Full-Chain Acceleration Service Upgrades as Multiple Regions Intensify Efforts in Cultivating Listed Enterprises

Since the beginning of this year, local governments have been continuously implementing measures to support companies going public and listing on the stock exchange. Beijing recently released the “2026 Beijing City Comprehensive Optimization of Business Environment Work Points,” which emphasizes fully leveraging the company’s listing guidance mechanism, deeply carrying out the “Diamond Project” and “Yuying Plan,” and promoting more eligible companies to list domestically and internationally for financing; Shaanxi Provincial Party Committee’s Comprehensive Deepening Reform Committee mentioned in a meeting on March 17 that they will improve the one-on-one listing service mechanism and support a group of promising startups to grow into leading local enterprises.

Behind these multi-dimensional initiatives, there is a reflection of the deepening understanding of the functions of the capital market by local governments. Professor Lan Rixu from the Central University of Finance and Economics told Securities Daily that the purpose of local listing services is to precisely direct financial resources toward new productive forces, invest in high-tech and advanced industries, and build a capital engine for industrial upgrading, thereby driving regional industrial advancement, factor aggregation, and high-quality economic development.

Providing Full-Cycle Services

As an important part of the capital market, listed companies play a vital role in promoting economic development, technological innovation, and resource allocation.

For local governments, listed companies positively impact the local economy through tax contributions, industrial clustering, technological innovation, and employment. As China’s capital market functions continue to improve, supporting and serving companies in their listing process has gradually become an important tool for local governments to promote economic growth and enhance regional competitiveness.

In addition to policy support, various regions are also making forward-looking arrangements through government investment funds backed by state-owned assets. For example, Wuxi Industrial Group, an important platform for state-owned capital investment and operation in Wuxi, has previously invested in companies such as Blue Arrow Aerospace Space Technology Co., Ltd., Jiangsu Tianbing Aerospace Technology Co., Ltd., and CAS宇航 Technology Co., Ltd., forming an industry matrix covering the full spectrum of rockets, all of which have initiated the listing process. In the AI field, the group has also invested in Beijing Zhipu Huazhang Technology Co., Ltd. and ZeroKre Technology Co., Ltd.

Moreover, local state-owned assets frequently appear on the cornerstone investor lists of high-quality Hong Kong IPOs, supporting enterprise development. For example, Wuxi Jinchou Investment Management Co., Ltd., a fund with local state-owned background, participated as a cornerstone investor in Wuxi XianDao Intelligent Equipment Co., Ltd.; Liguan Investment Co., Ltd. participated as a cornerstone investor in Qingdao Gonen Technology Co., Ltd., with the actual controller being the Qingdao Municipal State-owned Assets Supervision and Administration Commission.

“The number and quality of listed companies in a region have become key indicators of its resource allocation capability and the effectiveness of innovation policies. The number of listed companies and the local economy form a mutually empowering, mutually reinforcing positive correlation,” said Lan Rixu. He added that local listing services, through full-cycle precise positioning, help resolve listing bottlenecks, standardize corporate governance, and open financing channels, providing core support for high-quality enterprise development across the entire chain.

Promoting Diversified Support Methods

The design of incentive mechanisms for listed companies by local governments is a core issue. Currently, support for cultivating listed companies has shifted toward diversified methods such as full-process services, factor guarantees, and early-stage cultivation, focusing more on improving enterprise quality and healthy capital market development rather than simply competing on quantity.

An investment banker from East China told Securities Daily that the current support for cultivating listed companies shows two clear characteristics: first, improving the quality of listed entities. Many regions are shifting their focus from “pursuing scale expansion” to “supporting hard-tech companies to go public.” They are more focused on guiding funds to “invest early, small, long-term, and in hard technology,” which will supply more high-quality tech innovation entities to the A-share market. Second, the collaboration between central and local regulators has formed a consensus. Strengthening regulation and cracking down on financial fraud, in coordination with central supervision, helps optimize the financing structure and reduce corporate leverage.

Looking ahead, how should a healthy and sustainable ecosystem for listing services be shaped?

Wang Qing, President of Handing Consulting, told Securities Daily that supporting enterprises to go public should be incorporated into the overall strategic planning of the government, with broader and long-term arrangements. Specifically, in serving potential listing companies, there are three key aspects: first, deepening business empowerment. Actively connecting companies with upstream and downstream industry resources, strengthening normative publicity and training, introducing professional institutions, and providing guidance in compliance management, strategic planning, and application logic to help companies establish correct perceptions of financing and prepare thoroughly. Second, strengthening technological innovation support. Promoting cooperation between companies and universities or research institutes to enhance technological levels and independent R&D capabilities. Third, optimizing institutional support. As the proportion of innovative enterprises in IPOs continues to rise, related approval processes face new challenges. Local governments should tailor measures to local conditions and promptly develop responses to ensure smooth application procedures.