All relevant entities:

The Several Measures for Further Supporting the Financing and Development of Technological Enterprises at Zhongguanchun Science Park, as adopted by the Director's Work Meeting System of the Beijing Zhongguanchun Science Park Management Committee, is hereby issued and shall come into force on the date of issuance.

Zhongguanchun Science Park Management Committee

November 15, 2018

Several Measures for Further Supporting the Financing and Development of Technological Enterprises at Zhongguanchun Science Park

For the purposes of conscientiously implementing the spirit of General Secretary Xi Jinping's speech at a private enterprise symposium, fulfilling the requirements of the CPC Central Committee, the State Council, the Beijing Municipality Party Committee and the municipal government on deepening the arrangements for financial services of private enterprises and micro- and small-sized enterprises ("MSEs"), further supporting technology-based private enterprises and MSEs (hereinafter referred to as "technological enterprises") at Zhongguanchun Science Park in raising funds through multiple channels, guiding financial institutions to develop management innovations, intensifying efforts to provide technological and financial support in policies and services, lowering the costs for enterprises to raise funds, resolving the difficulties in and reducing costs of raising funds, and minimizing the risks in business liquidity, the Measures are hereby developed as follows.

I . Supporting financial institutions in making more efforts to extend credit to technological enterprises

Support shall be given to banks in continuously developing loan products that satisfy the requirements of technological enterprises, further optimizing the process of rick control management and service mode, accelerating the approval, raising credit limits, steadily increasing the percentages of businesses such as credit loan, intellectual property right pledge loan, accounts receivable pledge loan, first-time loan, and mid-and-long-term loan. Banks shall be encouraged to provide supporting loans and roll-over loans to key enterprises such as listed companies, gazelle enterprises, gold-seed-program enterprises, and technologically advanced enterprises. The Zhongguanchun Science Park Management Committee (hereinafter referred to as "Zhongguanchun Management Committee") shall grant a subsidized loan of no more than RMB500,000 per year to eligible enterprises, and grant a risk-sharing loan of no more than RMB5 million per year to banks that provide such good services to enterprises.

II . Supporting technological enterprises in bonds and notes financing

Active measures shall be taken to support technological enterprises in making better use of "private enterprise bonds financing support instruments" of the People's Bank of China, and "credit protection instruments of bond market" of the China Securities Regulatory Commission for bonds financing; to support the establishment of a commercial notes credit service platform at Zhongguanchun Science Park so as to better serve enterprises in notes financing; and to encourage banks in setting up a notes discounting center for technological enterprises, and establishing a special fund with preferential interest rates. The Zhongguanchun Science Park Management Committee shall grant a capital support of not more than RMB500,000 and RMB1 million per year respectively for eligible enterprises engaging in notes and bonds financing.

III . Strengthening the capabilities of technological enterprises in providing financing guarantee services

Efforts shall be made to improve the capabilities of policy-based financing guarantee institutions such as Beijing Zhongguanchun Science and Technology Financing Guarantee Co., Ltd., and promote the establishment of Beijing Zhongguanchun Science and Technology Financing Guarantee Service Group, in a bid to raise the corporate credit level and increase the scale of financing guarantee services; and to support financing guarantee institutions in providing innovative services such as guarantee with attached warrants and credit guarantee, so as to further reduce guarantee rates. The Zhongguanchun Science Park Management Committee shall grant a risk-sharing subsidy of not more than RMB5 million per year to guarantee institutions that can provide such good services to enterprises.

IV . Promoting the facilitation of foreign debts financing for technological enterprises

Measures shall be taken to accelerate the implementation of policies concerning foreign debts facilitation and facilitation for settlement and payment of foreign exchange receipts under the capital account, intensify the support for pilot enterprises in borrowing foreign debts, simplify the registration procedures for cancelling foreign debts; to make it unnecessary for technological enterprises to provide authentic certificates and materials to banks one by one in advance when handling the domestic payment of RMB funds incurred from the settlement of foreign exchange receipts under the capital account; and to support the branch of Zhongguanchun Demonstration Zone Center under the State Administration of Foreign Exchange in expanding the service scope of Online Pre-approval System of Zhongguanchun Foreign Exchange Service, which aims to provide online services to sub-parks of Zhongguanchun Science Park and speed up approval process.

