform and IPO counseling will be rewarded up to RMB 1.5 million; those listed overseas will be rewarded up to RMB 800,000; those listed on the New Third Board for the first time will be rewarded up to RMB 500,000, and those entering the Innovation Layer will be rewarded up to RMB 300,000.Implement a comprehensive reform of replacing special credit reports with no illegal or irregular proof, consolidate credit information related to various units, compress the update cycle of credit information, and gradually achieve online self-service for no illegal or irregular proof. Guide companies to operate in compliance with laws and regulations, and various departments shall review and determine whether the administrative penalties they have received constitute major illegal acts according to the company's application and in accordance with laws and regulations, and issue written proof documents within five working days for those that meet the requirements. Coordinate and resolve historical legacy issues such as project approval, land and property changes, asset transfers, tax and fee reductions, and property rights confirmation, establish and improve the incentive mechanism for compliance assessment in enterprise compliance construction, and issue various compliance proof documents required for enterprises to go public in a timely manner. Support intermediary service agencies to conduct interviews on matters related to enterprise listing. (Responsible units: Municipal Market Supervision Bureau, Municipal Small and Medium Enterprises Service Bureau, various enterprise-related service departments)(Seven) Compile typical tax-related cases for companies going public. Carry out tax policy promotion for companies going public, enhance their awareness of standardized taxation, compile and publish the "Guidebook for Taxation of Companies Going Public" and typical tax-related cases for companies going public. Provide "one enterprise, one strategy" services for individualized tax matters related to companies going public, and help companies handle them properly in accordance with the law. For small and medium-sized high-tech enterprises that meet the conditions, individuals can apply for installment payment of personal income tax related to the conversion of undistributed profits, surplus reserves, and capital reserves into share capital. Support companies in applying for deferred payment of current value-added tax, corporate income tax, personal income tax, and other taxes resulting from restructuring and reorganization according to the law. Implement various tax incentives policies such as deduction of research and development expenses and mergers and acquisitions. (Responsible Unit: Shenzhen Local Taxation Bureau) (Eight) Provide resource support for the empowerment of companies in the pipeline for going public. Relying on the advantages of the "Financial Station", "Financial Supermarket", and "Specialized Banks" service models, establish financial service commissioners to provide "one-on-one" financial services to companies in the pipeline for going public, and provide tiered loan quotas based on the standardized level of the companies. Make full use of brand systems such as Shenzhen Venture Capital Day, Shenzhen Bay Exchange, CESCROSE, Industry Meeting Room, and Huan Center Accelerator, and hold investment and financing docking meetings, project roadshows, and other activities by industry and track, to help companies in the pipeline for going public connect with venture capital and industrial capital. Support the construction of industrial Internet platforms, conduct extensive industrial demand docking activities, guide leading companies in our city to establish business cooperation with companies in the pipeline for going public, and carry out collaborative innovation and integrated development. (Responsible Units: Municipal Local Financial Regulatory Bureau, Municipal Industry and Information Technology Bureau, Municipal State-owned Assets Supervision and Administration Commission, Shenzhen Regulatory Bureau of the China Banking and Insurance Regulatory Commission, Shenzhen Stock Exchange, District Governments) (Nine) Promote multi-level market listing financing for companies. Support eligible companies in listing overseas, support the return of high-quality red-chip companies to A-share listings, support listed companies in splitting subsidiaries for listings at home and abroad. Support state-owned enterprises in deepening the mixed-ownership reform, promote different types of high-quality state-owned enterprises to list in corresponding sectors at home. Attract high-quality companies from other regions to list on the Shenzhen Stock Exchange, and guide listed companies to invest more in Shenzhen through the issuance of funds. Give full play to the role of the Shenzhen Stock Exchange's Science and Technology Innovation Board, provide comprehensive services from intellectual property (IP) to initial public offering (IPO), and promote efficient connectivity between the capital market and the technology market. Strengthen cooperation with major global stock markets, promote the issuance of global depository receipts (GDR) by listed companies for offshore financing, and attract overseas high-quality listed companies to issue Chinese depository receipts (CDR) on the Shenzhen Stock Exchange. Provide a maximum reward of 1.5 million yuan for companies planning to list domestically and complete share reform and listing counseling, a maximum reward of 