(Yicai) Dec. 6 -- Shanghai has named 40 businesses, including artificial intelligence firms SenseTime Group and Baidu's Xiaodu Technology, in the city’s first group of enterprises to be officially recognized as innovative high-tech champions.

The Shanghai headquarter’s of 10 businesses in four key high-tech industries -- AI, integrated circuits, biomedicine, and the digital economy -- were named pioneers in technological innovation and Mayor Gong Zheng presented them with certificates at a ceremony yesterday.

Other companies honored were video sharing website Bilibili, video games studio miHoYo, and medical AI developer United Imaging Intelligence.

The 40 firms were also awarded as much as CNY5 million (USD701,000) each, and will enjoy government support in terms of industrialization, incubation of high-value patents, talent introduction, import of items for research and development, procurement of innovative products, and transformation of achievements.

Each has strong technological leadership and innovation capabilities, high growth potential, and the ability to promote the clustering of industry chain enterprises, according to the Shanghai Development and Reform Commission.

More than 90 percent of the firm have products and services with a strong industry position in the home and global markets, over half have launched first-of-a-kind products or new drugs in China or globally, and over 60 percent had compound annual revenue growth in excess of 30 percent in the past three years, the economic planning agency added.

Speaking at the awards ceremony, Xiaodu Chief Executive Li Ying said Shanghai’s strong science and technology innovation ecosystem, comprehensive preferential policies for enterprises, and thoughtful government services provide a fertile ground for the development of innovative AI firms. Xiaodu plans to further expand its business presence in Shanghai and raise its investment in research and development of AI technology, she added.

Editors: Tang Shihua, Emmi Laine