China's potential unicorn companies reach record high in 2020: report- PingWest

China's potential unicorn companies reach record high in 2020

China's potential unicorn companies reach record high in 2020: report

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The number of China's potential unicorn companies hit a record high in 2020, totaling 425 across the country, with over 70% in Beijing, Shanghai, Suzhou, Hangzhou, and Shenzhen, China Daily reported, citing research released by Greatwall Strategy Consultants.

Details: According to research, there were 248 companies on the list last year and 70 companies on the list this year as of May 31.

In 2020, there are 117 potential unicorn companies in Beijing, ranking first in the country. Shanghai, Suzhou, Hangzhou, and Shenzhen took second to fifth spots, nurturing 84, 39, 37, and 32 such companies, respectively.

The 425 potential unicorn companies came from 32 industries, including digital medicine, artificial intelligence, innovative drugs and devices, enterprise digital services, and new energy vehicles.

260 companies focused their businesses on cutting-edge technologies, accounting for over 60% of the total.

According to Greatwall Strategy Consultants, "potential unicorn" means a China-registered company set up within five years with a valuation reaching $100 million, or a company set up in five to nine years valued over $500 million.

Context: In 2020, 11 potential unicorn companies filed for public offering, and nine had debuted this year by May 31.

Among these 20 companies, 10 were listed on the Hong Kong bourse, five on Nasdaq, three on the Shanghai Stock Exchange and the other two chose to made debuts on the New York Stock Exchange, the report said.

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