The China Unicorn Enterprise Research Report 2024, unveiled at the 2024 China (Chongqing) Unicorn Enterprise Conference, highlighted Wenzhou as one of seven emerging cities which is rapidly fostering unicorn companies.
In 2023, China boasted 375 unicorns with a combined valuation of $1.2 trillion, including 12 super unicorns and 72 new unicorns. The average growth period for unicorns was 4.3 years, with new unicorns averaging 5.4 years.
The companies were distributed across 56 cities, with Beijing, Shanghai, Shenzhen, Guangzhou, Hangzhou, and Suzhou leading the count. Cities like Hefei, Wuhan, and Chongqing have accelerated their unicorn cultivation, with Wenzhou and six other cities recognized as new unicorn hubs.
Wenzhou has prioritized innovation, employing various strategies to nurture tech-based companies. The report highlights FOX ESS, a Wenzhou-based unicorn known for its rapid growth and potential. Other notable Wenzhou companies include Chint Anneng, Chint Solar, and Qichacha.
Unicorn companies, driven by technological innovation, high-level talent, and significant capital, are pioneers in new fields and sectors. The report defines unicorns as privately held companies registered in China, less than 10 years old, with a valuation of at least $1 billion. Super unicorns are valued at $10 billion or more.
In 2023, China's unicorns spanned 39 sectors, with significant growth in areas like controlled nuclear fusion, GPU chips, semiconductor materials, hydrogen energy, new energy storage, and synthetic biology. Nearly 70 percent of unicorns were engaged in cutting-edge technology fields.
