The Chinese Unicorn Companies Development Report was released at the 2025 ZGC Forum Annual Conference on March 30. This report shows that China has 409 unicorn enterprises across 57 cities, ranking second globally. Among these cities, Qingdao stands out with nine unicorn enterprises.

The report estimates the total value of these Chinese unicorn enterprises at around $1.51 trillion, with each enterprise averaging a valuation of $3.68 billion. Super unicorn enterprises, those valued at over $10 billion, make up only 4.4 percent of the total number but contribute over 40 percent of the total valuation.

These 409 unicorn enterprises are distributed across 12 sectors, with artificial intelligence companies attract the most capital. Making up 68 percent of the total, the five sectors with the most enterprises are: new consumption and retail, artificial intelligence, integrated circuits, intelligent equipment, and pharmaceuticals and health.

In terms of valuation, the top three sectors are artificial intelligence, new consumption and retail, and integrated circuits. The highest average valuations are found in the fields of artificial intelligence, e-commerce, and new energy intelligent vehicles.

Additionally, 11 cities have five or more unicorn enterprises, with Qingdao notably having nine.

There are 11 cities in China with five or more unicorn enterprises, with Qingdao standing out with nine unicorn enterprises. [Photo/WeChat account: qd12301]