WEDZ becomes home to 14 new gazelle companies

An intelligent cockpit equipped with the 7nm intelligent cockpit chip is manufactured by WEDZ-based SiEngine Technology Co. [Photo/WeChat account: whkfq]

Fourteen companies from the Wuhan Economic & Technological Development Zone (WEDZ) have been selected for the 2024 Wuhan Key High-Tech Gazelle Enterprise Program, as recently announced by the Wuhan Science and Technology Innovation Bureau.

This program targets key and emerging industries such as optoelectronic information, new energy and intelligent connected vehicles, the digital economy, high-end equipment, Beidou navigation, and quantum technology.

The chosen companies were evaluated based on their business capabilities, growth potential, and research and development projects, underscoring their strong innovation capabilities, new professional fields, and rapid growth rates.

The 14 enterprises span strategic emerging industries like electronic information, new energy and energy conservation, advanced manufacturing and automation, and new materials. They are characterized by high innovation content and significant contributions to green development.

One of the candidates, SiEngine Technology Co, was established in WEDZ in 2018 and specializes in the research and manufacturing of automotive electronic chips. It has successfully developed China's first automotive-grade 7nm intelligent cockpit chip, which has been mass-produced and installed in vehicles, with an expected shipment of 1 million units this year.

Huali Ismartways Technology Co, a global leader in vehicle-to-everything (V2X) solutions, is another candidate. It is dedicated to providing comprehensive V2X products and solutions for the intelligent connected vehicle and smart transportation industries.

To date, Huali has secured commercial orders for V2X systems in nearly 50 cities worldwide, applied in intelligent connected demonstration zones, highways, smart parks, and autonomous driving.

The strong performance of these companies can be largely attributed to a series of measures implemented by WEDZ authorities, including rolling out favorable policies on innovation, intellectual property, and talent, as well as granting 3 billion yuan ($412.75 million) annually to encourage enterprises to invest in research and innovation.

Over the past two years, nearly 600 million yuan has been allocated, with half of the funds directed towards emerging industries and breakthroughs in core technology.

A representative of WEDZ stated that authorities have selected a number of high-growth enterprises to receive key support. The zone is currently home to over 1,700 high-tech enterprises, fostering a robust environment for innovation and entrepreneurship.

Gazelle companies are high-growth businesses with the potential to rapidly expand and significantly impact the market, and they are typically characterized by their innovative capabilities, fast revenue growth, and strong market presence.