Published by ChinaMNC · Xiangshan
Ningbo’s Plan to Boost Its Regional Equity Market: What Foreign Founders Need to Know
Ningbo has issued a new implementation opinion to develop its regional equity market by 2030, aiming to support SME listing and financing. This article summarizes the key points for foreign founders operating in China.
Ningbo’s Plan to Boost Its Regional Equity Market: What Foreign Founders Need to Know
Foreign founders running companies in China should pay attention to local policies that affect access to capital and growth support. On October 15, 2026, the Ningbo Municipal Government published an implementation opinion on promoting the high-quality development of its regional equity market. The policy, effective from November 16, 2026, sets out a roadmap through 2030 and introduces measures to help small and medium-sized enterprises (SMEs) access financing and prepare for public listing. Below is a summary of the key points from the official policy interpretation, with a focus on what this means for foreign-invested enterprises.
Background and Objectives
The policy responds to a 2025 State Council approval (Guohan [2025] No. 86) that calls for improving the multi-tier capital market system and strengthening cooperation between the Ningbo Equity Exchange Center and national securities markets. The implementation opinion aims to build a regional equity market that is nationally leading, oriented toward cultivating new quality productive forces, and serves as a base for SME listing incubation and a platform for diversified investment and financing services. The target is to achieve this by 2030.
Key Measures
The implementation opinion outlines 11 specific measures across five areas:
- Building a tiered pipeline of quality enterprises: The policy calls for tiered cultivation of优质 (high-quality) enterprises, smoothing the path to listing, and strengthening connections with higher-level capital markets. This aims to create a pipeline of enterprises ready for public markets.
- Constructing a diversified investment and financing service system: Measures include promoting equity financing, facilitating the commercialization of scientific and technological achievements, supporting the transfer of fund shares, and innovating financing tools. These steps are intended to broaden financing channels, improve capital exit mechanisms, and enhance investment-financing matching efficiency.
- Strengthening financial infrastructure: The policy proposes building platforms, improving registration and custody capabilities, extending services to county-level areas, and cultivating capital market talent. This addresses gaps in service functions and enhances comprehensive service capacity.
- Guarantee measures: Government units are required to coordinate policy implementation, seek higher-level policy support, and manage risks.
Why This Policy Matters
The Ningbo Equity Exchange Center, as the main base for SME incubation and listing services, has already achieved significant results. As of the end of September, it had cultivated over 6,000 enterprises, helped 29 companies go public, and supported 93 companies in listing on the New Third Board. It is the only regional equity exchange in China with a “three bases + two centers + one channel” function, including service bases for the Shanghai, Shenzhen, and Beijing stock exchanges, a STAR Market incubation center, a roadshow center, and a green channel for the Beijing Stock Exchange. The new policy aims to build on these strengths, encouraging more quality enterprises to join the regional equity market and undergo early listing preparation.
Ningbo was among the first batch of pilot regions for regional equity market innovation in 2021 and has undertaken four national-level pilot tasks, including blockchain, a specialized board for “little giant” and specialized SMEs, transfer of private equity and venture capital fund shares, and comprehensive consultation for private funds. The exchange has maintained compliant operations without risk incidents and has been recognized by the China Securities Regulatory Commission. The new policy seeks to deepen these pilot initiatives and promote regulated, healthy, and high-quality development.
What’s New Compared to the 2021 Pilot Plan
Compared with the 2021 implementation plan for the regional equity market innovation pilot (Yong Zheng Ban Fa [2021] No. 61), the new opinion maintains a development orientation that combines policy guidance, public welfare services, and market-oriented operation. It introduces new measures in three areas:
- Enterprise incubation and cultivation: The policy promotes a multi-tiered cultivation service system, explores the establishment of a “Technology Enterprise Cultivation Board,” and creates a one-stop service platform for enterprise listing. It also supports participation in capital market tutoring. It calls for deepening cooperation with the Shanghai, Shenzhen, and Beijing stock exchanges, the Hong Kong Stock Exchange, and the National Equities Exchange and Quotations (NEEQ), assisting enterprises to list on the New Third Board through green channels and public review mechanisms.
- Services for scientific and technological innovation: The policy aims to improve the full-chain service system for private equity funds (fundraising, investment, management, and exit), expand financial advisory (FA) services, strengthen financing support for commercialization of科技成果 (scientific and technological achievements), and explore innovative “equity option+” business. It also supports the cultivation of a fund share transfer market and encourages Beilun District to lead the creation of an S-fund ecosystem alliance. Banks and other financial institutions are encouraged to develop financing products specifically for enterprises cultivated by the regional equity market.
- Inclusive financial services: The policy envisions building a comprehensive service platform linking government, regulators, enterprises, and financial institutions. It includes developing a blockchain-based equity registration system and transaction reporting library, and establishing coordination mechanisms with market supervision departments. It supports the “one county, one platform” initiative and pairing with high-level science and technology innovation platforms, as well as joint construction of “five specialized” financial workstations with districts and counties.
Implications for Foreign Founders
For foreign founders operating in Ningbo or considering setting up a company there, this policy signals increased government support for SME financing and listing preparation. The regional equity market can serve as a stepping stone for growth-stage companies. Foreign-invested enterprises may benefit from the expanded financing channels, advisory services, and connections to national markets. However, the policy is specifically targeted at the regional equity market and does not alter the fundamental legal or regulatory framework for foreign investment. Founders should monitor how these measures are implemented and consider whether their Ningbo-based entities can leverage the cultivation and financing services offered.
Call to Action: Foreign founders can contact ChinaMNC on WhatsApp / WeChat at +86 153 1898 8535 for help registering and operating a company in China.
This summary is based on information published by the relevant Chinese government website and is general information, not legal or tax advice.