Hangzhou, capital of East China's Zhejiang province, will strive to ensure the number of specialized and sophisticated "little giant" firms exceeds 500 by the end of 2025, according to a notice released by Hangzhou authorities on Jan 2.

So far, Hangzhou has cultivated 321 specialized and sophisticated "little giant" firms, ranking first among provincial capitals nationwide. The city also leads in the number of specialized and sophisticated small and medium-sized enterprises (SMEs), with 2,613 in Zhejiang.

"Little giant" firms generally refer to those that specialize in business niches, command a high market share and have a strong innovation capacity.

According to the notice, a one-time award of up to one million yuan ($139,980) will be provided to companies who are recognized for the first time as national-level specialized and sophisticated "little giant" firms.

Subsidies equivalent to 20 percent of actual completed investment since 2023 (including equipment, purchased technology, and software input) will be offered for projects in new-generation information technology and high-end equipment, for example, with the maximum standing at 100 million yuan.

Hangzhou will also allocate a coordinated fund of up to 10 million yuan in service vouchers annually, focusing on supporting science and technology financial services, intellectual property services, trademark and brand building, and technology transfers and commercialization, aiming to assist SMEs in achieving high-quality development through specialization and innovation.