Pingtan government released the final list of 2016 Pingtan small and medium-sized technology-based companies on Nov 9. Fourteen companies, including Zongren Science and Technology (Pingtan) Co and TPK (Pingtan) Co, stood out among the candidates and are expected to be awarded a 50,000 yuan subsidy ($7,353) offered by the local government.

Small and medium-sized companies based in Pingtan that focus on technological innovation are entitled to a one-off 50,000 yuan subsidy as long as they have been registered in the zone for at least one year, generated revenue of at least 1 million yuan the previous year and hold two proprietary intellectual property rights or one patent.

In addition, at least five percent of the company's staff must be engaged in research and the company must allocate a certain amount of funds to research in order to qualify for the subsidies.

Liu Yumin, director of the department of science and technology of the bureau of social affairs of Pingtan Comprehensive Pilot Zone, said, " Pingtan still lags behind other cities in Fujian province in S&T development. The government is trying to encourage companies to invest more in research and development and improve their own self–innovation abilities through a series of preferential polices."

He added that the government also encourages excellent small and medium-sized companies in Pingtan to apply for the title of provincial technology-based companies or even national ones.

It is reported that companies based in Pingtan winning the title of "Fujian Provincial Technology-based Company" and generating revenue of at least 3.5 million yuan annually are entitled to a 150,000 yuan subsidy.

The final list of 2016 Pingtan small and medium-sized technology-based companies [Photo provided to chinadaily.com.cn]