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Economic Observer reporter Niu Yu "The last batch of applications for listing subsidies were in May this year, and the acceptance process has ended. Now our subsidy policy has been suspended." On August 22, Ms. Dong from the Shanghai Xuhui District Commerce Commission told the Economic Observer that relevant policies will be implemented in accordance with the latest national requirements.

On May 15 this year, the official WeChat account of Shanghai Xuhui District announced that domestic and overseas listed companies, companies listed on the New Third Board, etc. in Xuhui District can apply for up to 6 million yuan in listing support funds, and the review unit is the Xuhui District Commerce Commission.

Only three months later, the Ministry of Justice’s official website released a notice on August 16: The Ministry of Justice, together with the Ministry of Finance and the China Securities Regulatory Commission, drafted the “State Council Regulations on Regulating the Services Provided by Intermediary Institutions for Public Issuance of Stocks by Companies (Draft for Comments)” (hereinafter referred to as the “Regulations”). It clearly requires that local people’s governments at all levels shall not give rewards to issuers or intermediary institutions based on the results of public issuance and listing of stocks.

Halting listing bonuses is only Article 15 of the Regulations. The introduction of this important policy is aimed at intermediary institutions that provide services for IPOs (initial public offerings) in the capital market, and explicitly requires that securities companies, accounting firms, law firms and other intermediary institutions should not link their fees to IPO results.