4 de July de 2024 - zeumat
China’s unicorn companies are experiencing exceptional growth, standing out as the fastest-growing globally. This phenomenon is concentrated in sectors such as advanced manufacturing, automotive technology, financial technology, corporate services and artificial intelligence. In this article, we tell you everything you need to know about this trend that is revolutionising the global business landscape.
In 2024, China added 32 new companies to the list of the world’s top 500 unicorns, the largest increase recorded by any country. This growth was recently announced in Qingdao, a city in the eastern region of China. The cumulative valuation of these companies has reached nearly 30 trillion yuan ($4.2 trillion), representing a solid 7% increase over the previous year, according to data from China Central Television.
For those unfamiliar with the term, “unicorn company” refers to a start-up valued at more than $1 billion. This year, companies from the United States and China account for three-quarters of the total number of unicorns, with giants such as ByteDance, SpaceX and OpenAI leading the rankings.
A report by the Zhongguancun Forum 2024 reveals that China is home to 369 unicorn companies, accounting for more than a quarter of all such companies globally. This impressive number underlines China’s role as a hub for innovation and entrepreneurship.
Xie Shujiang, director of the unicorn business innovation subdivision of the China Invention Association, attributes this success to several key factors:
“China’s huge market size, robust industrial infrastructure and strong political support. “These elements have facilitated the rapid commercialisation and scaling up of new quality productive forces, driving economic transformation and upgrading“
Advanced manufacturing: Companies that are redefining industry standards with innovative technologies.
Automotive technology: Startups that are leading the electric and autonomous vehicle revolution.
Financial technology: Firms that are transforming the financial landscape with digital solutions.
Corporate services: Companies offering tools and services to improve business efficiency.
Artificial intelligence: Startups that are at the forefront of AI research and development.
The rapid growth of unicorn companies in China is a clear reflection of the strength and dynamism of its entrepreneurial ecosystem. With a huge market and solid infrastructure, backed by favourable policies, China is establishing itself as a global leader in innovation and technological development. This trend not only drives the local economy, but also has a considerable impact on the global economy.
Written by Wenyang Zhong
Source: People.cn
