BEIJING, Nov. 23 (Xinhua) -- Beijing, China's capital, has seen 33 enterprises go public on the Nasdaq-style sci-tech innovation board, commonly known as the STAR market. These firms had raised a total of more than 50 billion yuan (about 7.615 billion U.S. dollars) in their initial public offerings (IPOs) by the end of October, with their market value reaching over 600 billion yuan, Beijing's securities regulator said recently.
Beijing ranked the second in the country in terms of the number of STAR-market-listed companies, total amount of raised capital and valuation.
Haidian District in Beijing is home to 15 firms listed on the STAR market. The area is renowned as a national scientific innovation center, boasting more than 10,000 high-tech enterprises, research institutes and prestigious universities, such as Tsinghua University and Peking University.
Last year, the district saw 22 newly-listed companies, hitting record growth in the number of listed companies, said Liu Jianmin, an official with Haidian district. The number of Haidian's listed companies accounted for four percent of the country's total.
The funds raised on the STAR market fueled the rapid development of many high-tech companies, which channeled the proceeds into research and development (R&D) and innovation.
Even the raging COVID-19 could not stop the strong momentum. For example, Piesat Information Technology Co., Ltd., a Beidou satellite applications provider, which debuted on the STAR market last year, recorded an increase of 46 percent in its revenue in the first three quarters.
The Beijing Municipal Government also offers subsides to encourage enterprises to go public and compete in the international market, with subsides issued last year amounting to 45.80 million yuan.
(Edited by Li Shimeng with Xinhua Silk Road, lishimeng@xinhua.org)
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