| RK | enterprise | industry |
|---|---|---|
| 1 | China Reserve Intelligence | Logistics and transportation |
| 2 | Innosec | semiconductor |
| 3 | Auscom | medical health |
| 4 | Smart Plus Technology | artificial intelligence |
| 5 | Cloud Migration Technology | Marketing SaaS |
| 6 | Microstep online | cyber security |
| 7 | MINIEYE | car traffic |
| 8 | New Kangzhong | car traffic |
| 9 | Xinmai Medical | medical health |
| 10 | He Fu Lo Mein | food consumption |
| 11 | cloud account | Corporate Services |
| 12 | super orangutan | fitness service |
| 13 | patpat | Cross-border e-commerce |
| 14 | Pharaoh | Corporate Services |
| 15 | Oh Fun Technology | mobile office |
| 16 | Digital Technology | data service |
| 17 | HungryPanda | Takeaway service |
| 18 | ADVANCE.AI | data analysis |
| 19 | flash | Logistics and transportation |
| 20 | Fornojian Biology | medical health |
| 21 | goose pass | data service |
| 22 | Tiandihui | Logistics real estate |
| 23 | Excellent Medicine | medical health |
| 24 | Yifang Bio | medical health |
| 25 | Union Medical | medical health |
| 26 | Cytek Biosciences | medical health |
| 27 | Senyi Smart | Smart medical |
| 28 | Nets Technology | Corporate Services |
| 29 | Easy Point Cloud | smart hardware |
| 30 | Jane Eyre Yogurt | living consumption |
| 31 | Wisdom Teeth Technology | Intelligent customer service |
| 32 | Runmed Medical | medical health |
| 33 | Sensory Data | data service |
| 34 | A pulse of sunshine | medical health |
| 35 | Yaojie Ankang | medical health |
| 36 | Lenore Medical | medical health |
| 37 | turn around | second-hand trade |
| 38 | USHOPAL | sales marketing |
| 39 | Lipin Cloud | sales marketing |
| 40 | Culimin Bio | medical health |
| 41 | Zhuoer Mathematics | Corporate Services |
| 42 | Haizhiwangju | Smart government |
| 43 | Lostone Robot | robot |
| 44 | Hanyu Medical | medical health |
| 45 | Changfeng Pharmaceutical | medical health |
| 46 | High grade biology | medical health |
| 47 | Easy Express | SaaS service |
| 48 | Kyligence | data service |
| 49 | Fourier Intelligence Technology | robot |
| 50 | part-time guest | Corporate Services |
| 51 | Defeng Technology | Industrial Internet |
| 52 | Sharp Stone Chuangxin | semiconductor |
| 53 | Wen Yin Internet | Fintech |
| 54 | Kelai Network | Corporate Services |
| 55 | Crystal Technology | semiconductor |
| 56 | Laikai Medicine | medical health |
| 57 | Jian Daoyun | zero code |
| 58 | payroll | HR SaaS |
| 59 | distant gene | medical health |
| 60 | Humi Net | Industrial Internet |
| 61 | South Core Semiconductor | semiconductor |
| 62 | Xiaoman Technology | SaaS service |
| 63 | pet | Domestic services |
| 64 | Weimai Medical | medical health |
| 65 | Douxiang Technology | security service |
| 66 | Ruifan Technology | Corporate Services |
| 67 | Danno Medicine | medical health |
| 68 | Yikang Gene | medical health |
| 69 | kiss baby | mother and child care |
| 70 | Gaoxian Robot | robot |
| 71 | Luxin Technology | semiconductor |
| 72 | Tianyun Big Data | data analysis |
| 73 | Yifei Automation | robot |
| 74 | Lanyu Biology | medical health |
| 75 | Polycore Microelectronics | chip |
| 76 | Borui Collection | semiconductor |
| 77 | Zhuyun Technology | cloud service |
| 78 | Creech | medical health |
| 79 | Omni Medicine | medical health |
| 80 | Chacha | Corporate Services |
| 81 | Yi Miao Shenzhou | medical health |
| 82 | Huadao Biology | medical health |
| 83 | Oppo Mandy | medical health |
| 84 | Voda Semiconductor | semiconductor |
| 85 | Hiring Cloud | Corporate Services |
| 86 | Leyan Technology | artificial intelligence |
| 87 | MetaApp | APP service |
| 88 | Intourcare Medical | medical health |
| 89 | Polymaker | new material |
| 90 | Woqu Technology | data service |
| 91 | Huaqiyun | Corporate Services |
| 92 | Changyang Technology | Internet of Things |
| 93 | a microsemiconductor | semiconductor |
| 94 | Dingjing Biology | medical health |
| 95 | Koya’s Ark | medical health |
| 96 | SinoVision | medical imaging |
| 97 | Black Lake Intelligent Manufacturing | data service |
| 98 | Giant Sequoia Database | data service |
| 99 | Kellogg | logistics robot |
| 100 | Pot Ring Food Collection | food and beverage |
Unicorn Dream
In a sense, the creation of the word “unicorn” is an invisible coronation.
In 2013, venture capitalist Aileen Lee added the special designation to unlisted startups valued at $1 billion or more. At the time, a company with such a high valuation was rare, and its existence meant something unusual. Either to create new vitality for the world economy, or to change the way of life of human beings, the three words “unicorn” represent infinite creativity and subversive expectations.
