Three HK tech firms secure spots on GBA high-growth list as innovation push gains pace

Three Hong Kong companies specializing in fintech and biotechnology have been named among the top 40 high-growth technology enterprises in the Greater Bay Area, according to the “2025 Deloitte GBA Technology Fast 40” report.

Speaking at the report’s release on Thursday, Secretary for Innovation, Technology and Industry Sun Dong said the nation’s 15th Five-Year Plan emphasizes accelerating high-level technological self-reliance while continuing to support the Greater Bay Area’s development as an international innovation and technology hub.

He said Hong Kong has been strengthening its innovation ecosystem through major initiatives, including the Hong Kong Park of the Hetao Co-operation Zone, San Tin Technopole, and the Sandy Ridge Data Facility Cluster, adding that the city welcomes innovation and technology talent.

The report analyzes high-growth enterprises across industries, revenue, valuation, and geographic distribution. Shenzhen dominated the list with 26 companies, while Guangzhou accounted for seven.

By sector, biotechnology and healthcare made up the largest share at 30 percent, followed by cleantech at 13 percent, and semiconductors and artificial intelligence at 10 percent.

The report noted that Shenzhen’s companies span a broader range of industries with a strong focus on cutting-edge technologies, while firms in Guangzhou are concentrated mainly in biotechnology and enterprise services.

It also found that the revenue scale and valuation of the Fast 40 companies have increased, with nearly 80 percent valued at over 500 million yuan and 15 exceeding 1 billion yuan.

Compared with Shenzhen’s larger-scale enterprises, companies from Hong Kong and Guangzhou were generally described as medium-sized.

A separate Deloitte survey highlighted a talent shortage as the primary challenge facing technology companies in the region. This was followed by the need for effective artificial intelligence applications, a concern shared by firms in Shenzhen, Hong Kong, and Guangzhou.

The survey also pointed to strong demand for financing, with 80 percent of companies planning private fundraising within the next two years, typically targeting between 100 million and 500 million yuan.

More than 80 percent of Greater Bay Area companies indicated plans for an initial public offering, with 43 percent aiming for listings on mainland A-share markets and 30 percent targeting Hong Kong.