Current location:Earth Encounters news portal > travel
China home to 340 unicorns at end
Earth Encounters news portal2024-05-21 09:34:20【travel】5People have gathered around
IntroductionChina was home to 340 unicorns at the end of last year, or start-ups founded after 2000 with valuati
China was home to 340 unicorns at the end of last year, or start-ups founded after 2000 with valuations of more than $1 billion that are yet to be listed on the stock market. That was the second-largest number after the U.S., according to the Global Unicorn Index 2024 issued by the Hurun Research Institute in Guangzhou, South China's Guangdong Province, on Tuesday.
Last year, China minted on average more than one new unicorn enterprise per week, according to the institute.
The number of unicorns in China was up by 24 compared with 2022, and the group was led by companies in the sectors of artificial intelligence (AI), semiconductors and new energy.
Industry observers said that the birth of more unicorns in China is in line with its economic plan to create new quality productive forces, and bodes well for the growth of the world's second-largest economy.
"The increase in the number of Chinese unicorns and their share of global unicorns reflects the dynamism and technological strength of the Chinese economy," Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Tuesday.
Wang noted that Chinese unicorns are mainly involved in high-tech industries, all of which are the key drivers of today's technological development. This indicates that the country's technological development and application in these areas have reached world advanced levels.
Chinese internet platform ByteDance, owner of video-sharing app Douyin and TikTok, remains the world's most valuable unicorn despite U.S. government's threat of a ban, with a valuation of about $220 billion.
Other Chinese start-ups in the top10 list include Alibaba's financial arm Ant Group, fast fashion retailer Shein and Tencent's digital bank WeBank.
Meanwhile, 18 Chinese unicorns that appeared in the 2022 Hurun list held IPOs, far ahead of five in the U.S. and six others from the rest of the world.
Wang said that the Chinese government's strong support for innovation and entrepreneurship has provided a favourable policy environment and financial support. In addition, the huge demand of the Chinese market provides vast space and opportunities for the development of unicorn companies.
A total of 1,453 unicorns were minted globally last year. The U.S. led the list with 703 unicorns, up 37 from 2022, while India was third with 67 unicorns, down one from 2022.
The total value of the world's unicorns has reached $5 trillion, equivalent to last year's GDP of Japan.
"The world can now be split into three when it comes to unicorns: the U.S., China and the 'Rest of the World.' The U.S. has half of the world's known unicorns, led by software service, fintech and AI, while China accounts for one-quarter led by AI, semiconductors and new energy.
"The rest of the world has the other quarter, led by fintech and e-commerce," Hurun Report Chairman and Chief Researcher Rupert Hoogewerf was quoted as saying.
He said that 2023 was the year of AI, with OpenAI leading the way with its ground-breaking chatbot ChatGPT and text-to-video AI generator Sora. In China, one-year-old Beijing-based Moonshot AI and two-year-old Shanghai-based MiniMax are leading the way for innovating ChatGPT-like products.
Wang said that Chinese unicorns will continue to shine in sectors including AI, new energy and biotechnology, injecting new dynamism into the development of the global economy.
Address of this article:http://newzealand.campingcolorado.net/content-27c099921.html
Very good!(512)
Related articles
- Philippines blames China for loss of giant clams in disputed shoal and urges environmental inquiry
- Verona confirms Serie A status for another year after beating Salernitana
- Independent UN experts urge Yemen’s Houthis to free detained Baha'i followers
- Who is Jacob Zuma, the former South African president disqualified from next week's election?
- NBA playoffs: Edwards leads Wolves to 98
- Medics remove 150 MAGGOTS from a woman's mouth after dental procedure left her with rotting tissue
- Lynn Williams breaks NWSL goal
- Pope trip to Luxembourg, Belgium confirmed for September, 2 weeks after challenging Asia visit
- Analysis: Larson enters conversation with Verstappen as best drivers in the world
- OpenAI pauses ChatGPT voice after Scarlett Johansson comparisons
Popular articles
Recommended
Shohei Ohtani's first walk
French sports minister calls for sanctions after Monaco player tapes over anti
Adams, Reyna, Turner, Ream are US concerns ahead of Copa America
Supreme Court rejects an appeal from a Canadian man once held at Guantanamo
Ohio judge to rule Monday on whether the state’s abortion ban stands
Justin Timberlake set to bring his The Forget Tomorrow World Tour to Australia in 2025
Minnesota Uber and Lyft driver pay package beats deadline to win approval in Legislature
I was 'brokefished' by my friend for £400
Links
- Agricultural technicians guided farmers in scientific management of wheat fields
- China’s first zero
- Peace still elusive for Ukraine crisis
- Residents and tourists seized the tail of ski season in Urumqi to enjoy snow fun
- Agricultural technicians guided farmers in scientific management of wheat fields
- Xi Extends Condolences to Greek President over Deadly Train Collision
- COP28 sets eyes on AI to fight climate change
- Xiplomacy: Rosy Prospects Ahead for China
- Ministry: US practice disrupts normal business activities
- Explainer: How Is China's Vision of Building a Community with a Shared Future for Mankind Viewed?