Shenzhen Action Plan for the Strong and Effective Support of Gazelle and Unicorn Enterprises (2025–2027)

To thoroughly implement General Secretary Xi Jinping’s key speeches and directives on Guangdong and Shenzhen, and to execute the decisions and policies of the Central Committee of the Communist Party of China (CPC) and the State Council on fostering the development of gazelle and unicorn enterprises, this action plan has been formulated in line with Shenzhen’s local context. It aims to enhance technological innovation and strengthen the competitiveness of emerging industries.

I. General requirements

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, this plan fully implements the spirit of the 20th National Congress of the Communist Party of China, along with the second and third plenary sessions of the 20th CPC Central Committee. It advances the innovation-driven development strategy, fosters new productive forces, and accelerates the growth of globally competitive gazelle and unicorn enterprises. These efforts will provide strong support for Shenzhen in its drive to become a globally influential hub for industrial and technological innovation, as well as a leading global economic center and modern international metropolis.

II. Objectives

Shenzhen aims to establish a robust mechanism for identifying, nurturing, and scaling up gazelle and unicorn enterprises. With a focus on the “20+8” strategic emerging industry clusters and future industries, the city will leverage multiple channels to discover high-potential enterprises, and build a tiered incubation system to support their growth. By optimizing key resources—including finance, innovation, application scenarios, talent, and market access—Shenzhen will further refine a comprehensive support system centered on precise identification, tiered cultivation, and ecosystem empowerment, creating fertile ground for these enterprises to thrive.

By 2027, Shenzhen aims to cultivate 1,000 gazelle enterprises and 80 unicorn enterprises, strengthening its position as a globally influential hub for gazelle and unicorn enterprises.

III. Key Tasks

(I) Building a discovery and evaluation mechanism

1.Focusingon high-quality entrepreneurial teams and projects

Shenzhen will focus on identifying and cultivating top-tier entrepreneurial teams and projects within the “20+8”strategic emerging industry clusters and future industries. A multi-dimensional evaluation framework will be implemented, assessing founding teams, technological innovation, market potential, and investor recognition. In collaboration with leading headhunting firms, the city will prioritize startup teams and early-stage enterprises led by individuals with backgrounds in top-tier corporations or prestigious universities. Additionally, Shenzhen will actively scout high-potential projects and teams from innovation and entrepreneurship competitions, industry rankings, renowned research institutions, and industrial alliances. The objective is to precisely identify enterprises and projects with cutting-edge technologies and the potential for rapid, exponential growth.

2.Expandingmarket-driven discovery channels

Shenzhen will strengthen collaborations with leading technology service providers, working alongside incubators and top venture capital firms to identify high-potential enterprises. Cutting-edge technologies such as artificial intelligence and data analytics will be leveraged to uncover promising gazelle and unicorn enterprises. The city will place a strong focus on technology transfer projects from universities and research institutions, as well as corporate spin-offs, mergers, and acquisitions by leading enterprises—particularly those that have achieved original, breakthrough innovations with transformative potential.

3. Enhancinga professional selection and evaluation mechanism

A gazelle and unicorn enterprise evaluation committee will be established to refine a tiered selection and evaluation system. Each year, a select group of high-potential enterprises will be identified and incorporated into a dynamic incubation system, fostering a pipeline of emerging industry leaders. Additionally, a gazelle and unicorn enterprise service alliance will be formed to provide customized service packages and one-on-one support, helping businesses unlock their full growth potential through structured selection and tiered cultivation. Shenzhen will host an annual unicorn enterprise development conference, releasing a series of unicorn enterprise rankings and creating a good development atmosphere.

(II) Strengthening financial empowerment support

4.Effectively leveraging government guidance funds

Support investments that are early-stage, small-scale, long-term, and focused on hard technologies. Various policy funds should prioritize investing in enterprises within the cultivation pool. In collaboration with financial institutions, tailor financial service plans for each gazelle and unicorn enterprise, promote the “investment-loan linkage”model, and provide combined financing support based on enterprise needs. Facilitate the Shenzhen M&A Fund Alliance in building a docking platform. Utilize the equity financing and listing cultivation functions of the “Specialized, Refined, Special, and New”board of the Qianhai Equity Exchange, deeply implement the “Star Shining Pengcheng Action”plan, and support eligible cultivation pool enterprises in accessing domestic and international capital markets.

5.Establishinga risk-sharing mechanism

Encourage banking institutions to offer exclusive financial products such as “R&D loans”and “talent loans”to cultivation pool enterprises. For first-time loans, intellectual property loans, credit loans, and similar products supporting cultivation pool enterprises, risk compensation will be provided in case of defaults. Include cultivation pool enterprises in the special guarantee plan supporting technological innovation. Encourage insurance institutions to explore innovations in insurance products and services targeting the “20+8”strategic emerging industry clusters, key areas of future industries, and major projects. Explore the establishment of a risk compensation mechanism for the Shenzhen Science and Technology Innovation Seed Fund.

