Recently, the Yunnan Provincial People's Government issued the Several Measures on Leveraging the Role of Capital Markets to Support Yunnan's High-Quality Development, proposing 17 specific measures across 7 areas including strengthening enterprise listing cultivation, enhancing the quality of listed companies, building a high-quality regional equity market, and making good use of bond market financing tools, in order to fully leverage the functional role of capital markets and support the province's high-quality economic and social development.
The Measures specify the implementation of the "Golden Seed Plan 2.0," establishing a reserve cultivation database for listing-bound enterprises categorized by key industry tracks, scientifically setting entry standards, and precisely identifying and dynamically managing listing reserve enterprises. At the same time, strengthening linked services for key enterprises, establishing and improving a mechanism for prefecture (city) responsible officials to contact and serve key listing reserve enterprises, promptly resolving issues related to enterprise listing, and providing escort services for enterprise listings. Deepening the advancement of the "one thing" for legal and compliant information verification of enterprise listings, and promoting the use of special credit reports to replace certificates of no violations of laws and regulations. Optimizing the professional listing service system, forming a professional listing service expert team, and providing "one-on-one" contact services for listing reserve enterprises. Regularly pushing the list of listing reserve enterprises and their financing needs to financial institutions. Establishing a lead bank system for listing reserve enterprises, appointing financial commissioners with professional expertise as government-enterprise liaisons for enterprises, and strengthening credit services. Supporting financial institutions in carrying out investment-loan linkage, investment-bond linkage, and investment-insurance linkage to increase financing support for listing reserve enterprises.
The Measures make arrangements for enhancing the quality of listed companies. Strengthening service guarantees for listed companies, establishing a mechanism for provincial leaders and principal responsible officials of relevant provincial economic departments to contact and visit listed companies. Regularly convening cross-departmental joint meetings to coordinate and resolve reasonable demands reflected by listed companies in accordance with laws and regulations. Supporting listed companies in deploying fundraised investment projects within the province, providing service guarantees by referencing investment promotion policies, and accelerating the handling of project approval, land use, environmental impact assessment, and other matters in accordance with laws and regulations. Promoting listed companies to enhance investment value, standardizing market value management, and studying the inclusion of listed company market value management into internal and external assessment and evaluation systems. Guiding listed companies to coordinate the use of cash and stock dividends and other methods to enhance the stability, sustainability, and predictability of dividend distribution. Supporting listed companies in carrying out mergers and acquisitions and restructuring, focusing on the industrial clusters determined by the Provincial Party Committee and Provincial Government, increasing integration efforts along the industrial chain, and transforming and upgrading toward new quality productive forces. In terms of preventing and resolving risks of listed companies, standardizing the behavior of local state-owned capital acquiring listed companies, and establishing and improving institutional mechanisms such as notification of local state-owned capital acquisitions of listed enterprises, joint consultation on relocation of listed enterprises, and risk monitoring and early warning for local state-owned capital acquisitions of listed enterprises. Implementing comprehensive prevention and punishment requirements for financial fraud in capital markets, and severely cracking down on illegal and non-compliant behaviors such as financial fraud, third-party coordinated fraud, fund misappropriation, and irregular guarantees.
The Measures propose fully leveraging the "tower base" and "nursery" role of the regional equity market, supporting the Provincial Equity Exchange Center to participate in the construction and management of the listing reserve enterprise database, establishing a value assessment system for listing reserve enterprises, building high-standard listing cultivation special boards for high-quality enterprises such as specialized, refined, distinctive, and innovative enterprises, and turning the regional equity market into a comprehensive application platform for policies and measures supporting small and medium-sized enterprises. Studying policies related to fiscal and financial coordination in supporting the development of the multi-tiered capital market. Encouraging the promotion of inclusive listing cultivation services for small and medium-sized enterprises by the Provincial Equity Exchange Center through government procurement of services and other methods. Promoting deeper cooperation between the Provincial Equity Exchange Center and stock exchanges and the National Equities Exchange and Quotations, making good use of the institutional docking policy between the "third and fourth boards," and helping high-quality enterprises connect with higher-tier capital markets. At the same time, supporting the Provincial Equity Exchange Center in jointly building capital market laboratories with universities and financial institutions to enhance professional and market-oriented service capabilities. Promoting the Provincial Equity Exchange Center to gradually establish a province-wide unified non-listed equity registration and custody system. Actively applying for innovative business pilots such as equity investment and venture capital share transfers. Exploring the establishment of regional equity market venture capital funds, and guiding long-term capital to invest early, in small enterprises, in the long term, and in hard technology.
The Measures propose making good use of bond market financing tools, guiding state-owned enterprises to fully utilize bond market financing tools to revitalize existing assets, optimize financing structures, and accelerate reform, transformation, and development. Supporting high-quality enterprises in applying for and issuing innovative varieties such as science and technology innovation bonds, green bonds, rural revitalization bonds, and "Belt and Road" bonds. Cultivating and developing real estate investment trusts (REITs), and formulating policies for the province to accelerate the implementation of commercial real estate investment trust pilots. In terms of leveraging the service functions of the securities and futures markets, supporting securities and futures legal-person institutions within the province to become better and stronger, standardize corporate governance, and achieve distinctive high-quality development. Further leveraging the functions of the futures market, supporting the listing of Yunnan's advantageous and distinctive varieties and the construction of delivery warehouses. Guiding enterprises to use futures tools to manage risks, and supporting futures institutions in providing professional risk management services for enterprises. Focusing on futures varieties such as live pigs, natural rubber, white sugar, and feed, actively promoting and implementing "insurance + futures" projects, stabilizing agricultural product price expectations, and helping farmers continuously increase income. In terms of regulating and developing the private fund industry, leveraging the guiding and driving role of government investment funds, and attracting social capital to participate in the establishment and operation of sub-funds. Optimizing the development ecosystem for private funds, developing private equity secondary market funds (S funds), and supporting private equity institutions in exiting through methods such as distribution in kind in accordance with laws and regulations.