Zhangjiang, Shanghai's hi-tech hub, is home to 104 high-growth enterprises, according to a recent survey report released by the Pudong New Area Development and Reform Commission.
A high-growth enterprise refers to a company whose annual revenue has reached at least 5 million yuan ($724,690), whose industry and products have bright prospects, and whose size and profits keep growing.
Statistics showed that the top three industries that Zhangjiang's high-growth enterprises are involved in are software and information technology service, biomedicine, and integrated circuits; all apparent by the end of 2017, which is in line with the area's industrial layout.
Most of the current high-growth enterprises are young companies. Half of them were founded within the last six to ten years. The oldest was established in 1996 and the youngest in 2014.
Their average annual revenue in 2017 reached 203 million yuan. Just under 27 percent of them made revenue of 20 million to 50 million yuan, and 22.1 percent had revenue of 100 million to 500 million yuan, which shows that most are small-and medium-sized ventures.
The enterprises have brought a large number of high-profile workers to Zhangjiang. The number of their employees had reached 17,300 by 2017, accounting for 6.3 percent of Zhangjiang's total working population, higher than the 2.9 percent of three years ago.
The number of personnel returned from abroad and workers with master's degrees has grown at a 40.6 percent and 38.2 percent compound growth rate in the last three years.