China’s ‘city of the future’, Xiongan, hunting high-value tech firms: sources
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…
China's Xiongan New Area, often referred to as the "city of the future", is aggressively seeking high-value technology firms to bolster its nascent tech sector. The city, established in 2017 to relocate state-owned institutions from Beijing, is pursuing an ambitious three-year plan called "511", which aims to cultivate five companies valued at or above 10 billion yuan, 10 with valuations over 5 billion yuan, and 100 core firms.
Officials are particularly interested in attracting firms in artificial intelligence, satellite internet, and robotics, with a target valuation of 10 billion yuan. While state-owned enterprises have already begun to move their headquarters to Xiongan, experts caution that this alone will not establish a lasting technology industry, emphasizing the need for suppliers, researchers, and business operations to also relocate.
The city has also seen a rise in AI professionals and entrepreneurs from Beijing seeking to establish "one-person companies" in Xiongan, further fueling its ambition to become a tech hub.
Brief written by urgent.news from SCMP Tech's own syndicated text. Machine-written — may contain errors; check the original before relying on it.
