The Beijing Economic-Technological Development Area Administrative Committee has officially released a policy document aimed at strengthening its enterprise listing cultivation and service framework. Known as the "Wild Goose Plan," this initiative is designed to provide tiered support to companies at various stages of their development and capital market journey, according to an official notice published on November 7, 2025.
The new measures are intended to align with central financial work conference guidelines and the State Council's directives on enhancing capital market oversight and high-quality growth. The plan focuses on the zone's leading industries and six future industrial systems, positioning listing cultivation as a core development strategy. It establishes a structured system to incubate and accelerate businesses, creating an ecosystem that supports enterprises throughout their entire lifecycle.
Understanding the "Wild Goose Plan" tiers
Under the plan, companies are categorized into three distinct tiers. "Gosling enterprises" are defined as well-managed companies dedicated to building foundational capabilities and preparing for the capital markets. "Wild goose enterprises" are those that have completed shareholding reforms and are in the crucial sprint phase toward listing. Finally, "head goose enterprises" refer to high-quality companies that have already achieved listings on domestic or international exchanges.
The program's primary goal is to build a multi-level capital market service system that leverages precise, professional services and a full-cycle capital ecosystem. The targeted outcomes include achieving approximately 10 new head goose enterprises, cultivating around 100 wild goose enterprises, and building a reserve of nearly 1,000 gosling enterprises by the end of 2027. This "ten-hundred-thousand" echelon structure is designed to establish the "Yiqishangshi" service brand and create a competitive cluster of innovative companies.
Key initiatives to support the plan
To cultivate a fertile ground for listings, the measures outline several specific actions. The first involves building a comprehensive gradient cultivation system to nurture high-quality small and medium-sized enterprises into companies favored by the capital markets. Another initiative focuses on expanding financial supply for enterprise development. This includes guiding financial institutions and industrial parks to innovate products and services, creating a positive cycle between technology, industry, and finance. The plan also involves leveraging policy-based financial tools and the zone's loan risk compensation fund to broaden financing avenues for businesses.
Furthermore, the policy calls for creating a full-cycle fund empowerment matrix. This will be achieved by establishing a three-dimensional fund structure involving national, municipal, and market-based funds, with a particular emphasis on using the AIC fund cluster to increase investment in early-stage and growth-oriented companies. To enhance the digital aspect of cultivation, the plan includes building a dynamic enterprise information database with "one enterprise, one file" profiles and expanding the "Yiqishangshi" service platform. This platform will feature an intelligent diagnostic module for listing feasibility, helping companies self-assess against various board standards and identify areas for improvement.
Accelerating the sprint to listing
A significant portion of the measures is dedicated to providing professional support during the final preparation phase. Companies that hire securities firms, accounting firms, or law firms for domestic listing guidance or overseas listing sponsorship will be eligible for a subsidy covering 30% of their annual service fees, up to a maximum of 2 million yuan per year. The plan also emphasizes pooling service resources by establishing an expert advisory library composed of professionals from securities companies, law firms, accounting firms, and investment institutions to assist with listing preparations.
The policy also promotes regular training and visits, utilizing exchange service bases to organize activities like "pre-listing roadshows." A streamlined government service channel will be established, ensuring coordination between municipal and district levels. This includes tracking the progress of key prospective listed companies throughout the entire process, from tutoring and application to review inquiries, and facilitating communication between enterprises and stock exchanges.
Promoting growth of listed companies
For companies that have already achieved listed status, the head goose enterprises, the plan encourages diversified capital operations. This includes supporting refinancing through various instruments such as targeted issuance, rights issues, convertible bonds, corporate bonds, asset-backed securities, and REITs. Additionally, these enterprises are encouraged to set up CVC funds and pursue mergers and acquisitions, utilizing qualified foreign investor resources to acquire quality assets and achieve industrial chain integration. The plan also calls for strengthening the implementation of fundraising investment projects by establishing reserve banks for equity financing and investment projects, and by coordinating with municipal-level funds to guide social capital toward these initiatives.
Improving service guarantees and enterprise management
To foster a secure growth environment, the measures include conducting risk inspections of listed companies and establishing a dynamic monitoring and early-warning system for financial risks and online public opinion. A multi-department joint emergency response mechanism will be created for enterprises showing major risk signals. To enhance the experience of entrepreneurs, the plan supports the introduction of core technical and senior management talent, offering them high-level treatment benefits. It also organizes benchmarking visits for entrepreneurs to leading listed companies to broaden their perspectives and inspire new ideas.
The policy document also provides specific criteria for the three enterprise tiers. For instance, to be classified as a gosling enterprise, a company must be well-managed and meet one of several conditions, such as having net profits of at least 10 million yuan in each of the last two years, or an average annual revenue of 50 million yuan with a growth rate above 20% in the last year. Wild goose enterprises must have completed share reform and meet more stringent financial thresholds, such as net profits of at least 30 million yuan in the last two years, or an average revenue of 200 million yuan with a 30% growth rate. They could also qualify by having R&D investments of at least 60 million yuan over two years with a post-investment valuation of 2 billion yuan, or by appointing sponsors for an overseas listing. Head goose enterprises are defined as those already listed on major exchanges including the Beijing Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, Hong Kong Exchange, New York Stock Exchange, NASDAQ, and the London Stock Exchange.
Application for the program can be initiated by recommendation from various administrative departments or through self-recommendation by the company itself. Applicants are required to submit a filing form to the Commerce and Finance Bureau, and their materials must be truthful and stamped with the official seal. The bureau will then review and determine the enterprise's classification within the plan. Dynamic management is implemented, and companies will automatically exit the program if they cease operations, fail to cooperate with information collection, are listed on abnormal operation or dishonest debtor lists for over a year, or receive major administrative or judicial penalties for violating laws.
The measures apply to legal entities and other organizations that actually operate within the 225-square-kilometer area of Yizhuang New City, have no major administrative penalty or criminal records in the past three years, and are included in the "Wild Goose Plan." Support will be granted following the principle of "highest standard without duplication" for companies eligible under other zone policies. The measures are effective from the date of publication and will remain valid until December 31, 2027. In the event of adjustments to national or Beijing municipal policies during this period, the relevant higher-level regulations will prevail. The interpretation of these measures rests with the Beijing Economic-Technological Development Area Administrative Committee, with the Commerce and Finance Bureau handling the specific explanatory work.