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SCMP Reporter

Shenzhen's high-technology industry seeks wider financial support from the upcoming launch of the mainland's second boards and the municipality's venture capital funds.

Director-general of Shenzhen Municipal Science & Technology Bureau, Li Lianhe, on a trade visit to Hong Kong, said about 20 hi-tech firms in the special economic zone (SEZ) were preparing to float on the mainland's second boards for technology and high-growth stocks.

Meanwhile, another 10 of the SEZ's home-grown hi-tech companies, among them management software developer Kingdee and network system engineer Liming Network, were seeking a Growth Enterprise Market listing.

Mr Li said the second boards, expected to be launched in Shenzhen and Shanghai later this year, were intended to accelerate the momentum of the hi-tech industry's development.

Shenzhen had been making great efforts to boost the industry after earmarking it as the main focus for economic growth earlier in the 1990s.

Last August, the municipal government launched two venture-capital funds, one in the SEZ and another in Hong Kong, to foster the hi-tech industry's growth.

The venture-capital companies were formed as part of the city's efforts to develop a system in which cash-strapped, emerging small and medium-sized technology businesses can access finance.

Mr Li said about 40 per cent of the 700 million yuan (about HK$655.12 million) registered capital of mainland-based Shenzhen Venture Capital had been used to support the development of the city' hi-tech firms, mostly privately owned. Meanwhile, less than US$10 million of the US$50 million China (Shenzhen) High-Tech Fund in Hong Kong had been used.

Last year, output from Shenzhen's hi-tech industry grew 25.12 per cent to about 81.98 billion yuan, or 40.47 per cent of the city's industrial output. The figure also represented about 36 per cent of Guandong province's hi-tech output.

Electronics and information technology accounted for about 90 per cent of the technology output. In the first four months this year, hi-tech output grew 24.46 per cent year on year to 27 billion yuan, or 43 per cent of the city's industrial output.

Vice-mayor Song Hai said Shenzhen and Hong Kong were positive about co-operation in the sector, but divided on how it should be developed, declining to explain the differences.



Shenzhen firms eye second boards