Chapter 1: General Principles
Article 1 In order to implement the requirements of the "Comprehensive Deepening of the Reform and Opening-up Plan for the Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone" and the "Overall Development Plan for the Qianhai Shenzhen-Hong Kong Modern Services Cooperation Zone," which calls for strong support for Hong Kong and Macao youths in starting businesses and finding employment in Qianhai, to accelerate the cultivation of high-growth and innovative enterprises, and to deepen Shenzhen-Hong Kong cooperation, this measure is formulated to build the Qianhai Shenzhen-Hong Kong Youth DreamWorks (hereinafter referred to as "DreamWorks") into an internationally influential innovation and entrepreneurship platform for Hong Kong youths and enterprises.
Article 2 These measures apply to the selection, settlement, exit, and withdrawal management of innovation and entrepreneurship enterprises (teams) at DreamWorks. The Qianhai Administration Bureau entrusts an operational body (entity) to be responsible for the daily operation and management of DreamWorks. The operational body organizes the selection of innovation and entrepreneurship enterprises (teams) and provides high-quality innovation and entrepreneurship services to enterprises (teams).
Article 3 For the Hong Kong innovative entrepreneurship platforms introduced through agreements by the Qianhai Administration Bureau, the enterprises (teams) settled in these platforms shall execute according to the agreements signed between the Hong Kong universities and the Qianhai Administration Bureau.
Article 4 The selection at DreamWorks adheres to the principles of fairness, justice, and openness, insists on scientific, democratic, and lawful decision-making, and upholds the concept of "selecting the best from the good" and "focusing on high growth potential."
Chapter 2: Selection Criteria
Article 5 Support is given to Hong Kong innovative entrepreneurship enterprises (teams) to settle in DreamWorks. The applying enterprises (teams) should belong to key development industrial sectors in Hong Kong, such as artificial intelligence, embodied intelligence, life and health, cultural creativity, and financial technology, and must meet at least one of the following conditions:
Obtain equity investment from professional investment institutions or enterprises;
Obtain funding (investment) from departments of the Hong Kong Special Administrative Region Government, statutory organizations, public institutions, universities, etc.;
Win third place or higher in the Guangdong-Hong Kong-Macao Greater Bay Area Innovation and Entrepreneurship Competition.
Article 6 Based on the development stage of the enterprises, the innovation and entrepreneurship enterprises (teams) at DreamWorks are divided into three categories: incubation, nurturing, and acceleration. In addition to meeting the conditions in Article 5, the applying enterprises (teams) must also satisfy the following specific conditions:
Nurturing Stage Enterprises (Teams)
For established enterprises, the legal representative or at least one shareholder must be a permanent resident of Hong Kong; Hong Kong residents must collectively hold more than 50% of the shares; and the company must not exceed 10 personnel, with more than 50% being Hong Kong residents.
For teams that have not yet been established as a company, the team size must not exceed 10 members, with over 50% as Hong Kong residents and at least one permanent resident. Teams that have received commitments for the first round of external investment when applying to enter DreamWorks must present legally valid proof. After the establishment of the team as a company, it must meet the criteria outlined in the first point of this section.
Incubation Stage Enterprises
The legal representative or at least one shareholder must be a permanent resident of Hong Kong; Hong Kong residents must collectively hold more than 34% of the shares; the company must have between 11 and 30 personnel, with over 25% being Hong Kong residents.
Acceleration Stage Enterprises
The legal representative or at least one shareholder must be a permanent resident of Hong Kong; Hong Kong residents must collectively hold more than 34% of the shares; the company must have more than 31 personnel, with over 20% being Hong Kong residents.
Have received more than HKD 10 million (or equivalent currency) in equity investment from professional investment institutions or enterprises, or more than HKD 4 million from departments of the Hong Kong Special Administrative Region Government, statutory organizations, public institutions, universities, etc., and must not be listed.
Article 7 Nurturing Stage enterprises (teams) applying for shared or independent office space must not exceed 100 square meters and have an average area per person of no more than 10 square meters.
Incubation stage enterprises may apply for office space not exceeding 300 square meters with an average area per person not exceeding 10 square meters.
Acceleration stage enterprises may apply for office space not exceeding 800 square meters and an average area per person not exceeding 15 square meters. If the post-investment valuation from the last round of financing is over USD 100 million, and the financing amount reaches USD 5 million (or equivalent currency), they may apply for office space of up to 1,000 square meters with an average area per person not exceeding 15 square meters.
