China fosters unicorn companies through science, technology and innovation

A humanoid robot welcomes guests at the reception desk of Zhongguancun Forum in Beijing on April 27, 2024. [Photo/Xinhua]

BEIJING With the steady improvement of China's comprehensive strength in science, technology and innovation, a large number of unicorn companies have been cultivated in the country in recent years, providing continuous momentum for developing new high-quality production capabilities.

China boasts 369 unicorn startups (valued over $1 billion), according to a report on China's unicorn enterprise development released at the just-concluded 2024 Zhongguancun Forum (ZGC Forum) in Beijing. .

The number of unicorn companies in China accounts for more than a quarter of the total number of unicorn companies in the world. The country added 67 new unicorn companies in the past year, the report said.

“This shows the vitality of China's economic development. However, the number of domestic unicorns is far from reaching its potential,” Li Daokui, an economist at Tsinghua University, said at the ZGC Forum.

“The three core competencies that are most important for the development of Chinese unicorn companies are innovation, high quality delivery, and the ability to continuously innovate,” said a joint statement from XtalPi, a Chinese unicorn company specializing in artificial intelligence and robotics. Founder Lai Lipen said. .

Carbios is a French unicorn company focused on developing and industrializing biological technologies that reinvent the life cycle of plastics and fibers. Emmanuel Ladent, CEO of the company, expressed his hopes for entering the Chinese market at the forum.

“In a market like China, innovations like Calbios and disruptive innovations are always welcome. China is pushing clean and green technology and biotechnology in a big way because it has a huge industry in plastics and textiles. , we have a great opportunity to develop our partnership in China and ensure its success,'' said Mr. Ladent.

By region, China's 369 unicorn companies are located in 47 cities across the country, with more than 60% concentrated in Beijing, Shanghai, Shenzhen and Guangzhou in Guangdong province, and Hangzhou in Zhejiang province.

According to the report, Beijing has 114 such companies, ranking first in the country.

According to Zhang Yulei, deputy director of the Beijing Municipal Science and Research Bureau, Beijing has cultivated more than 40 listed unicorn companies, including Xiaomi, JDCOM and Meituan, with a market capitalization of about 3 trillion yuan ($415.1 billion). It is said that it goes up to Technical committee.

In the fields of autonomous driving, new energy storage, and robotics, companies such as Mech-Mind, a Chinese unicorn focused on industrial 3D cameras and AI-powered software for intelligent robotics, are aggressively expanding their R&D layouts and operations around the world. I'm doing it right. said Zhang.

“I am especially grateful for the fertile land of Beijing. Without Beijing, Xiaomi would not have been able to achieve so much and would not have been born,” said the founder of Xiaomi. Lei Jun, CEO and Chief Executive Officer, said this at the forum's opening ceremony. .

The Chinese government is actively working on building a long-term ecosystem to support the growth of unicorn companies. Last year, we maximized the release of policy dividends to unicorn companies from the perspectives of innovation support, talent retention, financial support, and market development.

Meanwhile, the capital has established four new government direct investment funds with a total value of 50 billion yuan in the AI, medical and health, robotics and information industries, increasing investment in innovative companies, especially unicorn companies. .

“Right now, in terms of policy, obviously China is pushing for stronger regulation, more circular economy, more integration of recycled plastics and recycled fibers. So I think we're in a very favorable environment.” Mr. Ladent said.

Currently, China's 369 unicorn companies span 16 sectors, with AI and integrated circuits leading the way.

Wu Shichun, founding partner of Plum Ventures, predicts that AI, new energy and new materials will be the areas where the most unicorns will emerge in the next three to five years.

Mr. Norose, executive vice president of Daiwa Securities (China) Co., Ltd., said that the areas in which most Japanese companies would like to invest or cooperate include environmental protection technology, new materials, high-performance materials, autonomous driving technology, and manufacturing of goods. Internet, robotics, new energy, etc.

“These are areas with medium- to long-term potential, and it may be relatively easy to do business globally,” Norows said.

Xinhua News Agency

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