This paper adopts an embedded case study design, taking Kingfa Technology Incubator as the research object. From the boundary-spanning perspective, it analyzes the process through which specialized incubator lead two types of entrepreneurial ecosystems including “specialized” and “sophisticated” to achieve cross-boundary value co-creation, and accordingly constructs an integrated process model. The specific research conclusions are as follows:①for the specialized SMEs’ entrepreneurial ecosystem, professional incubators identify market segmentation barriers, implement horizontal spanning of market domain boundaries, and realize scale-expansion-oriented cross-boundary value co-creation;②for the sophisticated SMEs’ entrepreneurial ecosystem, professional incubators identify technological discontinuity barriers, implement vertical spanning of technology domain boundaries, and achieve technology-breakthrough-oriented cross-boundary value co-creation;③for the SMEs’ entrepreneurial ecosystem with the collaborative evolution of specialized and sophisticated attributes, professional incubators identify ecosystem misalignment barriers, implement cross-spanning of ecological domain boundaries, and accomplish ecological integration-oriented cross-boundary value co-creation.