Chapter 3: Selection Procedure
Article 8 The operational body of DreamWorks conducts a comprehensive selection of the applying enterprises (teams) based on technical capability, market prospects, feasibility, etc., regularly publicly releasing selection announcements to society and accepting applications year-round. The specific application requirements are subject to the selection announcement.
Article 9 After receiving applications, the operational body of DreamWorks conducts a preliminary review of the background information of the enterprises (teams), compliance of application materials, and whether they meet the selection criteria, providing initial review feedback within 15 working days.
Materials that are incomplete should be notified in one go to the applying enterprises (teams) to supplement within 5 working days. If an application fails to meet the criteria after review, the operational body must promptly notify the applicant and provide specific reasons for rejection.
Article 10 After preliminary approval, the operational body organizes experts to conduct reviews and confirmations of the enterprises (teams) based on a "separation of evaluation and decision-making" method. The review will adhere to principles of collaborative assessment, integrity, and peer review, selecting 7 experts from the expert database to form a review panel to collectively provide review opinions. Review meetings are generally held once every two months, but frequency can be adjusted based on actual circumstances.
Article 11 The operational body must organize the confirmation within 5 working days after review opinions are formed. In accordance with avoidance and rotation rules, 5 experts (not including the members of the review panel for the current session) will be selected from the expert database to form a confirmation group. This group will combine the review panel's opinions and use a voting process based on the principle of majority rule to confirm the list of proposed enterprises (teams) for entry.
Article 12 After expert confirmation, the operational body must publicize the proposed list of enterprises (teams) for entry within 2 working days, with a publicity period of no less than 5 working days. During the publicity period, any objections will be investigated, and verified cases will lead to disqualification from entry. If there are no objections by the end of the publicity period, or if objections are deemed invalid, the operational body will confirm the entry list and report it to the Qianhai Administration Bureau.
Article 13 The operational body issues the signing notice to the applying enterprises (teams). Both parties will sign a service agreement, and the total service period shall not exceed 36 months.
If the applying enterprises (teams) fail to sign the service agreement within the stipulated period due to their own reasons after receiving the notice, it will be regarded as a voluntary waiver of entry qualifications.
Enterprises (teams) applying to settle in the innovation and entrepreneurship incubation platform of DreamWorks shall sign a tripartite agreement with the operational body of DreamWorks and the incubation platform.
Chapter 4: Entry Management
Article 14 The Qianhai Administration Bureau provides space to eligible enterprises (teams). The operational body of DreamWorks will provide innovation and entrepreneurship services, introduce high-quality innovation resources, cultivate a favorable entrepreneurial ecosystem, and charge a service fee of 1 RMB per square meter per month.
Article 15 Existing enterprises (teams) that need to adjust their space by no more than 10% due to business adjustments or personnel increases can submit a one-time application to the operational body, which will carry out adjustments upon approval and public disclosure.
Article 16 If nurturing or incubation stage enterprises have developed and meet the conditions for the next stage of cultivation or need to increase their area by more than 10% (with total area not exceeding the stage limit), they must participate in the selection confirmation process anew, and upon approval and public announcement, sign a new service agreement. The duration of use must be continuously calculated from all previous stages.
Article 17 The operational body of DreamWorks must conduct annual assessments of the settled enterprises (teams), with the assessment plan developed separately by the operational body.
Chapter 5: Exit and Withdrawal Management
Article 18 Enterprises that meet any of the following conditions may graduate from the DreamWorks Park as agreed in the service agreement:
The term of their stay in DreamWorks has expired;
The amount of the latest round of financing is over 100 million Hong Kong dollars (or equivalent currency), or the post-investment valuation of the latest financing round exceeds 1 billion US dollars;
They have been merged or listed on major domestic or foreign securities exchanges.
Graduating enterprises may apply to settle in other industrial spaces in Qianhai according to relevant policies and procedures, and enjoy corresponding preferential policies as stipulated.
Article 19 If an enterprise (team) needs to withdraw from DreamWorks due to its own reasons during the term of the service agreement, it can submit an application to the operating entity of DreamWorks. After verifying that all fees have been paid and other related conditions are met, the withdrawal procedures will be handled.
