The recently released GEI China Unicorn Enterprise Research Report 2025 shows that by 2024, China had 372 unicorn companies with a total valuation exceeding $1.2 trillion, with 11 “super unicorns” accounting for nearly 40 percent of that value. The report highlights three key trends:
- Capital shifting from “chasing trends” to “laying foundations”:
The unicorn funding landscape is changing and is now dominated by domestic capital. RMB-based funding accounts for 74.3 percent, and 60 percent of firms have state capital involvement, indicating a deeper, more stable support base for China’s innovation economy. - Structural optimization:
While the total number of unicorns dropped slightly (21 exited, 18 new entrants), the overall valuation grew due to a shift from saturated markets like EVs and the shared economy to deep-tech sectors such as semiconductors, robotics, and cell therapy. Unicorns now span 41 sectors, with 70.2 percent in frontier technologies like AI, robotics, and chips. Semiconductors lead for the fourth year with 56 unicorns valued at $161.8 billion, including 12 newcomers. The Artificial Intelligence (AI) unicorns raised $38.86 billion in 2024, accounting for 36.7 percent of the global total. - “3+X” regional innovation clusters:
Beijing (115 unicorns, 71.3 percent in hard tech) leads in valuation and number, driven by academic talent and state-backed capital. Shanghai (65 unicorns) focuses on Information and Communication Technology (ICT) and life sciences, and has strong international financing channels. Shenzhen (42 unicorns) excels in Research and Development (R&D) and rapid tech commercialization thanks to its full electronics value chain. Nearby cities like Hangzhou, Suzhou, and Hefei are rising rapidly under the influence of these hubs.
Source: Huanqiu Times, July 21, 2025
https://www.huanqiu.com/article/4Nak0eiALgj