(CFP file photo)

The Yangtze River Delta region, encompassing Shanghai and the provinces of Jiangsu, Zhejiang and Anhui, was home to over 40% of China’s unicorn companies, according to a report released at the 2024 Pujiang Innovation Forum on September 8.

The number of unicorns in China increased from 131 in 2016 to 375 in 2023, with Beijing, Shanghai and Guangdong continuing to lead nationally. Approximately ten new super-unicorn companies were added each year in the period.

From 2016 to 2023, the cumulative valuation of China's unicorn companies rose from nearly $500 billion to over $1.2 trillion.

The report indicates that China’s unicorn companies spanned 39 sectors in 2023, increasingly driven by innovation. The integrated circuits sector had the most unicorn companies for three consecutive years, with new unicorns emerging from niche fields within the artificial intelligence sector.

More than 66% of unicorn companies boasted cutting-edge technologies. The total number of patents owned by these companies increased to nearly 50,000 in 2023.