Wuhan East Lake High-tech Development Zone, also known as Optics Valley of China, in central Hubei province, is now home to more than 900 so-called gazelle companies – young, very fast-growing businesses, 414 of which were recognized in 2019.

The gazelle companies include companies established in the last 10 years with an annual income ranging from 10 million yuan ($1.43 million) to 500 million yuan.

The 414 gazelle companies in Optics Valley of China cover China's pillar industries including electronic information, biomedicines and high-end equipment manufacturing.

They made total profit of 2.65 billion yuan, and paid taxes of 900 million yuan in 2018.

Officials said that of these, 18 gazelle companies paid over 10 million of annual tax, while the revenue of 76 companies doubled in the last two years.

Over the past three years, over 150 gazelle companies received venture investment and their total equity capital topped 7 billion yuan.

In 2018, the R&D investment of the 414 gazelle companies totaled 2.48 billion yuan, accounting for 12 percent of total revenue.

Over 3,985 invention patents were applied for, 943 of which were approved, while 10 companies were involved in the formulation or reformulation of 17 national standards.