Jining in East China's Shandong province recently announced several new fiscal policies intended to encourage domestic companies to go public, local media outlets reported.

Companies that complete the IPO process and are listed on the Shanghai or Shenzhen stock exchanges will obtain a reward of 10 million yuan (around $1.54 million), while those listed on the main board of overseas stock markets that have transferred 80 percent of the capital they raised back to Jining will receive a reward of 6 million yuan.

For companies that go public by a reorganization of assets, such as buying a public shell or merging with others, the Jining government will grant 3 million yuan as long as they register in and pay taxes to the city.

In addition to listed companies, those trading on over-the-counter or regional markets are also entitled to fiscal rewards.

All companies that are listed on stock markets or are trading on regional markets will recieve up to 5 million yuan as a reward if they carry out direct financing to expand.

The policies will apply to companies of all types of ownerships. For state-owned enterprises, the fiscal reward will be provided to the company as an entity. In other kinds of companies, the legal representatives will receive 40 percent of the fiscal reward, while directors, supervisors, and senior executives can receive 60 percent.