V . Directing angel venture capitals to focus on technological enterprises

Active measures shall be taken to support domestic and foreign top-class investing institutions, social security funds, insurance funds and other long-term capitals in entering the Zhongguan Science Park, seek to establish an expert advisory committee of hard & core technologies in the field of venture capital investment, and guide investing institutions to promote early investment, long-term investment and value investment in technological enterprises; and to maximize the leading role of Beijing Science & Technology Innovation Fund, encourage social funds such as investing institutions, leading companies, prestigious universities, and innovation-based incubators to co-establish sub-funds, and provide life-cycle equity financing services to technological enterprises. The Zhongguanchun Science Park Management Committee shall grant a risk-sharing subsidy of not more than RMB2 million per year to angel or venture capital investment institutions that meet the requirements of investment directions.

VI . Supporting technological enterprises to raise funds through multiple channels on the capital market

Joint efforts shall be made with sub-parks of Zhongguanchun Science Park to carry out the plans for cultivating to-be-listed companies, such as "Zhongguanchun Innovation Project of Helping 100 Enterprises to Get Listed", and "Zhongguanchun Science and Innovation New Blue Chip Activities", support the launch and setup of "Zhongguanchun Longmen Fund" and "Zhongguanchun Longmen Accelerator" to give a strong boost to technological enterprises in going public and raising funds; and to support the establishment of a merger & acquisition information service platform, make full use of Z-Park Fund, and encourage technological enterprises to acquire domestic and foreign innovation businesses. The Zhongguanchun Science Park Management Committee shall grant a M&A subsidy of not more than RMB1 million per year to enterprises that meet the conditions and requirements.

VII . Supporting the launch of policy-based aid funds

Active measures shall be taken to promote the "private enterprise bonds financing support instruments" of the People's Bank of China at the Zhongguanchun Science Park to stabilize and advance the equity financing of technological enterprises; to encourage eligible districts, sub-parks, financial institutions, state-owned enterprises, associations and alliances to launch and establish policy-based aid funds, and intensify the efforts of combined financing instruments and policy support; and to provide multi-phrase equity financing support to technological enterprises that are in dire need of financial aids, and help them get through difficult times.

VIII . Stepping up efforts in the innovative management of financial institutions supporting technological enterprises

Efforts shall be made to encourage banks to set up head offices, branches or special science and technology financial business bodies (sub-branches) focusing on technological enterprises at the Zhongguanchun Science Park, actively support the business management department of the People's Bank of China and Beijing Office of the China Banking and Insurance Regulatory Commission in gradually increasing the weights of such indicators as number of technological enterprises served by banks, amount of loans, and percentage of credit products for science and technology in the testing and evaluation system, and give priority to head offices or branches that provide such good services to technological enterprises when including financial institutions in the scope of re-loan, rediscount, or other monetary policy instruments of the People's Bank of China; to support the business management department of the People's Bank of China in setting up a re-discount window for the Zhongguanchun Science Park so as to speed up the re-discount approval process; and to encourage financial institutions to provide to technological enterprises with low-cost and easy-to-use bill financing services.

IX . Optimizing the credit evaluation system for technological enterprises

Support shall be given in establishing the Zhongguanchun Enterprise Credit Service Platform, making use of big data, block chain and other technologies, advancing the sharing and co-use of corporate operation data with enterprises in the fields of finance, industry and commerce, tax, and judicial system, developing a risk evaluation model that satisfies the conditions of technological enterprises, exploring new credit application scenarios, optimizing the corporate credit evaluation system, improving the availability of financing, and lowering the corporate financing costs.

X . Developing a financing service work mechanism for technological enterprises

Depending on a city-wide innovative work mechanism for enterprise services, steps shall be taken to build a special leading group for enterprise financing services, make use of concerted efforts, and promote cooperation with the relevant state departments to support the implementation of relevant pilot policies at the Zhongguanchun Science Park; to beef up efforts in tracking, monitoring, and sending risk warnings to technological enterprises with difficulties in financing, particularly those with high equity pledge rate and liquidity risks, respond in an active manner and intensify efforts in providing support and services; and to maximize the roles of relevant organizations, such as Zhongguanchun Entrepreneur Advisory Committee and Zhongguanchun Listed Companies Association, provide effective communication channels that can timely reflect the enterprises' demands, strengthen the publicity of relevant policies, boost the implementation of these policies, and shore up market confidence.