A total of 125 enterprises received innovation coupons totaling 94.25 million yuan (US$13.27 million) in the latest release. The coupons can be redeemed for several tech-related service fees, Shenzhen Economic Daily reported.

The coupons were released by the Shenzhen Municipal Science, Technology and Innovation Commission to reduce costs of innovation for startups.

When small and medium-sized firms and startups buy technological services such as research and development service and technology transfer service, they can use these coupons to redeem the fees.

At the end of April, innovation coupons worth 15,000 to 200,000 yuan were issued by the city to 5,086 different businesses including Huawei, Centre Testing International and Shenzhen University.

In another development, the city planned to provide funds totaling 2.77 billion yuan to 10,236 Shenzhen-based companies to help enhance their innovation capabilities, according to Shenzhen Special Zone Daily.

At present, the list of companies that have successfully received portions of the fund is being published to seek opinions.

Firms including BYD, Tencent, ZTE, Skyworth, and Hytera were on the list, according to the report.