Hangzhou Qianjiang CBD. Photo: iStock
Hangzhou Qianjiang CBD. Photo: iStock

The Hangzhou municipal government in east China has launched a “Phoenix Action” to promote corporate listings and M&As, The Paper reported.

Those identified as key companies can enjoy supporting policies, including a one-time reward of 1.5 million yuan (US$240,000) for direct listing at home and abroad as well as completing major asset restructuring.

For those who move into Hangzhou city, a one-time award of 2 million yuan is given, while for those who refinance and invest in the community, subsidies will be granted at a rate of no more than 0.5% of the total invested fund, with a maximum of 10 million yuan.

It is also reported that so far Hangzhou has secured 26 unicorn enterprises, which ranks third in the country and second in market value.

Meanwhile, the potential for companies’ going public remains huge, the report said.