China’s Unicorn Companies Flourish at Global Conference
The Global Unicorn Enterprise Conference was held on April 28 during the 2024 Zhongguancun Forum Annual Meeting, showcasing the rapid development and growth of China’s unicorn companies. With 369 unicorn companies in total and a valuation of approximately US$1.4 trillion, China has become a key player in the global unicorn market.
The conference, organized by the Zhongguancun Unicorn Enterprise Development Alliance, released the “China Unicorn Enterprise Development Report (2024)” in partnership with KPMG Consulting (China) Co., Ltd. The report highlights the significant presence of unicorn companies in China, with 67 new unicorns added in the past year alone.
Notably, China’s unicorn companies have shown a strong focus on “hard technology,” with 231 companies in this category. These companies are at the forefront of cutting-edge technologies such as aerospace, quantum technology, and artificial intelligence, contributing to China’s overall strength in scientific and technological innovation.
Beijing, known as the “City of Unicorns,” leads the country with 114 unicorn companies and a total valuation of US$522.77 billion. The city’s unicorn companies are spread across various industries, with a focus on artificial intelligence, software, and new consumption. Additionally, Beijing has emerged as a leader in cutting-edge science and technology fields, with companies excelling in areas such as commercial aerospace and large models.
Zhang Yulei, of the Beijing Municipal Science and Technology Commission, highlighted Beijing’s supportive ecosystem for unicorn companies, which includes a range of services and policies aimed at fostering their growth. The city’s commitment to innovation and entrepreneurship has created a thriving environment for unicorn companies to thrive and succeed.
The conference also saw the launch of new projects by Beijing unicorn companies, ranging from biotechnology and integrated circuit testing to medical imaging AI technology. These initiatives demonstrate the city’s commitment to driving high-quality development in the economy and society.
China’s unicorn companies continue to play a crucial role in driving innovation and growth, both domestically and on a global scale. With Beijing at the forefront of this movement, the future looks promising for the country’s unicorn ecosystem.