In Shenzhen's Qianhai district, at the N Building of the Shenzhen-Hong Kong Youth Dream Factory, Huang Mingxin presents two business cards upon meeting—one in traditional Chinese characters stating "Head of Mechanical Engineering Department, University of Hong Kong," and the other in simplified Chinese reading "Founder of Dayi Semiconductor Technology Co., Ltd." These two cards epitomize his dual-city life: conducting research in Hong Kong while launching a startup in Shenzhen. Each morning, he drives from Hong Kong, reaching Qianhai in just one hour. In the afternoon, he often visits a factory in Shenzhen's Bao'an District before returning to Hong Kong.
Dayi Semiconductor specializes in solid-state copper sintering technology, which addresses thermal management challenges in high-voltage, high-power semiconductors. Huang explains that, in simple terms, this innovation acts like an "air conditioner" for chips, dissipating heat to ensure stable operation. The technology has applications in new energy vehicles, wind and solar energy storage, and data centers, making it essential for any process involving electrical conversion.
While research and development are based in Hong Kong, pilot production takes place in Shenzhen—an optimal strategy for market entry, according to Huang. High-end manufacturing requires engineering labs for pilot testing. Although the University of Hong Kong offers abundant scientific talent and resources, high rents and limited physical space pose challenges for startups, with annual lab rentals potentially reaching millions of yuan.
To advance the development of a unified national market, efforts are focusing on regional coordination and expanding high-level openness, accelerating integration across regional markets. In 2024, the Qianhai Shenzhen-Hong Kong Youth Dream Factory introduced initiatives for Hong Kong youth and enterprises, including incubation at 1 yuan per square meter per month, a 5 billion yuan fund, and 100,000 square meters of industrial space, fostering innovation platforms for new productive forces. These measures, combined with supporting funds, subsidies, and housing, have reduced cross-border innovation costs, attracting companies like Dayi Semiconductor.
Directly below their office is the Third-Generation Semiconductor Innovation Service Center, a 600-square-meter facility established in partnership with the Dream Factory. It houses Dayi's high-precision equipment, serving not only their needs but also providing shared experimental and technical support for upstream and downstream enterprises in Shenzhen and Hong Kong. Huang notes that the expanded space improves equipment utilization and generates revenue, while the Greater Bay Area's strong engineering teams and complete industrial chains offer rich resources for growth.
In another building within the same park, the University of Hong Kong Youth Innovation Institute has brought multiple startups together. Yin Xiaobo, Associate Vice-President of HKU and Dean of the Youth Innovation Institute, recalls how over 50 student startups once crowded into a 200-square-meter space. Since moving to Qianhai over a year ago, the number of入驻 enterprises has grown from 11 to more than 80. Yin expresses amazement at the rapid growth, with some startups already "graduating" to operate independently.
Wang Zizhong, Director of the Hong Kong and Macao Services Department of the Qianhai Authority, aims to transform the Dream Factory into a "Zhongguancun" for Hong Kong universities. Qianhai is continuously expanding space, linking industries, and enhancing support systems, including high-level scientific forums, technology trading platforms, and diverse investment funds. Research institutions from multiple Hong Kong universities, such as HKU, Hong Kong Polytechnic University, Chinese University of Hong Kong, and Hong Kong University of Science and Technology, have established presence in Qianhai. Of the 424 teams currently in the Dream Factory, nearly 90% are from Hong Kong, forming a collaborative model of "Hong Kong R&D - Shenzhen incubation - Bay Area manufacturing - global markets."
However, challenges remain, including difficulties in cross-border fund transfers and equipment transportation, which occasionally trouble startup teams. Advancing from regional coordination to a deeply integrated national market requires unified market infrastructure to smooth the flow of logistics, capital, and information. Huang hopes for greater convenience in the cross-border movement of personnel, funds, and equipment to break down institutional barriers within the Greater Bay Area, enabling fuller factor mobility and higher innovation efficiency.
Qianhai is also accelerating efforts to help Shenzhen and Hong Kong enterprises access production factors efficiently. Mainland companies in Hong Kong often face financing difficulties and high costs. Zhu Xuguang, Director of Star Union Global International Trade Co., Ltd., experienced the hassle of inefficient capital flow firsthand. Previously, Hong Kong financial institutions could not directly access mainland credit data, requiring costly investigations taking months and trips between Shenzhen and Hong Kong. In 2025, using the Shenzhen-Hong Kong Cross-border Data Verification Platform, the company secured a pure credit loan from a Hong Kong financial institution in just one minute for verification, receiving credit approval within three days. Zhu describes the platform as a trusted "credit bridge" that enhanced the company's cash flow, supporting procurement of high-value products and business expansion.
According to a representative from the National (Shenzhen-Qianhai) New Internet Exchange Center, the cross-border data verification platform uses blockchain technology to enable secure, compliant data flow, allowing users to carry their data autonomously. It has already facilitated over HK$260 million in financing for mainland SMEs in Hong Kong and helped Hong Kong youth quickly obtain credit in Shenzhen. Additionally, Qianhai pioneered a "Hong Kong Enterprise Loan" program, enabling Hong Kong-funded SMEs in Qianhai to access overseas financing conveniently, with 6 companies securing 27 million yuan in overseas funds so far.
Efforts are also underway to improve产权 and trading rules for new要素 markets like technology, offering prioritized patent examination and fast pre-review services for Hong Kong innovators. Efficient connectivity in transportation, logistics, data, trading venues, and regulatory platforms is essential to smooth要素 flows, achieve supply-demand matching, and facilitate technology diffusion.
Wang Shourui, Member of the Shenzhen Municipal Party Committee Standing Committee, Party Working Committee Secretary of the Qianhai Cooperation Zone, and Director of the Qianhai Authority, emphasized that Qianhai is strengthening institutional alignment and rule convergence, directing要素 resources toward advanced productive forces, and promoting smoother flow of talent, capital, and technology in the Greater Bay Area for more efficient要素 allocation and deeper openness both domestically and internationally.
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