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The annual International Summit on Innovation and Development for Youth Entrepreneurs has become a service platform to attract more young entrepreneurs to invest in Shandong province.

The launch of the Ruigan sensor project in Zhangqiu district, Jinan, Shandong province during last year's event, has helped fill the gap in the chip design industry in Shandong province.

The $140 million project, which is a joint venture by Zhangqiu district government and Beijing Zhilu Asset Management Co, will produce high-end sensor chips for the automobile manufacturing and smart home fields.

Negotiations for the project started in mid-September of 2019 before an agreement was signed in early October.

In November, the Jinan Zhilu IC Industrial Investment Center and Austrian AMS Company jointly established the Ruigan (Jinan) Sensor Company and completed the cross-border acquisition of the Sage project of the Netherlands in January 2020.

Presently, the overseas acquisition process of this project has been completed. The headquarters and R&D sales center will also be established soon, while the module workshop is scheduled to be put into production before the end of the year.

Additionally, the Hong Kong Hang Fun International Group invested in Jinan Dianshu Technology Company via last year's summit.

The capital, technology and resource sectors from Hong Kong have been helping with the comprehensive upgrading of the automobile market and housekeeping service industries of Dianshu Technology.

Xu Ying, CEO of Dianshu Technology, said that the cooperation will help optimize services and standards of the company.

Since 2019, the Shandong provincial committee of the Communist Youth League has promoted 46 projects with a total scale of 114.3 billion yuan ($16.15 billion).