Hong Kong backs nearly 5,900 new Shenzhen firms in 2024

Hong Kong invested in nearly 5,900 new enterprises in Shenzhen in 2024, underscoring growing economic integration within the Guangdong-Hong Kong-Macau Greater Bay Area (GBA), according to Shenzhen official Wang Shourui. Qianhai’s GDP rose 8.6% to CNY300.88bn (USD41.1bn) last year, highlighting its role in the GBA’s development. The Cross-boundary Wealth Management Connect Scheme and approval for GBA healthcare institutions to use 59 Hong Kong-registered drugs and devices reflect deeper cross-border collaboration. Qianhai’s startup incubator EHub, which has supported 1,450 ventures including 943 from Hong Kong, plans global recruitment tours. Local tech firms like RiVAI Technologies and UBTECH Robotics see supply chain resilience and innovation opportunities in Shenzhen amid US-China trade tensions, with UBTECH reporting rising non-US orders.