Heilongjiang rewards 2m yuan to unicorn enterprise in bio-economy

According to the Heilongjiang Development and Reform Commission, the province has recently issued the "Heilongjiang Provincial Bio-Economy Unicorn Enterprises Identification and Reward Measures".

According to these measures, businesses recognized as unicorns at the provincial level in the bio-economy field will be given a one-time award of 2 million yuan ($273,972.6).

A unicorn enterprise is defined as a non-listed company established no more than 10 years ago that has an estimated valuation exceeding 6 billion yuan, possesses core technologies or a disruptive business model, has received venture capital investment, and demonstrates a fast growth rate in a burgeoning industry.

The measures specify that the applying entity should be an independent corporation registered in Heilongjiang province with good operational tax records and credit status.

The entity's industrial fields should align with the national and provincial bio-economic development focuses.

The measures do not support businesses that have monopolies, are resource companies, suffer from overcapacity, or that are involved in low-end manufacturing sectors such as tobacco, railway, mineral resources, public utilities, real estate, infrastructure, banks, insurance, traditional commerce or trade.

They should also not be subsidiaries, branches, sales companies, or trading companies of large central-government-owned enterprises, State-owned enterprises, or foreign enterprises.

The measures went into effect upon release and will be valid until Dec 31, 2025.