Shenzhen is leading all cities across the country to prosper together.

Recently, the most high-profile major event in China's capital market is undoubtedly the listing of Changxin Technology.

Hefei has gained a legendary reputation with a total profit of 1 trillion yuan, becoming the most popular venture capital city this year. (See the previous report from Zhengjie Bureau: "Changxin's Listing Makes Hefei Earn 1 Trillion Yuan: The Development Logic of Chinese Cities Has Changed")

Many people have not noticed that while Hefei has reaped rich returns from investing in Changxin Technology, there is another city in China that is leading cities across the country to "get rich" together.

This city is Shenzhen.

Up to now, Shenzhen has added 26 new listed companies at home and abroad this year, ranking first among large and medium-sized cities in China in terms of quantity.

The list of shareholders of these 26 listed enterprises is full of state-owned assets and industrial funds from all over the country.

With their early equity investments, these cities have reaped huge benefits from the IPOs of Shenzhen-based enterprises.

Shenzhen is joining hands with cities across the country to share the capital feast, creating a new model of regional development.

As the 2026 APEC Economic Leaders' Meeting is scheduled to be held in Shenzhen, this development logic of open collaboration and shared interests is in the same line as the common prosperity concept advocated by this APEC session.

01

Capital Harvest

On April 16, Dapuwei, an AI storage chip enterprise, was listed on the ChiNext board with an issue price of 46.08 yuan. Its share price has continued to rise after listing, and its current market value exceeds 200 billion yuan.

Headquartered in Longgang, Shenzhen, Dapuwei was founded in 2016. It is a leading semiconductor storage product provider in the industry, and one of the very few providers in China that has full-stack self-research capabilities for enterprise-level SSD "main control chip + firmware algorithm + module" and has achieved mass delivery.

After Dapuwei's listing, the local state-owned assets in Shenzhen were the first to taste the benefits.

In May 2019, Longgang District Guidance Fund of Shenzhen invested 20 million yuan in Dapuwei at a pre-money valuation of 500 million yuan, holding 3.33% of the shares after the investment.

As of the listing, Longgang Guidance Fund still holds 5.6991 million shares, with a market value of over 2 billion yuan, and the book floating profit is as high as more than 100 times.

Dapuwei is headquartered in the Venture Capital Building in Longgang District, Shenzhen

Interestingly, the largest state-owned shareholder of Dapuwei is not from Shenzhen, but from Nanjing.

In June 2020, Nanjing Qilin Venture Capital, a state-owned platform under Nanjing Qilin Science and Technology Innovation Park, increased its capital in Dapuwei by 80 million yuan, becoming the largest state-owned shareholder with 5.18% of the shares.

Calculated at the latest market value, the book floating profit of Nanjing Qilin Venture Capital exceeds 10 billion yuan, and the investment return is nearly 100 times.

In addition, state-owned background funds from the western region such as Guozhong Green Development (Guizhou), Guangxi Land and Sea New Channel Fund, Chengdu Bihong Venture Capital, Xi'an Guozhong Private Equity, and Guizhou Jinchan No.1 Fund have also obtained epic-level returns from their early investment in Dapuwei.

This is not an isolated case.

On June 26, HKC, a leading semiconductor display enterprise, was officially listed on the main board of the Shenzhen Stock Exchange.

Headquartered in Bao'an District, Shenzhen, HKC ranks top 5 in the world in the shipment area of TV panels, monitor panels and smartphone panels.

The issue price of HKC is 10.12 yuan per share, with an increase of 315% on the first day of listing, and its current market value is close to 200 billion yuan.

HKC, headquartered in Bao'an District, Shenzhen, held its listing bell-ringing ceremony

The prospectus shows that state-owned assets from Mianyang, Chuzhou, Gui'an, Chongqing, Changsha and other places have successively taken strategic shares in HKC.

Specifically ——

The Mianyang-related group, as the largest state-owned shareholder of HKC, Mianyang Investment Group has contributed a total of about 3.65 billion yuan, with a book floating profit of over 9 billion yuan.

