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New economy think-tank Great Wall Strategy Consultants released the "China Unicorn Research Report 2021"

Date : 2021-04-28

After the life-and-death struggle against the epidemic and the return to work of 2021, how the number of Chinese unicorns representing China's new economic power has increased and decreased, and how their geographical and industrial distribution has changed? In late April 2021, New economy think-tank Great Wall Strategy Consultants released the "China Unicorn Research Report 2021" (hereinafter referred to as the "Report") at the conference of China's high growth enterprises in Tianjin, an answer sheet was therefore given to the question.


1. Report release conference

On April 26th, the conference of China's high growth enterprises, jointly hosted by Tianjin Science and Technology Bureau and Great Wall Strategy Consultants, successfully held in Tianjin. More than 300 people, including leaders of Tianjin municipal government and districts, Unicorn entrepreneurs, Tianjin gazelle and eagle entrepreneurs, representatives of financial and investment institutions, experts and media journalists, gathered in Tianjin for this grand event.   


Wang Weidong, deputy Mayor of Tianjin, attended the press conference and delivered a speech. Wu Wensheng, general manager of Great Wall Strategy Consultants, released the "China Unicorn Enterprise Research Report 2021". Wang Runtian, general manager of Tianjin Science and Technology Financing Holding Group Company, released the "Tianjin 

Eagle and Gazelle Enterprise Research Report 2021". 



The release conference spot

Unicorn entrepreneur moviebook founder Ji Xiaochen, E signed bao founder Jin Hongzhou, peanut good car Chairman Chen Pengyun, Tianjin Gazelle Enterprise Deep blue chairman Wei Jiancang did the topic shares on the enterprise growth experience, the latest insight into the industry and other topics. Great Wall Strategy Consultants chairman Wang Delu made a keynote speech and offered suggestions for the development of Tianjin. 

Wang Fenyu, vice general manager of Great Wall Strategy Consultants presided over a high-end dialogue entitled "Data-driven intelligent Technology innovation and development", and had in-depth exchanges with Xu Guangbin, founder of Chinac, Shi Wenjin, chairman of Wellong Etown, Chang Lin, CEO of Leju Robot, and Guo Yongguang, president of Tgood, on intelligent technology and digital drive. Yang Yuecheng, senior partner of Shengjing Technology Co.,Ltd, hosted a high-end dialogue entitled "New scene and consumption Upgrade". Wang Yang, CEO of Newlink Group, Hu Wenqiang, president of Ruipai Pet, Qi Bin, founder of Honey Ameng, Yan Jun, chairman of AIpark, and others had in-depth discussions on scene innovation and new consumption.

This is the second time that the conference of China's high-growth enterprises has been held in Tianjin. This conference showcases the role of high-growth enterprises in the high-quality development of the regional economy and in promoting the replacement of old growth drivers, and reveals a new direction for the development of the new economy. 

2. Report interpretation

Great Wall Strategy Consultants released the "China Unicorn Enterprise Research Report 2021" pointed out that in 2020, the number of Chinese unicorn enterprises reached another peak---251, the total valuation of the first time over the trillion US dollars, 1.05536 trillion US dollars, among which the valuation of more than 10 billion US dollars (including) a total of 12 super unicorn enterprises (5 new added), these 12 enterprises' valuation accounts for more than 50% of the total, these 12 Unicorns are BytesDance, Ant Group, Didi Taxi, Cainiao Network, Kuaishou, Webank, JDT, Yuanfudao, Sheln, JD Logistics, Sense Time and Manbang Group. In 2020, there were 72 new unicorn companies and 24 listed Unicorn companies.

1.     Unicorn Corporate track and regional distribution

In 2020, unicorns are distributed in 27 tracks and 88 subdivided tracks.  Compared with the first four stages, in 2020, there were 9 new tracks, like web celebrity detonation products and commercial satellites etc., among them, innovative drug and equipment track new unicorn enterprises number is the most, 11.  Unicorns have remarkable achievements in opening up new tracks and in leading new formats.  

In 2020, unicorn enterprises are distributed in 29 cities, and nearly 90 percent of unicorns gather in the Beijing-Tianjin-Hebei region, the Yangtze River Delta, the Pearl River Delta and the Chengzhou-Chongqing region.  Among them, there are 82 in Beijing, 44 in Shanghai, 25 in Hangzhou, 20 in Shenzhen, 12 in Guangzhou, 11 in Nanjing, 9 in Tianjin, 8 in Qingdao, 5 in Chengdu, and 3 in Xi 'an, Jinan, Chongqing, Hong Kong, Wuhan, Suzhou and Changzhou. Three cities, Changchun, Changzhou and Weinan, have seen unicorns for the first time.

