In 2024, the total value of Chinese unicorns reached an impressive RMB 8.4 trillion. Unicorns dominate the industry landscape, particularly in the new energy, artificial intelligence (AI) and semiconductor sectors. These companies are not only driving technological innovation, but also reshaping China’s role in the global economy.
New energies sector: A growth accelerator through technology
The unicorns of new energies are benefiting greatly from the global wave of the green economy. In the areas of electric vehicles, battery technology, wind power, photovoltaics and energy services, they are demonstrating impressive market and technological expertise.
- GAC Aion: This company has quickly become a leading unicorn through its presence in the ride-hailing market, reaching a valuation of over RMB 100 billion.
- Envision Energy: With three subsidiaries valued at RMB 830 billion, RMB 500 billion and RMB 250 billion, Envision Energy is a global pioneer in the wind power sector.
- SVOLT Energy: This company is now one of the world’s leading suppliers of lithium batteries and has been able to expand its global market position thanks to a key order from BMW.
Future trends: The growing demand for sustainable energy and new technologies such as energy storage, energy internet and hydrogen technologies will be the next fields of innovation.
Artificial intelligence: drivers of the intelligent transformation
The Chinese AI industry experienced explosive growth in 2023, particularly in the field of autonomous driving. Several companies were able to establish themselves through technological innovation and market-leading solutions.
- Horizon Robotics and Pony.ai: These companies are leading the industry with their high-precision algorithms and data processing capabilities.
- WeRide: The company has developed technologies that are used in several cities for ride-hailing services and autonomous shuttles.
- Momenta: Momenta works with leading car manufacturers and develops technologies for L2+ driver assistance systems and L4 autonomous driving technologies.
Future trends: In the future, AI will be increasingly integrated into smart manufacturing, healthcare and the development of smart cities, which will have a profound impact on various industries.
Semiconductors: a key area for autonomy and innovation
The Chinese semiconductor industry is currently experiencing a boom, driven by increased demand and the drive for independence in the supply chain.
- JLCPCB: The leading supplier in the PCB sector has gained high recognition in the industry thanks to its EDA solutions and an open source platform.
- Changxin Memory and Hefei Jinghe: These companies are making progress in memory and IC production and closing the gap to international competitors.
- Moore Threads: With a focus on GPUs, the company makes significant contributions to the Chinese graphics and data processing industry.
Future trends: Technologies such as advanced packaging, heterogeneous computing architectures and lithography are identified as key growth areas.
Unicorns and their regional distribution
The five cities of Beijing, Shanghai, Hangzhou, Guangzhou and Shenzhen are home to the most Chinese unicorns and are developing into industrial innovation centers with a specific focus.
- Peking: With 66 unicorns, a total value of RMB 2.87 trillion, the capital is a hub for AI, internet services and fintech.
- Shanghai: This city has 57 unicorns with a total value of 1.16 trillion RMB, with a focus on the new energy and semiconductor sectors.
- Hangzhou: Hangzhou has 20 unicorns worth RMB 1.06 trillion and focuses on e-commerce and cross-border trade.
- Guangzhou and Shenzhen: With 21 and 29 unicorns and valuations of RMB 852.6 billion and RMB 811.9 billion respectively, they dominate the smart manufacturing and internet services sectors.
Region Trends: These cities will continue to gain in importance through targeted political measures and stronger industrial cooperation.
Typical characteristics and new growth areas of unicorns
Unicorns have the following striking characteristics:
- Innovation-driven: Unique technologies and products make them leaders in their niche markets.
- International expansion: Many of these companies are accelerating their global market presence through strategic alliances and mergers.
- Diversified business models: They expand from core businesses into related areas in order to minimize risks.
New growth areas:
- Health technologies: These include AI-supported diagnostic tools and telemedicine solutions.
- Humanoid robots: Applications range from industrial automation to personal assistants.
- Aerospace:Commercial satellites and private space companies are becoming an important sector.
Conclusion: Strategic importance of unicorns
2024 illustrates how crucial unicorns are for China’s economic and technological development. Particularly in the fields of new energies, artificial intelligence and semiconductors, they are creating new benchmarks for innovation and international competitiveness.
The future challenge lies in further globalization, securing technical leadership positions and opening up new markets. The experiences and successes of these unicorns offer valuable lessons for other companies to operate successfully in a dynamic global environment and consolidate China’s position in the world economy.