In order to explore the mechanism of technological innovation activated by financial synergy for hidden champions, this paper adopts a single case study method and selects TEDA Corporation as the research object to explore the fundamental motivation and micro mechanism of its technological innovation. Starting from the fact that hidden champions face far greater pressure than ordinary enterprises due to their adherence to independent R&D, it analyzes and sorts out the characteristics of pressures experienced by these enterprises in their development process, and under the guidance of the synergy theory, summarizes the key elements for achieving financial synergy, as well as the process of matching financial synergy with pressure sources and affecting technological innovation.

The findings are that: First, hidden champions with continuous technological innovation as their core competitiveness have an impact on the construction of trust types in financing systems at different stages of technological innovation development. Enterprises construct institutional, knowledge-based, and identity trust types in the exploration, development, and deepening stages of technological innovation. Second, the key to achieving financial synergy for enterprises lies in building trust in the role of starting order parameters, and achieving dynamic evolution of financial synergy modes in the context of the continuous improvement of technical strength of hidden champions. Third, under different financial synergy modes, due to differences in key trust types, the trust parties have different requirements for the technological level, market share, and investment return period of the enterprise, so technological innovation in the growth of hidden champions will exhibit different characteristics.

In terms of theoretical significance, this paper explains the misconception that enterprises can maintain continuous technological innovation under the premise of capital usually averse to risk, supplementing the theoretical gap caused by the neglect of the synergistic effect between different financing types in existing literature, and providing reference for understanding the dynamic evolution of financing systems in the growth process of hidden champions. In terms of practical inspiration, this paper has certain guiding significance for manufacturing enterprises to achieve the growth of hidden champions. Enterprises should realize the strategic significance of financial synergy for continuous technological innovation. At the same time, the technical strength of hidden champions has a counterproductive effect on the construction of financial synergy. With the enhancement of the enterprise’s own technical strength, the synergy mode of the financing system also changes synchronously.