Chongqing - Chongqing Polycomp International Corporation (CPIC)  joined the ChiNext board of SZSE rencently. This marks Chongqing's 10th new listing in 2023, featuring one relocation and nine A-share initial public offerings (IPOs), fostering the city's economic growth.

CPIC is a large state-owned enterprise integrating R&D, production, and sales of fiberglass products, which mainly produces high-quality alkali-free fiberglass and glass fabric series products.

A picture of Chongqing. (Photo/Zhang Kunkun)

On December 28, the Chongqing Local Financial Supervision and Administration Bureau announced that the city ranked first in Western China for the number of new domestic IPO-listed companies this year.

These companies raised a total of 12.074 billion yuan through their IPOs, marking a 191% increase year-on-year. Both the number of companies and the amount raised have set new historical records. Presently, Chongqing boasts 99 companies listed both domestically and overseas.

This year's nine new listings from Chongqing span various industries: Dencare in oral care; Wangcheng Technology, a gear and clutch manufacturing specialist; Millison in precision die-casting; Xishan Technology in the medical device sector; GenriBio, an innovative biopharmaceutical firm; Sulian Plastic, a leader in plastic fluid pipes for the automotive industry; Weima Agricultural Machinery, prominent in mountain agricultural machinery; and Meixin Yishen Machinery, a precision mechanical components manufacturer.

Increasing the number of listed companies is a key objective for the Chongqing municipal government. In recent years, it has introduced policies to enhance mechanisms supporting company listings.

In August last year, the city identified a selection of high-potential small and medium-sized enterprises for inclusion in a filing system. These businesses, chosen for their strong core operations, competitive edge, and growth potential, received industry, finance, and technology support.

As of December 28, 536 new companies joined Chongqing's municipal-level reserve list for IPO preparation, bringing the total to 1,014 companies.