The Changsha Liuyang-related group, Hunan Jinyang Investment Group (the state-owned platform of Liuyang Economic Development Zone) and Liuyang Urban Construction have contributed a total of 1.88 billion yuan, with a book floating profit of over 6 billion yuan.

The Chongqing-related group, Chongqing Ping An Fund converted 1.455 billion yuan of creditor's rights into equity, with a book floating profit of over 5 billion yuan.

The Gui'an-related group, Gui'an New Area Industrial Development Company and Ke Cheng Fund have contributed a total of 3 billion yuan, with a book floating profit of nearly 2 billion yuan.

The Chuzhou-related group, which valued its equity at 1.5 billion yuan, has a book floating profit of over 2 billion yuan.

Due to different time of shareholding, shareholding cost and method, the rate of return of state-owned assets in different regions varies.

Even affected by the recent sharp correction of share prices, the state-owned assets in various regions still get a book return of more than 3 times.

In addition to the above two benchmark enterprises, Shenzhen-based enterprises such as Haiqing Zhiyuan and Semcorp, which were listed in the first half of the year, also have the figures of state-owned assets from many regions behind them.

Haiqing Zhiyuan, an industrial AI enterprise that was listed on the Hong Kong Stock Exchange on June 22, includes industrial funds from Chongqing, Suzhou and other places in its shareholder list.

Haiqing Zhiyuan is listed on the Hong Kong Stock Exchange

Semcorp, the leading lithium battery separator enterprise that completed its "A+H" layout on June 23, has realized value appreciation through early investment by state-owned assets from Changzhou, Hefei and other places.

With the concentrated listing of Shenzhen enterprises, major cities across the country have reaped a big capital harvest.

02

Bet on Shenzhen

Why do major cities across the country favor investing in Shenzhen-based enterprises?

On the one hand, Shenzhen has a large number of listed enterprises with high gold content.

In the first half of this year, among the 20 new listed enterprises at home and abroad added by Shenzhen, more than 90% of the new entities belong to strategic emerging industries and future industries.

These enterprises are deeply engaged in tracks such as semiconductors, industrial AI, new displays, and new energy materials, which precisely fit the development direction of new quality productive forces, with full hard technology gold content.

For state-owned assets in various regions, the scarcity of such targets is self-evident.

On the other hand, Shenzhen's top science and technology innovation incubation soil provides solid support for the high growth of enterprises.

In June this year, the China Securities Regulatory Commission announced that it would support Shenzhen and 4 other cities to build the first batch of national capital market sci-tech financial practice samples.

By mid-June, the total number of listed enterprises in Shenzhen had reached 611, with a total market value of nearly 20 trillion yuan. The remarkable achievements stem from Shenzhen's top science and technology innovation incubation soil.

Shenzhen Special Economic Zone

Statistics show that Shenzhen adheres to long-term innovation investment, builds a full-cycle capital cultivation system with hundred-billion-level government guidance funds and ten-billion-level angel parent funds. There are more than 500 funds of various types, and the proportion of funds invested in the "20+8" industrial clusters exceeds 90%.

The Shenzhen government guidance fund, entrusted by Shenzhen Venture Capital, has invested in more than 3,500 projects in total, supporting 408 enterprises to achieve listing. As the first ten-billion-level angel parent fund in China, Shenzhen Angel Parent Fund has been deeply engaged in early-stage sci-tech innovation for 8 years, with a total of 1138 start-up projects landed, successfully cultivating 6 unicorn enterprises with a valuation of over 1 billion US dollars and 3 listed enterprises.

At the same time, Shenzhen has a complete industrial chain supporting system. From chip design, hardware manufacturing to market channels, enterprises can find complete upstream and downstream resources in Shenzhen, and the transformation efficiency of R&D achievements is far higher than that of other cities.

Benefiting from the mature capital system and complete industrial chain supporting system, Shenzhen's sci-tech innovation enterprises have fast technology iteration, sufficient innovation vitality, high listing certainty, and outstanding capital return potential, with growth speed and quality far exceeding that of local enterprises in ordinary cities.

