Another successful business in the district is Guangzhou CanSemi Technology, a chip manufacturer established in 2017.

In 2019, the company put its 12-inch chip production line into operation in Guangzhou－the first of its kind in South China's Guangdong province.

In the second quarter of 2020, CanSemi said it achieved a record 105 percent month-on-month increase in shipments and a 78.8 percent increase in monthly average wafer trade.

"In 2020, we hope that our chips for civilian and automotive purposes can address market needs in the Guangdong-Hong Kong-Macao Greater Bay Area," said Chen Wei, president of CanSemi.

The company will spare no effort in developing biosafety and health chip products for sectors including biological detection, video surveillance cameras and infrared temperature measurement control, Chen said.

To date, the district is home to more than 20,000 private businesses and SMEs. More than 80 percent of the high-tech companies in the district are private SMEs, official data showed.

The burgeoning development of private businesses has become a major engine driving the socioeconomic development of the district, local officials said.

To ignite the vitality and creativity of high-tech private SMEs, the district has issued a pilot plan, according to Zeng Fanrong, director of the reform coordination division of the policy research office at the Guangzhou Development District.

By 2023, the district is expected to be home to some 3,500 technology-based companies. By 2025, the number will reach 5,000, with an average annual growth rate estimated at over 12 percent, according to the plan.

At present, the district has built the largest incubator cluster for technological companies in South China, making it a key destination for emerging industries and high-tech innovative companies.

So far, the district is home to 105 incubators for technology-based businesses, with 14 of them national-level. It has 51 service platforms for innovators, with 11 of them at national level, and seven business accelerators for technological companies.

"We are aiming to develop qualified technology-based private SMEs with leading economic and innovation power in the country, and producing a group of pioneering SME brands," Zeng said.

"We want to build the district as a benchmark area for technology-based private SMEs in Guangdong province or even across the country."