Under the State Council's plan, Xiongan will ease the pressure on Beijing by taking out some functions unrelated to its role as the nation's capital. The previously underdeveloped district became an investment sensation in April, when Beijing announced plans for a special economic zone there that will support the neighbouring metropolises of Beijing and Tianjin. It centres on Xiongan county in Hebei, a province in northern China. Along with Belt and Road, Xiongan is one of only a handful of national-level development plans unveiled directly by Beijing's ruling State Council under the instruction of President Xi Jinping. The company hopes to raise between HK$1.9 billion and HK$2.3 billion ($248 million to $297 million) from the deal as its home province of Hebei becomes the focus of another major Chinese development plan.Ĭhina’s Xiongan initiative may be little known among international investors now, but it is every bit as big a national priority as the landmark Belt and Road Initiative. Hebei Construction Group on Monday launched a Hong Kong initial public offering, becoming the first company to tap investor interest in China’s ambitious Xiongan special zone plan.
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