High-tech firms boom in Yantai Huang-Bohai New Area

Yantai Huang-Bohai New Area currently hosts 727 high-tech enterprises. [Photo provided to chinadaily.com.cn]

Yantai Huang-Bohai New Area is fostering leading tech-oriented "backbone enterprises" to drive the advancement of new industrialization. 

These companies are continuously achieving technological breakthroughs, establishing themselves as leaders in their fields. 

Wanhua Chemical Group, through independent research and development, has become a global leader in high-end polyurethane raw material production technology. Zhenghai Magnetic Material stands out as the only company in China's top 100 auto parts enterprises that is solely focused on rare earth permanent magnets. RemeGen has achieved a milestone by developing China's first original antibody-drug conjugate.

"We lead globally in five technologies, domestically in 10, and maintain a competitive edge in the spandex and aramid sectors," said Song Xiquan, chairman of Tayho Advanced Materials Group.

Currently, the area hosts 727 high-tech enterprises with a yearly increment of 229, and sustains a growth rate exceeding 35 percent for five consecutive years.

To further bolster innovation, the area has set ambitious goals to surpass 800 high-tech enterprises and 1,200 technology-based small and medium-sized enterprises by the end of 2024.