The Shanghai and Shenzhen stock exchanges both celebrate their 30th anniversary in 2020. [Photo/CFP]

According to the latest data from the Zhejiang affiliate of the China Securities Regulatory Commission, a total of 62 Zhejiang-based companies completed their initial public offerings (IPOs) in domestic bourses in 2020, making up 15.7 percent of last year's national additions, besting all of the other Chinese provincial-level regions.

Zhejiang authorities launched the "Phoenix Action" program in September 2017 to prompt more Zhejiang-based companies to go public. Between 2017 and 2020, 190 Zhejiang-based enterprises completed their IPOs at home, raising a total of 127.24 billion yuan ($19.65 billion) in the capital market.

As of the end of 2020, Zhejiang was home to 517 A-share listed firms, second only to Guangdong province.

Hangzhou and Ningbo respectively is home to 17 and 13 of the 62 newly listed firms, jointly representing nearly half of the province's total.

The number of mainboard listings and GEM (Growth Enterprise Market) listings were 29 and 20 respectively, jointly accounting for nearly 80 percent of the province's total.

Most of the newly listed firms were manufacturers, made up of equipment manufacturers (17.7 percent), electric machinery and material manufacturers (11.3 percent), chemical products manufacturers (9.7 percent), as well as automakers (8.1 percent). The proportional distribution roughly matches Zhejiang's industrial structures.

The capital market is now widely believed to be an important engine for Zhejiang's sustainable growth in its manufacturing sectors.