We crunch the numbers on the country’s most valuable startups
charging, was launched in late 2020. Only 19 months later it had reached a valuation of $1bn, making it a unicorn .. Greater Bay joined a field of more than 300 of them in 2022, double the number five years ago. These new unicorns offer an intriguing snapshot of the country’s shifting industrial priorities.
has analysed the changing mix of China’s most highly valued startups over the past five years. The results reveal a country boiling over with unicorns that are intensely focused on making the wares favoured by the Chinese government. They are cropping up outside the established tech hubs of Beijing, Hangzhou and Shenzhen.
Dozens of software, enterprise-services, green-energy and robotics unicorns have sprung up where there were few or none before. In 2017 China did not have a single unlisted semiconductor firm valued at more than $1bn; state media claim that, by the end of 2022, there were 50. Sources of funding, too, have changed dramatically over the past five years. Privately owned giants are no longer the centre of gravity in China’s tech world. Not long ago startup founders joked that the only business model in China which mattered was “”, or selling their companies to one of China’s biggest tech groups—Baidu, Alibaba or Tencent . Alibaba and Tencent emerged as two of the biggest forces in China’s venture-capital industry, eventually displacing dedicated private-equity firms.
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