The collective bet of cities across the country on Shenzhen's sci-tech innovation enterprises is essentially a high recognition of Shenzhen's sci-tech cultivation capability, the core value of enterprises, and long-term growth certainty.

Facts have proved that investing in Shenzhen enterprises is the right choice!

Major cities investing in high-quality sci-tech innovation enterprises in Shenzhen can realize equity appreciation through IPO, which can effectively revitalize the stock state-owned assets, form a virtuous cycle of "fiscal allocation — equity investment — listing exit — profit reinvestment", and find a stable, high-potential path to increase fiscal revenue.

Zhengjie Bureau notes that in addition to capital returns, various regions hope to bind hard technology enterprises in Shenzhen through strategic investment, and guide enterprises to land their manufacturing bases locally.

The most representative case is HKC.

As the largest state-owned shareholder of HKC, Mianyang Investment Group has contributed a total of about 3.65 billion yuan, with a book floating profit of over 9 billion yuan.

Almost synchronized with the investment, HKC's 8.6th-generation panel production line landed in Mianyang in 2018, with a total investment of 24 billion yuan. It only took 549 days from construction to production. After that, display modules and upstream advanced material projects followed one after another.

Mianyang Production Base of HKC

Driven by HKC, Mianyang has attracted more than 10 upstream and downstream supporting projects in total. In the past three years, it has introduced more than 20 new display industry projects with a total investment of over 40 billion yuan, basically forming a complete industrial chain covering raw materials, components, panel manufacturing, whole machine integration and terminal applications, and accelerating to move towards a hundred-billion-level industrial cluster.

Chuzhou, Changsha Liuyang and other places also follow the same logic.

Chuzhou Urban Construction Group took shares in the parent company by valuing the equity of Chuzhou HKC factory at 1.503 billion yuan. In 2019, Chuzhou HKC G8.6 generation line was lit up and put into production, with a total investment of 24 billion yuan, which is the largest single industrial project in Chuzhou's history.

Changsha Liuyang contributed a total of 1.88 billion yuan to take shares in HKC. In 2021, Changsha HKC G8.6 generation line was put into production, with a total investment of 28 billion yuan, which is a major industrial project of Hunan Province's "Five 100s" program.

Through investment, various regions have not only reaped capital returns, but also attracted the real industry, finally realizing the dual benefits of "equity appreciation + industrial cluster".

03

Regional Collaboration

In the past few decades, most of the investment attraction competitions between Chinese cities were based on "comparing who has lower land price, more subsidies and greater tax incentives".

In order to compete for projects, cities have offered "super-national treatment" one after another, and some even ignored their own financial affordability, leading to vicious competition.

This "blood-spending-style" investment attraction not only increases the local financial burden, but also fragments the national unified large market.

Under the low-level vicious competition, hidden troubles such as repeated industrial layout and overcapacity have followed.

In August 2024, the Regulation on Fair Competition Review was officially implemented, which explicitly prohibits unwarranted tax preferences and differentiated subsidies, announcing the end of "involution-style" investment attraction at the legal level.

The old path of "spending money to exchange for projects" is unsustainable, and all cities are pushed to the same starting line.

A realistic problem is placed in front of small and medium-sized cities: with a lack of high-end talents and industrial clusters, how to compete with first-tier cities?

The successful cases of cities across the country investing in Shenzhen's sci-tech innovation enterprises have opened up a new idea.

On August 4, Jialichuang, located in Futian District, Shenzhen, was listed on the main board of Shenzhen Stock Exchange

For small and medium-sized cities, in the past, if they wanted to develop high-end industries, they had to cultivate local leading enterprises from scratch, which was difficult, long-cycle and low-success-rate.

Now, instead of spending money to "develop chips" and "build cars" in fields where they do not have advantages, it is better to share the high growth dividend of Shenzhen's sci-tech innovation enterprises through equity investment.

They can not only obtain real capital returns, but also get