Article 20 For any enterprise (team) that falls under any of the following circumstances, the operating entity of DreamWorks has the right to terminate services as stipulated in the service agreement and require the enterprise (team) to withdraw within a specified time:
Engaging in fraudulent behavior during the selection process;
Failing to meet annual assessment standards, and after the rectification period has expired, being assessed again and still failing to meet the standards;
Causing space waste due to long-term vacancy of their premises;
Illegally subleasing or dividing the leased space without authorization;
Serious overdue payments (including, but not limited to, property management fees, utility fees, and air conditioning fees);
Violating safety production regulations in a serious manner;
Other termination circumstances as stipulated in the service agreement.
Chapter 6: Supervision and Management
Article 21 Entering enterprises (teams) shall commence actual operations within 30 days from the signing date of the service agreement at DreamWorks, strictly complying with relevant national laws and regulations, as well as the rules and regulations of DreamWorks, and fulfilling their obligations under the service agreement and safety management responsibility letter.
Entering enterprises (teams) must strictly adhere to safety production regulations, refrain from engaging in illegal activities, and fulfill the obligation of reporting statistical data to the park as required by law.
Article 22 The operating entity of DreamWorks shall strengthen park management, accurately record the operational status of the park and the business conditions of the enterprises. If any entering enterprise (team) is found to be engaged in illegal or irregular activities warranting withdrawal, the operating entity of DreamWorks shall promptly take measures in accordance with the procedures.
Article 23 The Qianhai Administration Bureau, along with departments such as Auditing, Hong Kong and Macao Affairs, and Science and Technology, shall be responsible for supervising the operation and management activities of the operating entity of DreamWorks and shall conduct joint inspections periodically.
If staff or experts of the operating entity of DreamWorks neglect their duties, abuse their power, fail to perform the responsibilities prescribed in these measures correctly, or exploit their positions for illegitimate benefits, entering enterprises or individuals may file complaints with the Qianhai Administration Bureau.
Chapter 7: Supplementary Provisions
Article 24 Enterprises applying to settle in DreamWorks must lawfully register their establishment and operate legally.
Article 25 Definitions:
"Professional Investment Institution"refers to investment institutions registered with the China Securities Investment Fund Association, licensed financial institutions, government investment guidance funds, and overseas investment institutions.
"Funding (Investment) from Government Departments, Statutory Bodies, Public Institutions, and Universities in the Hong Kong Special Administrative Region"refers to:
Funding (investment) from government departments, statutory bodies, and public institutions in the Hong Kong Special Administrative Region;
Funding (investment) provided to higher education institutions by the Hong Kong Special Administrative Region Government University Education Funding Committee;
Compliance with similar funding (investment) provisions from the Government of the Macao Special Administrative Region, statutory bodies, public institutions, and universities.
"Equity investment from professional investment institutions and funding (investment) from government departments, statutory bodies, public institutions, and universities in the Hong Kong Special Administrative Region"includes investments obtained by the applying entity itself or its shareholders.
"Guangdong-Hong Kong-Macao Greater Bay Area Innovation and Entrepreneurship Competition"refers to innovation and entrepreneurship competitions hosted by universities in Hong Kong, such as the HK Tech 300 National Innovation and Entrepreneurship Competition at City University of Hong Kong, and the Hong Kong University of Science and Technology’s International Entrepreneurship Competition; the Hong Kong Cyberport Greater Bay Area Youth Entrepreneurship Program; and the Qianhai Guangdong-Hong Kong-Macao-Taiwan Youth Innovation and Entrepreneurship Competition, organized by government departments, statutory bodies, public institutions, and universities in the Greater Bay Area.
"Cumulative Shareholding by Hong Kong Residents"refers to the proportion of registered equity or shares held by Hong Kong residents in the selected enterprise as required. If the shareholders are enterprises, the equity or shares held by Hong Kong residents in the enterprise, after deducting the indirect holdings, must meet the proportion of registered equity or shares required by the selected enterprise when combined with directly held natural person shareholders (if any).
"Hong Kong Residents"includes permanent and non-permanent residents of the Hong Kong Special Administrative Region.
"Office Space Area"refers to the actual usable building area of the entering enterprises (excluding public shared areas).
Terms such as "inclusive," "not exceeding," and "more than" shall include the number stated; "more than" shall not include the number stated.
Article 26 Residents of the Macao Special Administrative Region, residents of Taiwan, and foreign individuals shall be subject to the relevant provisions of these measures.
Article 27 The Qianhai Administration Bureau is responsible for the interpretation of these measures.
Article 28 These measures shall be implemented from October 7, 2024, and shall remain effective for three years.