2.     The pace of unicorn listings has accelerated

The epidemic has not changed the popularity of unicorns by capital. Just as Internet-related enterprises dominated the international financial market in 2020, the financing and listing of unicorns was booming. 

According to the report, the number of newly funded unicorns in 2020 was 127, up from 82 in 2019. Internet education, new energy and intelligent vehicles, innovative drugs and instruments, web celebrity detonation products are the financing hot track. The financing activity of Internet education track is high, and the total amount of new financing in 2020 ranks first, and the capital shows the trend of concentration to the top enterprises; The whole industry chain of the automobile has a unicorn enterprise layout, new energy and intelligent automobile track unicorns are leading in the number of newly financed enterprises; COVID-19 and policies benefits companies in the biomedical sector, innovative drugs and instruments and digital medical track were leading in the number of newly funded enterprises as well as listed enterprises; Unicorn enterprises emerged in large numbers in Web celebrity detonation products track, which is greatly favored by capital. 

Head investment institutions remain the main investment force behind unicorns, focusing on new retail, innovative drugs and instruments, and corporate digital services.  Sequoia capital, IDG capital, Matrix China, Hillhouse capital, Huaxing capital, Yunfeng capital, 5Y capital (morningside capital), China international capital, Qiming Ventures , Temasek, Shunwei capital, ZhenFund, CITIC Industrial Fund, CDH investments, Warburg Pincus investment, GGV capital, CMB international, SIG Asia, Innovation factory and other 19 head Part of the investment institutions, each of them has invested in more than 15 episodes of unicorns.

In 2020, a total of 24 unicorn companies went public, and the positive effect of deepening reform of China's capital market is being highlighted among unicorns. Twelve unicorns listed in the US, eight in mainland China and four in Hong Kong. Since 2019, the registration system has been implemented on the Science and Technology Innovation Board and the Growth Enterprise Market, which not only improves the basic system of the capital market, but also further expands the range of listing destinations for unicorns. By December 31, 2020, six unicorn companies had been listed on the Science and Innovation Board and one on the Growth Enterprise Market. The 24 listed unicorns are mainly distributed in innovative drugs and instruments, new energy and intelligent vehicle.

3.     The trajectory of the unicorns over the past five years

According to the tracing study on unicorn companies of Great Wall Strategy Consultants from 2016 to 2020, the number of unicorns climbed from 131 to 251, and the number of newly established unicorns showed an increase in volatility. In the past four years, a total of 64 unicorns have been listed in the domestic and foreign capital markets, and the proportion of listed companies has increased year by year, from 3 in 2017 to 24 in 2020. 

Regional innovation vitality has been enhanced. In the past five years, unicorn enterprises have been distributed in more and more cities.  From 2016 to 2020, the number of cities where unicorns are located increased from 16 to 29. The proportion of "Beijing, Shanghai, Hangzhou and Shenzhen" unicorn enterprises has gradually decreased, from 87.8% in 2016 to 68.1% in 2020. The innovation vitality of all regions continues to improve, with the number of unicorn enterprises in Guangzhou, Nanjing, Qingdao and Tianjin increasing by 6 or more in 2020 compared with 2016.

Platform enterprises continue to expand the ecosystem, and the number of investment and incubation unicorn enterprises increases year by year. From 2016 to 2020, the number of unicorns incubated by new economy platform enterprises Tencent, Alibaba, Xiaomi, Baidu and JD is 87, 74, 40, 30 and 21 respectively. The track is gradually expanding, the ecology is gradually improving, and the pattern is gradually clear.  Large enterprises were also accelerating their efforts to cultivate unicorns. From 2018 to 2020, the total number of unicorns incubated is 10, 31 and 45 respectively. 

The high growth of unicorn enterprises and the favor of capital, also drive up the price of the unicorn after it went public. Sixteen unicorns are worth more than $10 billion after going public, and four are worth more than $100 billion. As of December 31, 2020, 16 unicorn companies with market capitalization of over $10 billion are Meituan reviews, Pinduoduo, CATL, Xiaomi, NYSEBEKE, JD health, NIO, Xpeng Motors, Tencent Music, LEADING IDEAL, POP MART, Innoventbio, Ping An Health Cloud, iQIYI, Qianxin and Perfect Diary. Four of them, Meituan reviews, Pinduoduo, CATL and Xiaomi, are worth more than $100 billion. After kuaishou went public in 2021, its market capitalization reached more than 100 billion on March 31.

