Beijing to support unicorns by fast-tracking IPO and large funding approvals 

The Beijing municipal authorities has put ahead a set of initiatives to promote the event of tech unicorns within the metropolis, in accordance to a September 14 report by South China Morning Post (SCMP). Eleven municipal companies in Beijing, together with expertise promotion companies and the event and reform fee, have collaborated on the coverage bundle named “Ten Measures for Unicorns.” Unicorns, specifically startups valued at over $1 billion, embrace firms like TikTok’s proprietor ByteDance, quick trend agency Shein, and Hangzhou-based WeDoctor, in China, in accordance to SCMP. The coverage bundle covers numerous challenges confronted by unicorns, together with expertise acquisition, advertising, innovation, fundraising, and the method of going public. Notably, it emphasizes streamlining the itemizing course of for unicorns on each home and worldwide inventory markets. Unicorns will profit from expedited software processing for itemizing on the Beijing Stock Exchange, which was established in mid-2021 to cater to progressive small- and medium-sized enterprises. Additionally, the measures pledge to present unicorns with enterprise debt and direct investments facilitated by way of collaborations between monetary establishments and enterprise capital (VC) funds. It provides up to RMB 100 million ($13.7 million) in funding for firms engaged in tasks of nationwide strategic significance associated to unique innovation and key applied sciences. There are at present greater than 357 unicorns in China based prior to now 10 years, in accordance to SCMP, citing information from market analysis agency Greatwall Strategy Consultants. [SCMP]