Xiongan New Area Pursues High-Value Tech Firms with '511' Goal
According to sources and local officials, Xiongan New Area, envisioned as China's 'city of the future' and designed to house state-owned enterprises moving from Beijing, is ramping up its efforts to lure technology firms to build its industrial foundation. The region is focusing on companies with potential valuations of 10 billion yuan (US$1.4 billion), aiming for some to go public, including on Hong Kong's stock exchange, in the coming years. Key areas of focus are artificial intelligence, satellite internet, and robotics. Local authorities mentioned a three-year plan called '511', which targets the establishment of five firms valued at over 10 billion yuan, ten exceeding 5 billion yuan, and 100 core companies, showcasing Xiongan's ambition to foster local industries while serving as a relocation site for state enterprises.
Key facts
- Xiongan New Area is accelerating its hunt for technology firms.
- The city is designed partly to house state-owned institutions relocated from Beijing.
- Officials aim to attract tech companies that could reach valuations of 10 billion yuan (US$1.4 billion).
- Some companies are hoped to list on stock markets, including Hong Kong's, in the next few years.
- Key sectors include artificial intelligence, satellite internet, and robotics.
- Xiongan is pursuing a three-year developmental goal dubbed '511'.
- The '511' goal aims to cultivate five companies valued at or above 10 billion yuan.
- It also aims to cultivate 10 companies worth more than 5 billion yuan and 100 core firms.
Entities
Locations
- Xiongan New Area
- China
- Beijing
- Hong Kong