Companies in the service, advanced manufacturing and cultural and creative industries have been rewarded for their growing role in driving the economic development of Guangdong province.

Ten business leaders also received awards for investing more in innovation and technology, according to the Yangcheng Evening News and the Guangdong Television Station, the organizers of the event.

"Investment in innovation and technology will help boost competitiveness and we are increasing investment in the sector to maintain sustainable development," said Chen Haijia, founder and chairman of the Guangzhou Saliai Stem Cell Science and Technology Co.

The Guangzhou-based company, which last year became China's first stem cell company listed on the new third board market, was one of the award recipients.

The company has invested more than 100 million yuan to collaborate with a local university in developing an anti-aging and health research laboratory, aiming to build a stem cell data base in South China.

A number of high-profile business people, including Ma Huateng, chief executive officer of Tencent Holdings, and Ding Lei, founder and CEO of Netease Inc, have been honored at previous events, initially launched 10 years ago.