China’s Xiongan New Area is accelerating its hunt for technology firms as the city, designed partly to house state-owned institutions relocated from Beijing, moves to nurture its own industries, according to people familiar with its plans and local officials.
Officials were looking to attract tech companies that could reach valuations of 10 billion yuan (US$1.4 billion), hoping some would list on stock markets, including Hong Kong’s, in the next few years, sources said, adding that the key sectors would span artificial intelligence, satellite internet and robotics.
Xiongan was pursuing a three-year developmental goal dubbed “511”, which aimed to cultivate five companies valued at or above 10 billion yuan, 10 worth more than 5 billion yuan, and 100 core firms, local officials said.
