In order to gain an advantage in future industrial competition, Shenzhen has set clear goals for itself. Among them, in terms of cultivating high-growth technology companies, Shenzhen hopes to build a hub for gazelle companies and unicorn companies with international influence within three years.
On March 3, the Shenzhen Municipal Bureau of Industry and Information Technology issued the "Shenzhen Action Plan to Strongly and Effectively Support the Development of Gazelle Enterprises and Unicorn Enterprises (2025-2027)" (hereinafter referred to as the "Action Plan"), proposing that by 2027, a total of 1,000 gazelle enterprises and 80 unicorn enterprises will be cultivated.
An economic observer in the Guangdong-Hong Kong-Macao Greater Bay Area told China Business News that the above goals demonstrate the Shenzhen government’s confidence and determination in seizing the commanding heights of future industries. However, as competition in the global cutting-edge technology industry intensifies, there are still many challenges in achieving the goal. "1000+80" high-growth enterprises mean the need for a huge base of small, medium and micro innovative enterprises that is ten times or one hundred times larger, as well as a highly attractive and competitive innovation and entrepreneurship environment.
Unicorn companies generally refer to unlisted companies that have been established for no more than 10 years, have a valuation of more than US$1 billion, and have unique core technologies, unique competitive advantages and market potential. Gazelle companies refer to innovative companies that develop at an extraordinary speed in a relatively short period of time after passing through the early stages of entrepreneurship. The quantity of the two is an important indicator to measure regional economic activity, innovation and entrepreneurship vitality and future development prospects.
According to the action plan, Shenzhen will build a mechanism for the discovery, cultivation and growth of gazelle companies and unicorn companies, focus on the "20+8" strategic emerging industry clusters and future industrial fields, continue to improve the full-chain cultivation service system of "accurate identification-gradient cultivation-ecological empowerment", and cultivate fertile ground for the growth of gazelle companies and unicorn companies.
In order to achieve the above goals, Shenzhen has proposed 12 tasks.
In terms of building a discovery and mining evaluation mechanism, Shenzhen will focus on the "20+8" strategic emerging industry clusters and future industry fields, and discover high-quality entrepreneurial teams and projects from multiple dimensions such as founding teams, product technologies, market prospects, and capital recognition. We will focus on the transformation projects of scientific research achievements of universities and colleges, internal fission and investment and mergers and acquisitions projects of leading enterprises, especially the growth-oriented high-quality projects and enterprises that have achieved originality and leap-forward breakthroughs. It will also establish a gazelle enterprise and unicorn enterprise service alliance, customize a "service resource package", provide "one-on-one" services, and form a cultivation echelon.
In terms of strengthening financial empowerment support, Shenzhen will effectively play the role of government guidance funds to support early investment, small investment, long-term investment, and investment in hard technology. We will rely on financial institutions to tailor financial service solutions for each gazelle company and unicorn company. The Qianhai Equity Exchange Center will also give full play to its "specialized, special and new" special board equity financing and listing cultivation functions to support qualified incubation companies to land in domestic and overseas capital markets.
The action plan specifically proposes to establish a risk-sharing mechanism. Banking institutions are encouraged to offer exclusive financial products such as “R&D loans” and “talent loans” to enterprises in the incubation database. For loans such as first loans, intellectual property loans, and credit loans that support enterprises in the incubation database, risk compensation will be provided in the event of non-performing loans. Enterprises in the incubation database will be included in the special guarantee plan to support scientific and technological innovation. Explore the establishment of a risk compensation mechanism for Shenzhen’s scientific and technological innovation seed funds.
In terms of improving ecological support for innovation, Shenzhen will build a "one desk, one office, one floor office building" Leye space guarantee system to provide low-cost, high-quality R&D and production space. Support gazelle companies and unicorn companies to jointly build industrial space through joint land acquisition. Unicorn companies will be supported in taking the lead in forming innovation consortiums to carry out collaborative innovation, and funding will be provided in accordance with policies. The research and development expenses of qualified incubation library enterprises will be subsidized according to policies. Regularly publish a list of application scenario opportunities, and under the same conditions, give priority to innovative products and services from gazelle companies and unicorn companies.
In terms of strengthening the guarantee of special talents, the action plan proposes that enterprises in the incubation database will be vigorously supported in introducing and cultivating high-level talents. Under the same conditions, priority will be given to recognition and relevant treatment will be given in accordance with policies. For schools and enterprises to jointly cultivate talents needed by enterprises, subsidies will be provided based on the number of trainees. Gazelle companies and unicorn companies with good credit will be given priority in professional title evaluation, children's education and other support. Build a "one bed, one room, one suite" affordable housing supply system for worry-free living to provide housing security for talents. Provide comprehensive, one-stop visa and residence services for high-end foreign talents.
In terms of helping to expand domestic and foreign markets, Shenzhen will prioritize gazelle companies and unicorn companies into the government procurement whitelist and support government procurement in key projects. The risk protection role of export credit insurance will be fully utilized to support enterprises in accelerating their expansion into international markets. For enterprises that go overseas to participate in key supported exhibitions, a certain percentage of the actual booth fees will be subsidized. A certain proportion of financial subsidies will be provided to the upfront expenses and overseas project loan interest incurred by incubation database enterprises in overseas investment projects.
Official data shows that in 2024, Shenzhen will have 562,000 new registered business entities, with a cumulative total of 4.404 million, ranking first among cities in the country. Among them, there are more than 25,000 national high-tech enterprises and 1,025 national-level specialized and new "little giant" enterprises. In 2024, Shenzhen's total social R&D investment will be 223.661 billion yuan, ranking second among cities in the country, with an R&D investment intensity of 6.46%.
According to the "China Unicorn Enterprise Development Report (2024)" jointly released by the Zhongguancun Unicorn Enterprise Development Alliance and others, as of March 2024, China has a total of 369 unicorn enterprises, ranking second in the world. Among them, Beijing ranked first among mainland cities with 114, followed by Shanghai with 63, Shenzhen with 32, Guangzhou with 21, and Hangzhou with 19. Judging from the fields of unicorn companies, Beijing companies mainly focus on future industry tracks such as large models and commercial aerospace. Shanghai companies maintain their advantages in the fields of medicine and health and automobiles, while Shenzhen companies have obvious characteristics in "manufacturing +, cross-border +".
According to statistics from the Gazelle Cloud Database, as of the end of July 2024, the number of gazelle companies in China exceeded 35,000, involving 92 major industry categories.