Shanghai’s Science and Technology Commission rolled out the Zhangjiang Hi‑Tech
Development Zone 15th Five‑Year plan, prioritizing measures to deepen tech
financing and support industrial consolidation. Key market measures: back
qualified tech firms to list on the STAR Market for financing; encourage tech
companies to issue innovation-and-entrepreneurship corporate bonds and
investment institutions to issue technology-innovation bonds; expand exit
channels via private equity secondary-market (S) funds and M&A funds and support
equity investment clusters. Plan urges use of the M&A loan pilot to finance
industry‑chain acquisitions and better deployment of re-lending for tech
innovation and technology renovation and other structural monetary tools. It
also calls for stronger angel-investment platforms, fintech–industry integration
demonstration zones, and greater private and foreign capital participation in
park construction and industrial innovation.
