Purpose/Significance To explore practical paths of unleashing the value of healthcare data taking the city of Shenzhen as a case study.Method/Process Based on the PEST analysis framework, combined with policy documents, case studies, and Shenzhen Data Exchange practices, the exploration in data governance, industrial ecology, social trust, and technological innovation in the city of Shenzhen are analyzed, and experience and shortcomings are summarized.Result/Conclusion A “1+N” governance framework is established in Shenzhen, to promote the marketization of healthcare data and the application of privacy computing technology, and form a paradigm for the elementization of healthcare data. The institutional coordination and regulatory innovation should be further deepened, a multi-party coordination mechanism for healthcare data transactions driven by application scenarios should be established, data standardization should be strengthened, and a new model for data element circulation should be cultivated to unleash the value of healthcare data and provide reference for the elementization of healthcare data.