Korean Media: 416 Chinese Unicorns Rank Second Globally!

On May 6, South Korean media outlet Global Economy published an article stating that according to statistics, China had 416 unicorn companies last year, accounting for about 30% of the global total, ranking second worldwide.

A unicorn company refers to a startup with a valuation exceeding $1 billion.

Recent data released at the Global Unicorn Enterprises Conference in the report China's Unicorn Enterprise Development Report shows that last year, China’s unicorn enterprises reached 416, with a total valuation of approximately $1.6095 trillion. The average valuation per unicorn company was about $38.69 billion.

Compared to 2022, the number of companies increased by 12.7%, and the total value of companies rose by 14.6%.

Some analysts believe that China’s unicorn enterprises not only have a large number but also continue to improve in terms of value and quality.

These companies are distributed across a total of 11 sectors, with five sectors—artificial intelligence, smart devices, new consumer products and retail, integrated circuits, and new energy and new materials—accounting for 68% of all unicorn companies.

In particular, the artificial intelligence sector leads China’s unicorn landscape with 69 unicorn companies, totaling $638 billion in enterprise value. AI is the only sector where the average company valuation approaches $10 billion.

The report also highlights that although "super unicorns" like TikTok represent only 3.4% of the total number of companies, they contribute nearly half of the total corporate value.

Investigations found that about 80% of super unicorns are concentrated in Beijing, Shanghai, Guangzhou, and Shenzhen.

By region, 358 unicorn enterprises are concentrated in three major regions: the Beijing-Tianjin-Hebei area, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area.

By city, Beijing has the highest number of unicorn companies with 116, followed by Shanghai with 65, Shenzhen with 43, Guangzhou with 21, and Hangzhou with 20. These five cities collectively host 63.7% of China’s unicorn enterprises—265 companies in total.

Original Source: toutiao.com/article/1864401512315914/

Disclaimer: The views expressed in this article are solely those of the author.