SHENZHEN -- An innovation competition to be held in the southern city of Shenzhen has drawn a large number of foreign applicants, authorities said.

The competition is "aimed at drawing high-level talent" to help with Shenzhen's scientific projects and encourage industrial innovation, according to the Shenzhen government, Guangdong Province.

Almost 1,000 foreign contestants applied to join the competition at its registration stations overseas, according to the government.

Total prize money in the competition stands at about 11 million yuan ($1.7 million), and an individual can get up to 1.4 million yuan in prize money.

Regional competitions will begin in late March, and the grand final will start in Shenzhen in mid-April.