800,000 yuan for listing overseas, and a maximum reward of 500,000 yuan for initial listing on the New Third Board, with an additional maximum reward of 300,000 yuan for entering the innovation layer. Encourage districts to provide corresponding rewards to listed or listed companies and intermediary service agencies. (Responsible Units: Municipal Industry and Information Technology Bureau, Municipal State-owned Assets Supervision and Administration Commission, Municipal Local Financial Regulatory Bureau, Municipal Small and Medium-sized Enterprise Service Bureau, Shenzhen Securities Regulatory Bureau, Shenzhen Stock Exchange, District Governments) (Ten) Enhance the sense of honor for companies going public. Celebrate the listing of companies at major landmarks in various districts of the city, and broadcast special promotional programs on news media. Widely publicize successful cases and effective practices of companies going public, as well as exemplary outstanding listed companies, create a good atmosphere for supporting companies going public, and inspire more companies to accelerate their development using the capital market. Guide enterprises to improve their public opinion literacy and ability to respond to public opinions, strengthen information sharing with industry associations such as the Association of Listed Companies, establish a network infringement reporting channel, and seriously investigate and deal with acts of deliberately spreading false information and defaming corporate reputation. (Responsible Units: Municipal Industry and Information Technology Bureau, Municipal Propaganda Department, Municipal Internet Information Office, Municipal Urban Management and Comprehensive Law Enforcement Bureau, Municipal Small and Medium-sized Enterprise Service Bureau) III. Gather resource support for strengthening and expanding listed companies (Eleven) Support listed companies in attracting all kinds of talents. Encourage listed companies to implement more flexible and effective stock option incentives and employee shareholding plans to attract more outstanding talents. Encourage listed companies to strengthen cooperation with universities, vocational and technical colleges, technical schools, vocational training institutions in Shenzhen, etc., build student training bases, carry out "order-based" talent training and enterprise-based apprenticeship training, and provide subsidies in accordance with relevant policies. Build a unified human resources ecosystem service platform for the city, provide docking for labor demand, and encourage each district to establish labor service stations with assisting counterpart support areas to meet the employment needs of listed companies. Support listed companies in independently evaluating skilled talents that meet certain conditions. For the employment of highly skilled talents who meet the requirements of "Pengcheng Craftsmen" and "Skill Elite," provide bonuses and subsidies for further study in accordance with relevant policies. Support listed companies in attracting various types of high-end and scarce talents. Those who meet the conditions can apply for personal income tax policies for overseas high-end and scarce talents and the Shenzhen Industrial Development and Innovation Talent Award, and enjoy treatment in talent settlement, medical care, and children's enrollment in accordance with regulations. (Responsible Units: Municipal Industry and Information Technology Bureau, Municipal Human Resources and Social Security Bureau, Municipal Talent Work Bureau, Municipal Housing and Construction Bureau, Municipal Education Bureau, Municipal Health Commission, Shenzhen Local Taxation Bureau, Shenzhen Securities Regulatory Bureau, District Governments) (Twelve) Encourage listed companies to promote industrial upgrading through M&A and restructuring. Encourage banks and other financial institutions to innovate products, provide comprehensive financing support such as "loans + external direct investment" and merger and acquisition loans, and participate in the refinancing and merger and restructuring of listed companies. Support listed companies in fully utilizing capital market tools such as stock issuance, bond issuance, asset securitization (ABS), real estate investment trust (REITs), and global depository receipts (GDR) for financing, carry out merger and restructuring along the industrial chain, invest in the real economy, and promote the development of industries from agglomeration to cluster development. Encourage districts with conditions to give certain incentives to high-quality projects of merger and restructuring settling in our city. (Responsible Units: Municipal Local Financial Regulatory Bureau, Municipal Industry and Information Technology Bureau, Shenzhen Securities Regulatory Bureau, Shenzhen Regulatory Bureau of the China Banking and Insurance Regulatory Commission, District Governments) (Thirteen) Strengthen the guarantee of development space for listed companies. Adhere to the leadership of manufacturing, accelerate the construction of 20 major advanced manufacturing industrial parks, implement the "Industrial Upstairs" action plan for high-quality industrial space, and provide high-quality, low-cost, customized development space for listed companies. Promote the joint construction of industrial land use, encourage listed companies to form "clusters" through cooperation, and promote the development of industrial space. Encourage districts to provide certain rewards to