南财观察｜“水大鱼大”，前海引“四大资本”赋能实体经济

Core Viewpoint - The establishment of a financial high-level open corridor in the Guangdong Free Trade Zone is aimed at supporting the high-quality development of the real economy through financial openness and innovation [1][2]. Group 1: Financial Development in Qianhai - Qianhai is positioned as a crucial link between Hong Kong and the mainland, focusing on attracting international capital and supporting enterprises to list in Hong Kong [2][3]. - Over the past decade, Qianhai has attracted a total of $38.2 billion in foreign investment, accounting for 67% of the Guangdong Free Trade Zone's total [2]. - The number of customs-registered enterprises in Qianhai has increased to over 11,000, a growth of 5.7 times since its establishment [2]. Group 2: Capital Market and Listing Support - Qianhai aims to become a nurturing base for companies planning to list in Hong Kong, leveraging Hong Kong's international legal and regulatory framework alongside Shenzhen's industrial advantages [3][4]. - In the first half of this year, the Hong Kong Stock Exchange led global IPO financing with 40 new listings raising HK$102.1 billion [4]. - By 2025, the Hong Kong market is expected to see 80 new listings, with a total financing amount projected to reach HK$200 billion [4]. Group 3: Financial Infrastructure and Cross-Border Finance - The Qianhai Equity Exchange Center is designed to facilitate enterprises in listing in Hong Kong, with a focus on enhancing the listing nurturing mechanism [5]. - Qianhai has established six cross-border financial brands, including cross-border RMB loans and dual-currency bond issuance, to attract international capital [5]. - As of the end of 2024, Qianhai's FT accounts have surpassed ¥1 trillion in cross-border receipts and payments [5]. Group 4: Support for Small and Medium Enterprises - The development of "patient capital" and "bold capital" is emphasized to improve the financing environment for small and medium-sized enterprises and technology companies [6][7]. - The "Technology Startup Pass" credit product has served over 3,200 enterprises, with 80% being early-stage tech companies, providing loans totaling ¥3.8 billion at a low interest rate of 3.45% [6]. - The first private equity fund management license for insurance capital has been issued in Qianhai, with an initial fund size of ¥30 billion [7]. Group 5: Supply Chain Finance - Qianhai is recognized as a major hub for supply chain finance, aiming to support the transformation of the manufacturing sector and promote inclusive finance [9][10]. - The region has launched the first national action plan to promote the development of the factoring industry, establishing itself as a model for supply chain finance innovation [9]. - By May 2025, Shenzhen is expected to have 11,000 specialized small and medium enterprises, providing a strong market for supply chain financing [10].