Note: GEI Chinese Unicorn enterprise standard: 

 

(1) An enterprise registered in China with the corporate capacity; (2) It has been established for no more than 10 years; (3) It has received private investment but has not been listed; (4) Companies that meet the requirements of (1), (2) and (3) and whose valuation exceeds (including) 1 billion US dollars are called unicorns; (5) Enterprises that meet the requirements of (1), (2) and (3) and whose enterprise valuation exceeds (including) $10 billion are called super unicorns.

Annex 1:

2020 China Unicorn List

(The total list includes the top 251, here the top 20 were selected)

Serial Number

Rank of valuation

Enterprise Name

Valuation(2020) (100M dollars)

Field

Year of Establishment

Location

1

1

ByteDance

1800

Digital entertainment

2012

Beijing

2

2

Ant Group

1500

Fin Tech

2014

Hangzhou

3

3

Didi Taxi(Orange Technology)

580

Intelligent travel

2012

Beijing

4

4

Cainiao Network

300

Intelligent logistics

2013

Shenzhen

5

5

Kuaishou

286

Digital entertainment

2011

Beijing

6

6

Webank

216

Fin Tech

2015

Shenzhen

7

7

JDT

200

Fin Tech

2013

Beijing

8

8

Yuanfudao

170

Internet Education

2012

Beijing

9

9

Sheln

150

New retail

2014

Nanjing

10

10

JD logistics

134

Intelligent logistics

2012

Beijing

11

11

Sense Time

120

Artificial Intelligence

2014

Beijing

12

12

Manbang

100

Intelligent logistics

2017

Guiyang

13

13

Zuoyebang

96

Internet education

2015

Beijing

14

14

Chehaoduo

90

Automobile service

2011

Beijing

15

15

PingAn Medical Insurance Technology

88

Digital heathcare

2016

Shanghai

16

16

PingAn intelligent city*

85

Artificial Intelligence

2018

Shenzhen

17

17

Huolala

80

Intelligent logistics

2016

Shenzhen

18

18

We Doctor Group

72

Digital healthcare

2010

Hangzhou

19

18

Tuya.com

72

IoT Platform

2014

Hangzhou

20

20

Ziroom

66

Digital realty

2016

Beijing

* Companies that became unicorn in 2020

Annex 2:other related lists

List of companies that became unicorns in 2020 and went public in the same year

Serial Number

Enterprise Name

Field

Year of Establishment

Location

1

Peijia medical

Innovative drugs and instruments

2013

Suzhou

2

Legend Biotech

Innovative drugs and instruments

2014

Nanjing

3

JW Therapeutics

Innovative drugs and instruments

2016

Shanghai

4

Pop Mart

New retail

2010

Beijing

(According to the order of going public in 2020)


List of companies that became unicorns in 2021(as of March 30th)

Serial Number

Enterprise Name

Field

Year of Establishment

Location

1

Helens

Web celebrity detonation products

2011

Shenzhen

2

FOR-U SMART FREIGHT

Intelligent logistics

2013

Nanjing

3

56PINGTAI

Intelligent logistics

2013

Shanghai

4

Fb education

Internet education

2015

Beijing

5

CASI Cloud

IoT Platform

2015

Beijing

6

HeyGears

Intelligent Manufacturing

2015

Guangzhou

7

JD Chanfa

Enterprise Digital Services

2015

Suqian

8

Iluvatar Corex

Integrated Circuit

2015

Shanghai

9

Fumi Sci&tech

Fin Tech

2016

Changsha

10

Abbisko

Innovative drugs and instruments

2016

Shanghai

11

UISEE

New energy and intelligent vehicle

2016

Beijing

12

Goermicro

Intelligent hardware

2017

Qingdao

13

Energy Monster*

Life services

2017

Shanghai

14

Hetao programme

Internet education

2017

Beijing

15

Enflame

Artificial Intelligence

2018

Shanghai

16

Brii Biosciences

Innovative drugs and instruments

2018

Shanghai

17

Fiture

Sports tourism

2019

Chengdu

18

Guoquanshihui

Industrial Internet

2019

Shanghai

19

Honey Aimeng

Digital entertainment

2019

Suzhou

20

SF CITYRUSH

Intelligent logistics

2019

Hangzhou

21

Didi Freight

Intelligent logistics

2020

Tianjin

22

Moore Thread

Artificial Intelligence

2020

Beijing

23

WestVac Biopharma

Innovative drugs and instruments

2020

Chengdu

(Order by year of set-up, Companies in the same year are ranked by the first letter of their name)

* Company that became unicorn in 2021 and went public in the same year