Harbin New Zone issues measures encouraging enterprises to enter the capital market on April 19. [Photo provided to chinadaily.com.cn]

On April 19, Harbin New Zone officially issued 10 policy measures encouraging enterprises to enter the capital market. The measures aim to speed up the listing of enterprises and promote the high-quality development of the regional economy.

They apply to enterprises in Harbin New Zone and the Harbin area of the China Heilongjiang Pilot Free Trade Zone.

The measures include staged incentives for enterprises to go public, incentives for listed enterprises that move to Harbin from outside Heilongjiang province, incentives for successfully listed enterprises’ executive teams, employee equity incentives, restructuring cost subsidies, subsidies for production and operation factors and refinancing incentives for listed enterprises.

Of which, a maximum reward of 10 million yuan ($1.50 million) will be granted to backup enterprises that plan to be listed on the Shanghai and Shenzhen stock exchanges, or those who have listed on the Shanghai and Shenzhen stock exchanges and relocated to Harbin city.

Implementation of the measures is expected to comprehensively cut the costs for enterprises to go public, reduce their operating burdens and help more enterprises enter the capital market.

The same day, Harbin New Zone signed the Memorandum of Strategic Cooperation in Promoting Enterprises to Enter the Capital Market with the Heilongjiang Provincial Financial Supervision Bureau, Heilongjiang Securities Regulatory Bureau and Harbin’s financial services bureau.

It also signed a capital-increase agreement with Heilongjiang New Industry Investment Group and Heilongjiang Provincial Property Rights Exchange Group.

Phased rewards were awarded to eight companies in the zone, with the maximum reward amount reaching 8 million yuan, highlighting Harbin New Zone’s strong support for the listing of enterprises within its jurisdiction.