The Beijing municipal government has put forward a set of initiatives to promote the development of tech unicorns in the city, according to a September 14 report by South China Morning Post (SCMP). Eleven municipal agencies in Beijing, including technology promotion agencies and the development and reform commission, have collaborated on the policy package named “Ten Measures for Unicorns.” Unicorns, namely startups valued at over $1 billion, include companies like TikTok’s owner ByteDance, fast fashion firm Shein, and Hangzhou-based WeDoctor, in China, according to SCMP. The policy package covers various challenges faced by unicorns, including talent acquisition, marketing, innovation, fundraising, and the process of going public. Notably, it emphasizes streamlining the listing process for unicorns on both domestic and international stock markets. Unicorns will benefit from expedited application processing for listing on the Beijing Stock Exchange, which was established in mid-2021 to cater to innovative small- and medium-sized enterprises. Additionally, the measures pledge to provide unicorns with venture debt and direct investments facilitated through collaborations between financial institutions and venture capital (VC) funds. It offers up to RMB 100 million ($13.7 million) in funding for companies engaged in projects of national strategic importance related to original innovation and key technologies. There are currently more than 357 unicorns in China founded in the past 10 years, according to SCMP, citing data from market research firm Greatwall Strategy Consultants. [SCMP]
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