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The Beijing municipal authorities has put ahead a set of initiatives to advertise the event of tech unicorns within the metropolis, in keeping with a September 14 report by South China Morning Publish (SCMP). Eleven municipal businesses in Beijing, together with expertise promotion businesses and the event and reform fee, have collaborated on the coverage package deal named “Ten Measures for Unicorns.” Unicorns, specifically startups valued at over $1 billion, embody firms like TikTok’s proprietor ByteDance, quick trend agency Shein, and Hangzhou-based WeDoctor, in China, in keeping with SCMP. The coverage package deal covers varied 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 utility processing for itemizing on the Beijing Inventory Alternate, which was established in mid-2021 to cater to modern small- and medium-sized enterprises. Moreover, the measures pledge to offer unicorns with enterprise debt and direct investments facilitated by way of collaborations between monetary establishments and enterprise capital (VC) funds. It provides as much as RMB 100 million ($13.7 million) in funding for firms engaged in initiatives of nationwide strategic significance associated to unique innovation and key applied sciences. There are at present greater than 357 unicorns in China based previously 10 years, in keeping with SCMP, citing knowledge from market analysis agency Greatwall Technique Consultants. [SCMP]
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