Deloitte China unveiled the 2025 Greater Bay Area Technology Fast 40 winning companies list on Thursday, with Shenzhen dominating with 26 firms, Guangzhou with seven, and Hong Kong with three.
This list, coupled with a report, conducts an in‑depth analysis of high‑growth companies across four dimensions: industry, revenue, valuation, and geographic footprint.
Among the winners, biotechnology and healthcare together account for the largest share at 30 percent, followed by clean technology at 13 percent, semiconductors at 13 percent, and artificial intelligence at 10 percent, aligning with China's emerging pillar industries, according to Deloitte's report.
The winning enterprises’ revenue has grown, with the proportion generating 50 million yuan (HK$56.6 million) to 100 million yuan, more than tripling to 25 percent from 8 percent a year ago, while those with revenue of more than 500 million yuan are also growing. Only 30 percent of enterprises have a revenue of less than 50 million yuan, down from 51 percent in 2025.
All 40 winners have valuations of more than 100 million yuan, with 14 valued at 500 million yuan to 1 billion yuan and 15 valued at over 1 billion yuan, together representing nearly 80 percent.
Among the Shenzhen companies on the list, seven reported revenue exceeding 1 billion yuan, while nine generated between 50 million and 100 million yuan. In contrast, those from Guangzhou, Hong Kong, and other GBA cities showed primarily medium-sized earnings.
Deloitte China Southern Region managing partner Edward Au said that GBA enterprises show a strong appetite for financing, with more than 80 percent of surveyed companies planning private equity fundraising within the next two years, and around half of them are targeting 100 million to 500 million yuan.
Meanwhile, over 80 percent of GBA enterprises have plans for an initial public offering, with 43 percent targeting the mainland A-share market and 30 percent aiming for a listing in Hong Kong.
With research and development investment in the region continuing to rise, patent grants now account for more than 15 percent of the national total, and the Shenzhen-Hong Kong-Guangzhou innovation cluster has climbed to first place worldwide, Edward Au noted.
