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50 Guangzhou Enterprises to Land on GEM
Forty to fifty Guangzhou enterprises have shown great intention to get listed on mainland GEM or Hong Kong GEM, revealed by Lin Yuan, vice mayor of Guangzhou after the introduction meeting on Guangzhou high-tech projects. Guangzhou Municipality will only act as an intermediary in selecting the potential enterprises and turn them to Stock Exchange of Hong Kong (SEHK) for approval and determination, Lin said.
As one of the high-tech projects, the application of developing a biology island has been turned to the central government for approval. The biology island is blueprinted to locate at Guanzhou Island of Haizhu District with an initial developing area of 0.55m square meters and a construction area of 0.03m sqm. A third of the area will be developed as the research base, a third as medium-term experiment base and a third as housing area or other facility area. The total investment is predicted to reach RMB100 trillion and the government will focus on the land development.
Guangzhou Municipality will invest RMB1b in venture capital on developing high-tech industries and will set up special high-tech incubation funds with RMB1.2m investment per year in support of a few enterprises. In addition, Municipal Government will invest another 0.145b yuan in setting up a science park as Guangzhou international incubator, where the start-up enterprises are exempted from rent for two to three years.
In the meantime, Guangzhou will select 50 key developing engineering technology research centers. The provincially approved research centers will be offered RMB4b individually and will be recommended to GEM. Some of the above investments will be offered as free investment.
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