15 June 2023
On 15 June 2023, the General Affairs Office of the Huadu District of the Guangzhou Municipal People's Government issued the “Detailed Implementation Rules for Supporting the Initial Public Offering of Enterprises in the Huadu District of Guangzhou Municipality” (“the Rules”). The Rules specified that an award of up to RMB6 million will be granted to enterprises which initially listed on overseas capital markets such as the Stock Exchange of Hong Kong, the Nasdaq Stock Market, the New York Stock Exchange, the London Stock Exchange and the Singapore Stock Exchange etc. For enterprises in the Huadu District listed on domestic or overseas capital markets achieves refinancing through share allotment, issuance of new shares, issuance of convertible bonds, a reward up to RMB2 million will be granted based on the financing amount which are reclassified in 4 grades. The Rules will be implemented from 15 June 2023 and will be valid for 5 years.