high-quality projects of merger and restructuring settling in our city. (Responsible Units: Municipal Local Financial Regulatory Bureau, Municipal Industry and Information Technology Bureau, Shenzhen Securities Regulatory Bureau, Shenzhen Regulatory Bureau of the China Banking and Insurance Regulatory Commission, District Governments) Jointly build industrial parks and headquarters buildings through methods such as "co-construction". Provide financial support to local industrial projects for listed companies that raise funds, with a maximum amount of 50 million yuan, in accordance with relevant policies. Encourage eligible regions to provide subsidies for leasing and purchasing office buildings to listed companies. Provide certain complementary rewards to the initial public offering and refinancing projects of listed companies based on the amount invested locally. (Responsible units: Municipal Planning and Natural Resources Bureau, Municipal Development and Reform Commission, Municipal Science and Technology Innovation Committee, Municipal Industry and Information Technology Bureau, Municipal State-owned Assets Supervision and Administration Commission, District Governments)(Fourteen) Improve the technological innovation capabilities of listed companies. Encourage listed companies to strengthen collaborative innovation between universities, research institutes, and industry, and to carry out industrial base reconstruction and key core technology research. Support recognized or established innovation centers, enterprise technology centers, industrial innovation centers, engineering technology research centers, productive public service platforms, industrial design centers, key laboratories, academician expert workstations, or postdoctoral workstations through relevant policies. Provide support to various projects such as national and municipal industrial base reconstruction, key technology and core component research, upgrading of key links in the industrial chain, "San Shou" projects, and technology research projects through relevant policies. (Responsible units: Municipal Bureau of Industry and Information Technology, Municipal Development and Reform Commission, Municipal Science and Technology Innovation Commission, Municipal Human Resources and Social Security Bureau, Municipal Science and Technology Association) (Fifteen) Accelerate the transformation and upgrading of manufacturing companies. Promote the development of listed companies in the productive service industry, such as industrial design, inspection and testing, logistics and supply chain services, industrial e-commerce, and shared manufacturing. Support manufacturing companies to transform their existing production and management activities into digital, networked, and intelligent activities using technologies such as 5G, the Internet, and artificial intelligence. Provide support to intelligent manufacturing transformation projects through relevant policies. Support manufacturing companies in promoting the construction of a green manufacturing system, and provide support to projects related to energy efficiency improvement, smart energy management, comprehensive use of resources, and green data center transformation through relevant policies. Provide rewards according to relevant policies for projects or honors obtained in the demonstration of green manufacturing, industrial energy conservation, comprehensive utilization of industrial resources, clean production, and green data centers at the national and provincial levels. (Responsible units: Municipal Bureau of Industry and Information Technology, Municipal Market Supervision Bureau, Municipal Commerce Bureau) (Sixteen) Promote the dual enhancement of quality and brand of listed companies. Encourage listed companies to benchmark the highest standards, create excellent quality, and provide support to those that have been awarded the China Quality Award (including nomination award), Guangdong Province Quality Award (including nomination award), and Shenzhen Mayor Quality Award through relevant policies. Support listed companies in participating in the development and revision of international, national, industry, local, and group standards, and provide support to projects that lead or participate in standard development or revision through relevant policies. Strengthen the awareness of intellectual property protection for listed companies and provide support to those designated as Shenzhen Intellectual Property Advantage Units through relevant policies. Encourage listed companies to implement independent brand strategies, increase investment in independent brand construction, and continuously cultivate and expand the influence of their independent brands. Provide support to various projects aimed at enhancing the influence of product (service) independent brands through relevant policies. (Responsible units: Municipal Market Supervision Bureau, Municipal Bureau of Industry and Information Technology) (Seventeen) Assist listed companies in expanding domestic and international markets. Support listed companies in promoting application scenario demonstrations and creating conditions for the first trial of new technologies, products, and business models in key areas such as industrial parks, high-end equipment, smart logistics, commerce and consumption, and urban governance. Support listed companies in participating in various domestic and international major economic and trade exhibitions, and provide support to Wuxi Online