Xiongan New Area Targets High-Value Tech Growth with '511' Goal
Xiongan New Area is actively seeking technology companies to foster its local industries, aiming to achieve a three-year development goal known as '511'.
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According to reports from the South China Morning Post, Xiongan New Area is intensifying its efforts to attract technology firms as the city, which is partially intended to accommodate state-owned institutions moved from Beijing, works to nurture its own industrial base. Officials mentioned they are looking to draw in tech companies that could achieve valuations of 10 billion yuan (US$1.4 billion), with the hope that some might list on stock exchanges, including those in Hong Kong, within the coming years. The primary sectors targeted for this growth include artificial intelligence, robotics, and satellite internet. Local officials stated that Xiongan was pursuing a three-year development objective termed “511,” which set a goal to cultivate five companies valued at or above 10 billion yuan, 10 companies worth more than 5 billion yuan, and 100 core firms.
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