China's startup ecosystem experienced remarkable growth in 2023, adding 56 new unicorn enterprises. According to the Hurun Global Unicorn Index 2024, this surge means the country averaged over one new unicorn each week throughout the year.
Globally, there are 1,453 unicorn enterprises valued at a collective $4.6 trillion. China holds the second spot with 340 unicorns, trailing only the United States, which boasts 703. The majority of China's unicorns are concentrated in cutting-edge sectors such as artificial intelligence, semiconductors, and new energy.
The report highlights Hefei, the capital of east China's Anhui Province, as the fastest-growing city for unicorn enterprises. Other major cities contributing to this boom include Guangzhou, Hangzhou, and Suzhou.
Prominent among China's unicorns, ByteDance, the parent company of TikTok, remains the world's most valuable unicorn, valued at approximately 1.56 trillion yuan ($220 billion). Additionally, Shanghai-based gaming giant miHoYo climbed 91 places to secure the 12th position globally, with an estimated market value of around 160 billion yuan ($22.6 billion).
As China's startup landscape continues to evolve, the country's focus on innovation and emerging technologies is solidifying its position as a global leader in the unicorn market.
Reference(s):
cgtn.com
