China issues circular to support listing cultivation for high-tech firms

China recently issued a circular to encourage national sci-tech achievements transfer and transformation demonstration areas to develop high-tech firms for listing, fostering them to enter sci-tech innovation board, Growth Enterprise Market and other multi-level capital markets for financing, reported Shanghai Securities News Wednesday.

Issued by China's Ministry of Science and Technology (MOST), the circular focuses on promoting construction and development of national sci-tech achievements transfer and transformation demonstration areas.

It requires these areas to develop technological factor market, establish and complete technology trading rules, service standards and norms, and a working credit system, and improve the mechanism for normalized road shows for sci-tech achievements.

It also requires these areas to promote the full coverage of sci-tech innovation vouchers for micro-, small- and medium-sized sci-tech firms, as well as cross-regional exchanges and mutual recognition, and to encourage the issuance of joint bonds for high-tech firms.

Efforts should also be made to cultivate a batch of demonstration enterprises for the transformation of sci-tech achievements, said the circular.

It's learned that some regions have made outstanding achievements in cultivating demonstration enterprises.

For instance, northeast China's Liaoning Province is implementing a project to cultivate sci-tech small- and medium-sized enterprises, high-tech firms and unicorn companies.

According to local sci-tech authority, high-tech firms account for 90 percent of the enterprises recorded for pre-listing tutoring in the province.