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Shenyang, the capital city of China’s northeast Liaoning province, has put forward a three-year plan to promote the construction of a multi-level capital market, financially rewarding enterprises that go public,  Shanghai Securities Journal reported.

Shenyang will award 4 million yuan (US$580,000) to enterprises in the jurisdiction that have launched an IPO on the Shanghai or Shenzhen Stock Exchanges.

Accordingly, the awards will be paid in stages. The government will reward one million yuan for enterprises that filed for IPO counselling in the Liaoning Securities Regulatory Bureau, two million yuan for enterprises that submit application materials to the China Securities Regulatory Commission, and the remaining one million yuan when they have completed the listing.

A reverse takeover will also be awarded the same amount.

Listings on the Hong Kong Stock Exchange will receive a one-off award of 4 million yuan, while listing in other regions overseas will receive a one-time reward of 3 million yuan.

It is part of the Shenyang government’s effort to boost the number of domestic and overseas listed companies to 50 by the end of 2020.

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