The Shenzhen-Hong Kong-Guangzhou innovation cluster topped the 2025 Global Innovation Index, surpassing Tokyo-Yokohama for the first time, while the San Jose-San Francisco cluster ranked third among the top 100 global innovation hubs. In addition to its high level of international patent applications and scientific publications, the Shenzhen-Hong Kong-Guangzhou cluster also scored highly in venture capital transactions, a new indicator added this year to help measure innovation activity across regions around the world.