Registration for the 2nd China (Hengqin) Scientific & Technological Entrepreneurship Competition continues through 5 pm on March 2 with an awards pool of 300 million yuan ($43 million) for standouts.

Ten projects with advanced innovation achievements, key technical breakthroughs, and promising industrialization potential will be recognized after qualification examination, preliminary competition, field investigation, a final and grand final round, and due diligence.

Launch ceremony [Photo by Shen Yang / Zhuhai Daily]

To encourage the participation of Macao projects, an "exceptional channel" is set during the preliminary competition, field investigation, and final for separate ranking.

The projects, however, should first meet one of the following requirements: enterprise is lawfully registered in Macao; one founder or core team member is a permanent Macao resident; the project cooperates with a State key laboratory in Macao; one founder or core team member is an in-service teaching and research staff or full-time student at a Macao university or scientific research institution; or the project is directly or indirectly invested by a Macao enterprise holding shares of no less than 10 percent.

The special-grade winning team will receive a gratis R&D subsidy of 100 million yuan ($14 million); two first-grade winning teams will receive 50 million yuan ($7 million) each; three second-grade winning teams will be awarded 20 million yuan ($3 million) each; and four third-grade winning teams will garner 10 million yuan ($1.4 million) each.

The competition is organized by the Hengqin New Area Administrative Committee and Science & Technology Development Fund of Macao.

Last year's event attracted 955 domestic and foreign projects. Many of the 10 winning teams have already settled in Hengqin, including Pachira Information Technology (Beijing) and QXP Technologies.