Home to several IT and innovation companies, including Huawei, BYD and Tencent, China's southern city Shenzhen is thirsty to attract more creative talents to fuel its technology-driven economy.

The local government launched the 1st Innovation Competition of International Talents in November, which is open to all IT talents around the world, to win a total of $880,000 bonus and additional $200 million government subsidies and venture capital.

It is scheduled to hold five divisional competitions in Sydney, Munich, Tel Aviv, Tokyo, and Silicon Valley in the US by the end of March, according to the organizer. The grand final will take place in Longgang district of Shenzhen on April 15.

The registration will close on Feb 29.

According to the organizer, the applicants are required to do research in five key sectors: Internet and mobile Internet (information technology), electronic science and technology, biological and life science and technology, advanced manufacturing, and material & energy (including energy saving and environmental protection).

The applicants, however, should not start any business or work in China while applying. It is preferred that the applicants have a plan to start a business or work in Shenzhen after the competition.

The top five shortlisted candidates from each division will enter the final in Shenzhen. The top prize is $80,000(one winner), $50,000 for the second prize (three winners) and $30,000 for the third prize (six winners).

If the top three winners are able to launch their projects in Longgang district within six months after the competition, they would be granted additional bonus of 400,000 yuan (first prize winner), 300,000 yuan (second prize winners) and 200,000 yuan (third prize winners).

Some 56 venture capital institutes will participate in the competition to provide a total of $100 million fund to support the winning projects.

The government has also arranged about $100 million fund to subsidize the creative talents and their projects. Each project could receive up to $3.8 million policy fund, according to the organizer.

Shenzhen, which neighbors Hong Kong, is the fourth-largest mainland city in GDP terms. It has aggregated the top talents in the creative and IT industry around the country, with the aim to become one of the world's leading technology-driven cities.