The emerging industries driven by technology are becoming the engine of economic growth in the Guangdong Hong Kong Macao Greater Bay Area.
On April 26th, Deloitte released the “2023 Guangdong Hong Kong Macao Greater Bay Area High tech High Growth Top 40 and Tomorrow’s Star Project Report” (hereinafter referred to as the “Report”), which stated that the average cumulative revenue growth rate of the top 40 companies in the Greater Bay Area in 2023 was 1506% over three years, and the top ten companies on the list had a cumulative revenue growth rate of 4612% over three years, significantly higher than in 2022.
In 2023, the top 40 high-tech enterprises in the Greater Bay Area will focus on the software and Internet industries, which are the top two major industries in terms of proportion. In addition, the life science industry has replaced the popular high-end equipment in 2022 and become the third most popular industry this time, marking the rapid growth and expanding influence of the industry in the technology industry. From the perspective of industry segmentation, pan Internet platform services are the main segmentation fields of the top 40 high-tech enterprises in the Greater Bay Area, followed by emerging segmentation fields such as pan AI software, big data, Internet of Vehicles, commercial software and biological products and technology.
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As for the Greater Bay Area’s Tomorrow Star Enterprises, compared to 2022, the industry distribution of the companies listed in 2023 is more balanced, with hardware and life sciences still ranking in the top two primary industries. Meanwhile, the number of enterprises from the clean technology industry has significantly increased in 2023. The Internet and high-end equipment also made great contributions, accounting for a quarter of the enterprises on the list. In terms of industry segmentation, biological products and technology, new energy and intelligent manufacturing are the main segmentation areas of the Big Bay Area’s Rising Star enterprises, followed by robots, pan Internet platform services and consumer electronics. The trend of digital technology enabled manufacturing continues to highlight.
Zhuhai Diqi Furui Biotechnology Co., Ltd. has entered the list of Tomorrow’s Star Enterprises. Chairman Chen Tianlan told reporters that the company’s products have plans to go abroad and hope to reach the world through the Hong Kong platform. In the future, we plan to establish an overseas sub center or headquarters in Hong Kong to conduct clinical tests locally, synchronize and share data to apply for relevant certifications domestically. On the other hand, after carrying out relevant work in Hong Kong, one can go overseas, such as in Southeast Asia or Europe and America.
Shenzhen Yuanxiang Information Technology Co., Ltd. is the third largest enterprise of Tomorrow’s Star. Co founder Wang Nan stated that Yuanxiang has deep cooperation with many Hong Kong universities and has established an office in Tsim Sha Tsui, Hong Kong. In the future, we are considering attracting more local AI talents and attracting more international AI talents to join the office established in Hong Kong. On the other hand, whether it is VR, metaverse, or something more futuristic, many different companies on the international scale are very willing to try this. There are not many start-up companies in the field where Yuanxiang is located. Consider making Hong Kong the first stop and then think about how to connect or go out to sea.
Deloitte’s Managing Partner in South China, Ou Zhenxing, stated that the Greater Bay Area has numerous leading technology enterprises, a gathering of high-end scientific and technological innovation talents, and strong integration capabilities in the scientific research industry. He also pointed out that the effect of cultivating science and technology innovation enterprises in the Greater Bay Area is significant and ranks among the top 100 global technology clusters, but the uneven development of regional industries or spillover effects on innovation. The “9+2” urban agglomeration in the Greater Bay Area has its own industrial positioning, but there is also healthy competition. He suggested that the local government further strengthen institutional innovation to promote coordinated and integrated development and achieve complementary advantages.
Eurovision also mentioned that over 70% of surveyed companies in the Greater Bay Area have financing plans. When considering expansion and site selection factors, over 60% of surveyed companies believe that market acquisition is the most important factor for enterprise site selection, followed by business environment and operating costs. At present, the economy is full of challenges, and government subsidies, as an important economic policy tool, remain the most anticipated source of financial support for technology enterprises.
At the event, Zhang Manli, Deputy Secretary for Innovation, Technology and Industry of the Hong Kong Special Administrative Region Government, delivered a speech stating that Hong Kong’s future development relies on science and technology innovation, with the goal of making Hong Kong an international innovation and technology center. Over the past six to seven years, the Hong Kong SAR government has invested over HKD 200 billion to construct the entire science and technology innovation ecosystem. To further develop basic scientific research, it is necessary to rely on the transformation of midstream achievements and connect with downstream markets, with downstream commercialization and industrialization. In addition to deepening basic scientific research capabilities, we also need to construct our own technology industry system.
According to Luo Yuanjiang, the managing partner of Deloitte’s High tech and High Growth Project in the Greater Bay Area, as the region becomes an important part of Chinese companies going global and expanding into the international market, Hong Kong can leverage its multiple advantages as an international financial center, trade free port, and cross-border supply chain management center to help mainland enterprises in different fields such as financial services, biotechnology, cross-border e-commerce, consumer electronics, and manufacturing meet financing needs and achieve international development.
When it comes to the challenges of science and technology innovation enterprises going global in the Greater Bay Area, Luo Yuanjiang told reporters that based on the companies he has encountered with a demand for going global, the first point is that they lack understanding of local policies and relevant resources. The second point is that due to geopolitical and other factors, some industries face difficulties in financing for enterprises. Investment institutions or family offices are also facing transformation, seeking good projects and talents, with higher requirements for investment projects and expectations for team investment returns. Finally, for certain industries, expanding international business requires setting up data centers overseas to separate data from domestic and international sources.