A meeting for the high-quality development of local listed companies is held in Optics Valley of China, Wuhan, Central China's Hubei province. [Photo/WeChat account of Optics Valley of China]

Listed companies are a driving force for the sci-tech innovation and economic growth of the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC), and on Aug 25, the valley organized a themed meeting to support the growth of local listed companies and create a favorable financing environment for firms preparing to go public.

The Wuhan metropolitan area capital market service base and the Wuhan Financial Research Institute were unveiled. Based in Wuhan New City, the two institutions will radiate to the entire Wuhan metropolitan area, being positioned as sci-tech financing demonstration and service platforms and sci-tech innovation capital exchange platforms.

The research institute is jointly built by the valley's administrative committee and the Shenzhen Greater Bay Area Financial Institute, aiming to create a leading national financial research center and a top-tier financial think tank platform, providing intellectual support for building Wuhan into a regional financial center and a national sci-tech innovation financial center.

Representatives from local banks, State-owned enterprises, insurance companies, and securities at the meeting. [Photo/WeChat account of Optics Valley of China]

Han Zhuo, director of the Hubei branch of the China Securities Regulatory Commission, and Sun Yi, vice president of CITIC Securities, delivered speeches at the event, which was also attended by over 300 people, including senior officials of Local Financial Regulatory Bureau of Hubei Province, and Hubei branches of China Banking and Insurance Regulatory Commission, and representatives from local banks, State-owned enterprises, insurance companies, and securities.

The Action Plan for the high-quality development of local listed companies was also released, which proposes the establishment of a leadership group for the high-quality development of listed companies, gathering high-quality venture capital institutions, securities firms, banks, associations, law firms, industrial research institutes, and industrial associations to form an "Optics Valley Listed Companies Service Alliance."

The documents also advocate carrying out 10 specific actions, including fostering companies to go public, talent aggregation, enhancing innovative capabilities, brand building, mergers and acquisitions, and risk resolution.

A goal is set for 2025 when the valley's listed company number is expected to reach 100, and their total market value will exceed 1 trillion yuan ($138.9 billion).

In addition, OVC will also guide banks, securities firms, insurance companies, and other financial institutions to provide various products such as loans, bond issuance, and financing leasing for enterprises having the potential to be listed. Six financial institutions have signed such cooperation contracts with the valley at the meeting.

OVC is home to 62 listed companies, accounting for two-thirds of the total in Wuhan and one-third in the province, with their gross market value surpassing 500 billion yuan. Since 2020, 17 local companies have successfully gone public.