State broadcaster CCTV said a stretch of road nearly 18m long between Meizhou city and Dabu county had caved in at around 2.10am, trapping 20 vehicles.
As at 3pm, "24 people have been confirmed dead, and 30 are receiving all-out emergency care in hospital", state-run news agency Xinhua said.
CCTV said the lives of those hospitalised were "not currently at risk" but did not specify their injuries.
An aerial photograph published by CCTV showed wrecked vehicles lying in a deep, muddy pit where the highway once ran.
Dozens of emergency vehicles and cranes congregated along the intact section of the road, which bisects a steep, wooded slope.
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