The first provincial capital market forum was held on Oct 24 in Taiyuan, to boost the financial sector of Shanxi province.

Representatives of 38 companies listed on the Main Board market along with seven other businesses took part in the forum.

The Shanxi branch of the Industrial and Commercial Bank of China signed a strategic cooperation agreement with eight companies present, including Fenjiu Group and Zhendong Pharmaceutical Co.

The bank will offer comprehensive financial services for the listed companies through collaborating with various other firms, including funds and insurance institutions.

Since 2015, the companies have boosted the Shanxi economy by means of IPOs, private placements, and mergers and acquisitions.

Currently, there are 38 listed businesses in Shanxi which are mainly engaged in traditional manufacturing, coal mining and electricity generation.

In 2015, the refinancing of these listed companies in the province reached 22.56 billion yuan ($3.33 billion), almost ninefold that of 2014. As of Sept 26, 2016, the companies have a total market capitalization of 588.71 billion yuan.