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Shenzhen Stock Exchange Joins Hands With Shandong Provincial Government To Foster New Driving Forces Of Growth For Shandong's Economy

Date 13/06/2019

On 11 June 2019, Shenzhen Stock Exchange (SZSE) and the People's Government of Shandong Province held a seminar to discuss how to leverage the capital market to support the high-quality growth of Shandong economy and the construction of China’s first comprehensive test area for new and old kinetic energy conversion. The two sides signed a strategic cooperation agreement at the seminar. This is an important step taken by SZSE, as a multi-tiered capital market platform, to play a greater role in the transformation and upgrading of local economies. It is also a key measure taken by SZSE to help Shandong Province press forward its economic development strategy which focuses on eight pillars of the province’s economy. Vice Governor of Shandong Province Liu Qiang, Vice Chairman of the Shandong Provincial Political Consultative Conference Wang Xiulin, and SZSE Chairman Wu Lijun attended the related events.

Shandong is a major economic province in China and has made remarkable strides in economic transformation and upgrading in recent years. Both public and private sectors of its economy have grown steadily. The province is at the forefront of the country in terms of economic performance as measured by a number of indicators. In 2019, Shandong Province continues to advance its economic strategy which focuses on fostering the eight pillars of its economy. By taking the major project of new and old kinetic energy conversion as a lead, it has been stepping up the implementation of innovation-driven development strategy, deepening economic structure adjustment, supporting the development of modern industrial clusters, and creating new competitive advantages for high-quality growth. SZSE has always played an active role in supporting new industries. It is dedicated to building a global leading innovative capital formationcenter, which is perfectly aligned with the plan of Shandong Province to foster new driving forces. In recent years, SZSE has visited more than 500 Shandong-based pre-IPO companies and run several corporate listing training programs. Recently, to better serve the capital market of Shandong, it moved in the Qingdao Capital Market Service Center. Currently, there are 128 Shandong-based companies listed on SZSE, including Weichai Power, Bank of Qingdao, Goertek, and Jereh. These quality companies are growing fast and strong with the help of SZSE. Statistics show that the Shandong-based companies have raised CNY314.32 billion through SZSE, including CNY73.85 billion through IPOs, CNY134.47 billion through rights issue and follow-on offering, and CNY106 billion through fixed-incomeproducts.

According to the signed agreement, SZSE, with the economic strengths and structure of Shandong in mind, will step up its efforts to support the growth of Shandong, especially in relation to IPOs, refinancing, M&A restructuring, and fixed-income products. It will fully play the role of innovative capital formation center to provide all-round one-stopincubation services to high-tech companies at the forefront of innovation and venture, support the mixed-ownership reform of major SOEs, and boost the transformation and upgrade of traditional industries, thus helping public companies realize higher quality growth and fostering new drivers of growth for Shandong's economy.

So far, SZSE has deepened strategic cooperation with many provincial governments. It actively supports the development of local economies and has tailored cooperation plans to the needs of these provinces in view of their resource endowments and industry features. SZSE has accumulated extensive experience in supporting local economies and made remarkable achievements. Next, SZSE will actively put into practice the new development concepts, support the implementation of national economic strategies, unleash the full potential as a multi-tiered capital market platform, strive to improve its direct financing capability, expand the depth and breadth of “localization” services, and continuously improve the ability to serve the real economy.