The Southern Taihu Lake New District in Huzhou recently unveiled a policy to incentivize local enterprises to make initial public offerings.

Enterprises will be granted certain awards based on the bourses they debut on. 

Those that list on the main boards of domestic bourses will be entitled to 15 million yuan ($2.17 million) in rewards while those that debut overseas will receive a one-time prize award of eight million yuan. 

The awards for being listed on the Growth Enterprise Market (GEM) and the national New Over the Counter (OTC) Market stand at 200,000 yuan and 1.5 million yuan, respectively. 

In addition, the senior management of a listed company will be given a one-time bonus of 10 million yuan on the condition that the company's headquarters are relocated to the district. If the company's fundraising project is also carried out in the district, it will be awarded with a one-time bonus of an extra five million yuan.

Rewards will also be offered to enterprises listed as IPO candidates and those preparing for IPOs through stock reforms.

There are currently 36 companies from the district included on the cultivation list for listed companies by local authorities.

Founded in June of last year, the Southern Taihu Lake New District, as its name indicates, is located south of Taihu Lake, the third-largest freshwater lake in China. The district is one of four new districts in the Zhejiang bay area, along with Hangzhou Qiantang New District, Ningbo Qianwan New District, and Shaoxing Binhai New District.

The district has been a popular investment destination, with official data showing that it received 27.14 billion yuan from investors in 2019.