Amid economic uncertainty, China still saw a surge of "unicorns" in 2023, particularly in sectors such as AI, semiconductors, aerospace, and new energy vehicles.
According to the Hurun Research Institute's "Global Unicorn Index 2024," China produced 56 unicorns in 2023, second only to 70 from the United States, averaging roughly one unicorn birth per week. Globally, there are now 1,453 unicorns, marking a 7% increase, with 703 from the United States and 340 from China.
World's most valuable company
Unicorns are typically defined as startups founded within the past decade, valued at over US$1 billion, but not publicly listed yet. However, the Hurun report extends this to include companies established after 2000.
Bytedance, the parent company of TikTok, remains the world's most valuable company with a valuation of US$220 billion. In 2023, Bytedance saw revenue of US$120 billion, a 40% increase.
In comparison, Meta's revenue was US$134.9 billion. TikTok boasts approximately 170 million users in the United States alone.
Emerging Sino-tech sectors
Globally, the fastest-growing industries include fintech, AI, blockchain, and new energy. Innovations from OpenAI have garnered significant attention from AI start-ups.
Notable Chinese AI unicorns include Moonshot AI and MiniMax, the former has secured investments from Alibaba and Xiaohongshu. Semiconductor unicorns include automotive chip companies Horizon Robotics, JLC, CXMT, and GTA Semiconductor.
New energy vehicle manufacturers such as GAC Aion, Voyah, and IM Motors, mostly collaborate with existing automotive brands.
The report notes that 80% of globally listed semiconductor startups are from China, with the rest coming from the United States, Israel, and the United Kingdom. In the aerospace industry, Chinese startups occupy one-third of the space, mainly in satellite launch-related ventures, including Galactic Energy, Chang Guang Satellite, and ExPace.
Article translated by Jerry Chen
