Guangzhou's Huangpu district recently released supporting measures to boost the development of local high-growth science and technology enterprises.
The high-growth enterprises are referred to as gazelle and unicorn enterprises. A gazelle enterprise is an enterprise that has a compound growth rate of more than 20 percent in operating revenue over the past three years. A unicorn enterprise is an enterprise coming from industries such as biomedicine, integrated circuits, and artificial intelligence while having an estimated value of $1 billion.
WeRide is a unicorn enterprise in Huangpu.
The selection of gazelle and unicorn enterprises will be conducted annually. Enterprises recognized by Huangpu as gazelles and unicorns for the first time will be granted a subsidy of 100,000 yuan ($15,700) and 5 million yuan respectively.
In addition, local unicorn enterprises and potential unicorn enterprises will also receive support in R&D and equity financing.
Huangpu took the lead in Guangdong province to launch the cultivation of high-growth enterprises in 2013. The district has allocated more than 600 million yuan so far to support the innovative development of high-growth enterprises.
Thirty-eight of its gazelle enterprises and six of its unicorn enterprises have been listed and they produced an array of bottleneck-breaking achievements in key areas like epidemic prevention and control.