Chinese unicorn companies rank second in the world in terms of quantity, with hard technology as the core.

The "China Unicorn Enterprise Research Report 2026" released yesterday showed that by the end of 2025, the total number of unicorn enterprises in China reached 376, an increase of 35 from the previous year; the total valuation reached 144.67 billion US dollars, with an average valuation of 3.85 billion US dollars, an increase of 510 million US dollars from the previous year. The number of super unicorn enterprises has increased to 12. Nearly 90% of China's unicorn enterprises are private enterprises, accounting for 88.6%; high-tech enterprises account for 66.5%, and "small giants" specializing in new and advanced technologies account for 34.8%. The number of leading technology unicorn enterprises in 2025 reached 320, accounting for 85.1% of the total, an increase of 14.9 percentage points from the previous year; among the newly established unicorn enterprises, the percentage of leading technology enterprises exceeds 90%.