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English|China's Tech Hub Shenzhen in Full Force to Attract Listed Unicorn at Home and Abroad

BEIJING, April 8 (TMTPOST)— Shenzhen, a high-tech hub and home of Chinese technology giants including Huawei and Tencent, stands in full force to create a friendly environment for startups, especially unicorns, those with a valuation of at least US$1 billion, either at home or abroad.
English|China's Tech Hub Shenzhen in Full Force to Attract Listed Unicorn at Home and Abroad
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Source: Visual China
Shenzhen laid out a roadmap to increase the market entities’ growth with more than 500,000 additional local entities annually, according to Suggestions on How to Accelerate Cultivation and Development of the Market Player. The key policy documents, released by Shenzhen municipal government on Friday, proposed to make the overall market entities exceed 4.6 million in three years. By 2050, the city aims to boast more than 15,000 large sized industrial companies and 600 listed companies in total, and set a goal of around 20 new unicorns in this period.
The documents said Shenzhen would establish the system to discover potential unicorns, improve the cultivation system for unicorns, offer efficient financial supports to these startups, reinforce training for unicorns’ listing, and facilitate outstanding unicorns, either domestic or overseas, to go public at the Shenzhen Stock Exchange. The city would provide various motivations to any listed companies. Firms can be rewarded up to RMB1 million if they plan to list in the mainland China and complete pre-listing tutoring. For companies which launch overseas listings, the reward is no more than RMB800,000 each. And if listed companies choose to move in Shenzhen, or transfer their registered office to the city once their reorganization of business outside the city completes, they can earn as much as RMB5 million.
Shenzhen’s move came as Chinese government suggested more economic stimuli and signaled positive stance to listed companies.
A State Council meeting chaired by China's Vice Premier Liu He last month urged authorities to unveil market-friendly policies and caution on tightening policies, and said Beijing will continue to support various kinds of businesses' overseas listings. The meeting also sought to address concerns over online platforms as it said the governance of the platform economy shall pursue steady progress through improved plans under principles of market orientation, rule of law and internationalization.
【English|China's Tech Hub Shenzhen in Full Force to Attract Listed Unicorn at Home and Abroad】Last weekend, the China Securities Regulatory Commission (CSRC) released a draft to revise a decade-old rule, which was seemed as a potential key move to reduce Chinese firms’ risks of delisting from the U.S. exchanges.  The draft amendment deleted the requirement about the on-site inspection mainly conducted by China's regulators or relies on inspection results of these domestic regulators, which offers a system guarantee for a safe and efficient cross-border regulatory cooperation, according to the country's top securities regulator.

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