Chongqing - As of December 25, 2024, Chongqing's listed companies had a total market capitalization of 1,108.7 billion yuan (about USD 151.9 billion). Notably, 34.62% of these companies were valued over 10 billion yuan, exceeding the national average of 28.43%, according to the Chongqing Listed Company Development Report (2024) released on December 26 at Jiangbeizui CBD.

The Chongqing Listed Company Development Report (2024). (Photo/Jiangbei District)

Between 2021 and 2023, Southwest China's Chongqing municipality added 25 new listed companies, with 10 new IPOs in 2023 alone—a record high. This growth made Chongqing the leader in new IPOs in Western China, ranking it ninth nationwide despite a tightening IPO environment. 

The report also revealed a substantial rise in capital raised through IPOs. In 2023, Chongqing's listed companies raised a total of 12.07 billion yuan through initial public offerings, marking a 191% year-on-year increase. In the first half of 2024, Chongqing's listed companies refinanced 5.76 billion yuan, an 883.1% increase compared to the previous year.

In addition to financial growth, the operating performance of Chongqing's listed companies has been impressive. In 2023, these companies invested 24.55 billion yuan in research and development, marking a 28.68% increase from the previous year. This commitment to innovation has contributed to strong long-term growth potential for local enterprises.

Moreover, for the first three quarters of 2024, the operating revenue of Chongqing's listed companies exceeded 580 billion yuan, reflecting a year-on-year growth of 5.86%.

The Chongqing Listed Company Development Report (2024) was released on December 26, 2024. (Photo/Jiangbei District)

The report aligns with national strategies like the Chengdu-Chongqing economic circle and the Western Financial Center. It examines the strengths and challenges of Chongqing's listed companies in operations, financing, investment, governance, and returns while offering strategic recommendations, case studies, and a list of companies set for future listings.

Wu Xiaoqiu, former vice president of the Renmin University of China, attended the report release event and delivered a keynote speech. Regarding the development of China's capital market, he stated that building a strong capital market requires comprehensive reform of the market system. He stressed the need for regulators and exchanges to ensure transparency in company information and market transactions. 

Wu Xiaoqiu, former vice president of the Renmin University of China. (Photo/Jiangbei District)

Wu also called for ongoing improvements to the delisting system and advocated for the recovery of funds from controlling shareholders of companies delisted for legal violations.

He further noted that the People's Bank of China (PBOC) has introduced two new monetary policy tools—swap facilities and stock repurchase refinancing—marking the beginning of a liquidity reserve mechanism in China's capital market. This shift, he explained, signals a transition in China's financial system from a stable, single-phase era to a dual stability structure involving both depository institutions and the capital market.

Ni Zewang, former chairman of Shenzhen Capital Group, discussed 2025 investment opportunities, highlighting that venture capital firms face tougher fundraising conditions and are adopting a more cautious approach. Investment strategies are shifting to prioritize national strategic needs, company profitability, and sustainability, with a focus on hard tech, M&A, and restructuring. Additionally, there is a transition from Independent Venture Capital (IVC) to Corporate Venture Capital (CVC).

Ni stated that the next investment opportunities lie in sectors such as semiconductors, new materials, industrial software, industrial internet, consumer technology, and health consumption, which are set to see significant growth. Additionally, emerging fields like artificial intelligence, commercial spaceflight, low-altitude economy, and humanoid robots will shape future industrial trends.