Offline Communication Information Technology Co., Ltd., which operates self-operated stores selling independent brand products, according to relevant policies. Provide visa convenience for listed companies to go overseas and help companies expand markets in key overseas areas. Fully leverage the role of policy-oriented export credit insurance in supporting enterprises in export insurance, claims settlement, and credit services. Establish a one-stop multi-dimensional dispute resolution center for foreign business in Shenzhen and fully leverage the role of Shenzhen International Arbitration Court to promote one-stop resolution of international commercial disputes and provide legal support for companies going global, focusing on improving the ability to resolve international civil and commercial disputes and providing services for foreign-related legal affairs. (Responsible units: Municipal Commerce Bureau, Municipal Foreign Affairs Office, Municipal Development and Reform Commission, Municipal Bureau of Industry and Information Technology, Municipal Justice Bureau, Municipal Qianhai Management Bureau, Municipal Trade Promotion Committee, Shenzhen Customs, Shenzhen International Arbitration Court) (Eighteen) Regulate the governance of listed companies and actively and steadily resolve major risks. Guide and promote listed companies to meet the needs of investors, improve the pertinence and effectiveness of information disclosure, protect the interests of investors, improve governance structures, and effectively improve the level of governance. Support listed companies in introducing strategic investors, encourage institutional investors to increase their allocation of equity assets in listed companies, and play an active role in governance. Strengthen the monitoring, early warning, investigation, disposal, and tracking of major risks of listed companies; each district should establish a sound mechanism for risk disposal and communication, and prevent and resolve relevant risks. Coordinate the management of the steady development fund for private enterprises, coordinate and do a good job in market-oriented relief and policy relief for listed companies, and guide banks, securities, insurance, private equity funds, and other institutions to help listed companies solve prominent problems and difficulties according to market-oriented and rule of law principles. (Responsible units: Shenzhen Securities Regulatory Bureau, Municipal State-owned Assets Supervision and Administration Commission, Municipal Local Financial Supervision Bureau, Municipal Small and Medium Enterprises Service Bureau, China Banking and Insurance Regulatory Commission Shenzhen Bureau, and Shenzhen Stock Exchange, district governments) IV. Establishing Assessment and Service Mechanisms for Enterprise Listing (Nineteen) Establish an assessment mechanism for enterprise listing work. Give full play to the overall role of the leading group for the development of small, medium, and micro-sized enterprises (private economy) in the cultivation of listed companies, establish an efficient coordination mechanism to solve key and difficult problems related to enterprise listing and high-quality development of listed companies. Each district should establish a leadership mechanism for enterprise listing work, strengthen overall coordination and comprehensive services. Build a responsibility system for deep participation of various departments and coordinated linkage between the city and districts in the cultivation of enterprise listing work, further clarify the work responsibilities and assessment goals of each district in promoting enterprise listing, incorporate the annual goals and tasks of enterprise listing work into the city's annual performance assessment items, and provide recognition and incentives to districts that have done well in achieving annual goals and tasks. (Responsible units: Municipal Bureau of Industry and Information Technology, Municipal Local Financial Supervision Bureau, Municipal Small and Medium Enterprises Service Bureau, district governments) (Twenty) Improve the "Star of Pengcheng" service mechanism. Rely on the "Star of Pengcheng" one-stop service platform for enterprise listing, continuously improve the services provided for listing cultivation. To fully utilize the power of social organizations such as the Shenzhen Small and Medium Enterprises Service Center, we will create a comprehensive service system for the capital market of small and medium-sized enterprises with Shenzhen characteristics. We will deepen strategic cooperation with the Shenzhen Stock Exchange, promote the construction of the Shenzhen service base of the Beijing Stock Exchange and the Shanghai Stock Exchange, strengthen communication and collaboration with overseas exchanges such as the Hong Kong Stock Exchange, and establish an efficient docking mechanism and service system to help businesses connect with multi-level capital markets. (Responsibility Units: Municipal Industry and Information Technology Bureau, Municipal Local Financial Regulatory Bureau, Municipal Small and Medium Enterprises Service Bureau, Shenzhen Securities Regulatory Bureau, Shenzhen Stock Exchange, District Governments)These measures will be implemented from September 15, 2023, and will be valid for a period of 5 years. "Several Measures on Further Promoting the Restructuring, Listing, and M&A of Small and Medium-sized Enterprises in our city" (Shenfu Office [2018] No. 11) is repealed at the same time.