(III) Enhancing the innovation ecosystem

6.Developinginnovation spaces

Establish a comprehensive workspace support system encompassing “a single desk, an office, and an entire office floor”to provide affordable, high-quality R&D and production spaces. Encourage gazelle and unicorn enterprises to jointly acquire land for developing industrial spaces, promoting mixed-use land for R&D and production to enable “immediate production upon land acquisition.”Support these enterprises in establishing concept verification centers and small-scale pilot bases, offering policy-based support upon approval.

7.Buildingcollaborative innovation platforms

Support unicorn enterprises in leading innovation consortia to drive collaborative innovation, undertake or participate in major municipal science and technology projects, and engage in breakthrough, frontier, and key core technology research, providing financial support as per policy guidelines. Leverage major project resources to issue “training vouchers,” “corpus vouchers,”and “model vouchers”to enterprises in the cultivation pool. Subsidize R&D expenses for eligible cultivation pool enterprises according to policy regulations.

8.Promotingscenario-based innovation and demonstration applications

Actively promote the opening of application scenarios across all times, locations, and industries, regularly publishing a list of scenario-based opportunities. Under equal conditions, prioritize the innovative products and services of gazelle and unicorn enterprises. Encourage major government projects and key social initiatives to open application scenarios to these enterprises. Establish a regular matchmaking mechanism to connect cultivation pool enterprises with scenario demand parties, organizing periodic events to facilitate precise collaboration and partnerships.

(IV) Strengthening targeted talent support

9.Enhancing support for top-tier talent

Provide robust support for companies in the incubation pool to attract and develop top-tier talent. Under equal conditions, priority will be given to their recognition, and relevant benefits will be provided according to policies. Promote high-caliber, specialized development in higher education and advance vocational education through integrated industry–education collaborations. Encourage universities to introduce interdisciplinary “new engineering” programs and foster joint training initiatives between academia and industry to meet corporate talent needs—with subsidies awarded based on the number of trainees.

10. Optimizing the talent service ecosystem

Establish a talent credit evaluation system and offer preferential support—such as professional title assessments and educational benefits for employees’ children—to gazelle and unicorn enterprises with strong credit records. Implement a talent housing program by developing a worry-free, affordable housing system based on the “one bed, one room, one apartment”model to ensure secure housing for talent. Additionally, provide comprehensive, one-stop visa and residency services for high-level foreign talent.

(V) Facilitating domestic and international market expansion

11.Supporting domestic market penetration

Provide priority support—according to policy guidelines—for gazelle and unicorn enterprises that secure their first major technological equipment (unit/set), initial batches of key new materials, or first software releases. Ensure these enterprises are placed on the government procurement white list to facilitate their participation in key public purchasing projects. Help forge connections with leading industry players and publicly traded companies to promote integrated development along the entire industrial chain. Showcase their latest innovative achievements through various channels such as the unicorn enterprise development conference, trade shows, and forums.

12.Supporting enterprises in pursuing international expansion

Fully leverage the risk protection offered by export credit insurance to accelerate companies’ expansion into international markets. Provide subsidies covering a percentage of booth fees for companies attending key supported overseas exhibitions. Offer financial assistance—at a defined percentage—to cultivation pool enterprises to offset pre-investment costs for overseas projects, interest on overseas project loans, insurance expenses for international investments, and expenditures related to developing overseas economic and trade cooperation zones.

IV. Guarantee measures

(I) Strengthening organizational support

The Municipal Industry and Information Technology Bureau, together with the Municipal Service Bureau for Small and Medium-sized Enterprises, will jointly oversee the identification and nurturing of gazelle and unicorn enterprises and ensure that relevant agencies implement concrete measures to support their development. When necessary, the responsible municipal leader will convene inter-departmental meetings to review key initiatives and coordinate the resolution of major challenges.

(II) Enhancing service mechanisms

A “one company, one policy” service approach will be established along with a direct government–enterprise communication platform to address the challenges, needs, and recommendations raised by businesses. By focusing on the unique needs and development bottlenecks of companies—and on issues that require cross-departmental and multi-level coordination—tailored support measures will be designed in accordance with applicable laws and regulations.

(III) Creating a favorable regulatory environment

“Regulatory sandbox”frameworks will be developed for entities in new technologies, emerging industries, and innovative business models. Upon application, gazelle and unicorn enterprises in these fields may be included in the sandbox frameworks, creating a safe and flexible environment for the application of new technologies, the development of new products, and the promotion of innovative models.