Apple opened the era of touch-screen mobile phones, Facebook built a new social network based on real life, Netflix created streaming movies, domestic Alibaba opened the e-commerce era of online shopping, and WeChat brought simplicity and convenience to the whole people. . . . Unicorns give entrepreneurs and investors confidence with their unstoppable momentum.
In 2014, when Xiaomi’s valuation reached 45 billion US dollars, the upsurge of entrepreneurship in the technology Internet industry was completely ignited. In 2012, the number of unicorn companies in China and the United States was only about 3, and so far, according to the data released by the Hurun Research Institute, the number of unicorn companies in the world has reached 1,058, an increase of 80% year-on-year, of which 487 are in the United States, 301 in China.
Behind the astonishing figures is the industry’s infinite expectations for unicorn companies. The crown of “unicorn” means industry leaders, strong creativity, and double the ability to create wealth. Compared with innovative achievements The more obvious change in recent years has been the unprecedented influx of capital into these start-ups.
When dreams are broken
Although people don’t want to see it, things do go in another direction that is not in line with the initial expectations. A strange investment logic appears: the sooner the venture capital project achieves a high valuation, the more successful it will be, and the higher the valuation, the more successful it will be. Many unicorn companies have put more energy on financing instead of innovation and operation. After financing, the focus is not to improve technology and services, but to invest in advertising, buy traffic to obtain a higher valuation, and finally hit the market.
A road of innovation and development has become a road to IPO wealth creation, but in fact, there are no real winners on this road. In 2019, the news that WeWork, a well-known unicorn company in the United States, cancelled its listing plan shocked many people. Its valuation fell from US$47 billion. Forbes even gave a valuation of US$2.8 billion, and investor Sun Zhengyi said. , SoftBank lost more than 720.8 billion yen (about 47.7 billion yuan) on the WeWork project.
The country is also not optimistic. Last year, the unicorns Yunzhisheng, Yitu Technology, and Hesai Technology successively stopped their IPOs; in May this year, the flexible screen unicorn Royole Technology, which was once valued at over 50 billion, fell into the severance of employees and arrears of wages. In the crisis of debt and close to collapse, the artificial intelligence unicorn cloud went public from technology, which was 29% lower than its pre-listing valuation.
The emergence of regulation is a big blow to these start-ups, but the timely pain is a friendly reminder than the bursting of the bubble. After all, the ultimate purpose of regulation is to improve the economy. On January 29 last year, the China Securities Regulatory Commission issued the “Regulations on On-site Inspection of IPO Enterprises”. The on-site inspection methods include checking business premises, obtaining capital flow, and visiting customers and suppliers. For randomly selected enterprises, on-site inspections focus on matters such as the quality of financial information disclosure.
This means that those who cash out and fish in troubled waters may be expelled from the market, the market is expected to return to a benign competitive environment, and the quality of listed companies will likely be improved through incentives and competition. However, it is impossible for the market to be completely positive. Since Internet companies are always at the forefront of innovation and development, the pace of supervision generally lags behind the pace of market advancement. Therefore, it is necessary to create a better development environment for outstanding technology companies. The level of supervision has been gradually and gradually improved at a deeper level.
after the storm
After the storm, both entrepreneurs and investors will realize that what an excellent technology company needs is not an empty valuation that is convenient for financing, nor is it a unicorn “crown” that cannot reflect the true value of the company. In other words, there must be business factors that support its valuation in a long-term and stable manner. He took Xiaomi as an example, and pointed out sharply, “Taking off the halo of the explosive model, what we see is a business model with too low-end scenarios and data, and there is no bright spot to speak of… Lack of real meaning. In terms of innovation, Xiaomi’s infinite scenery today is just a dance on the edge of a cliff.”
Whether it is a hardware company or an Internet company has always been a debated issue in the industry. Starting from Xiaomi itself, it has always been a vision to “be China’s Apple” and to build a home IoT ecological chain.
Apple changed the mobile phone industry, “destroyed” the PC with the iPad, and the iPod reshaped the music industry and created an entire ecosystem. And Xiaomi’s ecological chain, as its biggest selling point in the capital market, uses a mobile phone as a port to control home devices to create a home Internet of Things, but it cannot be defined as innovation in the true sense.
The value of the Internet of Things lies in “connection”, which can only be controlled by mobile phones, and there is no real chemical reaction between products. The essence is still that traditional devices increase network connectivity, but the real value of the Internet from software, services and data is not fully represented. Of course, looking for flaws is to go far in the future, and Xiaomi’s story is not over yet.
But real innovation must solve industry pain points and bring about change. An excellent start-up company requires people to put in thousands of times of efforts, long-term technical talents and top-notch technical products, and more pragmatic, innovative, enthusiastic and energetic emerging forces to develop new technologies, new formats, and new models. , promote the adjustment of industrial structure, and promote the substantial improvement of national economic strength and comprehensive national strength. This is the true value of a unicorn or quasi-unicorn.
Epilogue
Walking the world by sword is destined to be lonely, but it is exciting enough. Anyway, there is always a mission, let’s find it together!