Core Viewpoint - The article highlights the implementation of cross-border financing facilitation policies in Shanghai, aimed at easing the financial pressures on technology-oriented enterprises, particularly in the biotech sector, by expanding their access to foreign debt financing [1][2][3]. Group 1: Cross-Border Financing Facilitation Policies - The State Administration of Foreign Exchange (SAFE) Shanghai Branch has included technology-oriented SMEs in the cross-border financing facilitation pilot program, allowing eligible high-tech and specialized enterprises to borrow foreign debt up to $10 million based on actual operational needs [3]. - Since the expansion of this policy, 8 technology-oriented enterprises in Shanghai have completed 9 pilot transactions in 2024, accelerating their innovation and development [3]. - The Shanghai Branch has streamlined the process for non-financial enterprises to register for foreign exchange related to overseas listings and employee stock incentives, facilitating access to foreign capital markets for technology firms [3]. Group 2: Support for Specialized Enterprises - A specific biotech company in Shanghai, which focuses on innovative cancer immunotherapy, benefited from the facilitation policies, receiving a foreign debt quota of 11 million RMB within two weeks after applying [2]. - The Shanghai Branch has processed nearly 600 foreign debt registrations, including over 80 for technology-oriented enterprises, significantly reducing operational and communication costs for these companies [5][6]. Group 3: QFLP Pilot Program - The Qualified Foreign Limited Partner (QFLP) pilot program has been expanded to cover the entire Shanghai area, allowing foreign investors to participate in domestic equity investments more easily [4]. - The QFLP program primarily targets high-tech sectors such as biomedicine, information technology, and renewable energy, with over 40% of investments directed towards high-tech fields [4]. Group 4: High-Level Open Policies - Starting in 2024, several high-level open policies have been extended to the entire Shanghai area, effectively lowering cross-border financing costs for technology-oriented enterprises [5]. - By the end of March, 39 banks and 828 quality enterprises in Shanghai participated in the high-level open pilot, processing 374,100 facilitation transactions totaling $212.44 billion [6]. Group 5: Cross-Border Fund Management - The Shanghai Branch has upgraded the cross-border fund management policies for multinational companies, enhancing their ability to manage both domestic and foreign currency funds efficiently [9][10]. - The new policies have received positive feedback from banks and enterprises, with companies like a leading CMOS sensor design firm applying for fund pool upgrades to improve their debt management capabilities [10][11].

七部门：支持外商投资境内科技型企业，提高外资在华开展股权投资、创业投资便利性。用好合格境外 有限合伙人（QFLP）试点、跨境融资便利化试点政策，拓宽科技型企业跨境融资渠道。支持科技型企 业依法依规境外上市。 ...