Number of China's unicorn enterprises increases steadily in 2025: report

The number of unicorn companies in China continued to grow steadily in 2025, with hard technologies taking a more prominent role and innovation momentum accelerating, according to a research report released at the China (Shenzhen) Unicorn Enterprise Conference held from Wednesday to Thursday.

"Unicorn enterprises" generally refer to unlisted companies that have been established for no more than 10 years, have a valuation of more than one billion U.S. dollars, and possess unique core technologies, unique competitive advantages, and market potential.

The report said that by the end of 2025, the total number of Chinese unicorn enterprises reached 376, an increase of 35 from the previous year. The total valuation was close to 1.45 trillion U.S. dollars, with an average valuation of 3.85 billion U.S. dollars, an increase of 510 million U.S. dollars from the previous year. The number of super unicorns increased to 12.

The report also showed that among China's unicorn companies, nearly 90 percent are private enterprises, accounting for 88.6 percent of the total. High-tech enterprises account for 66.5 percent, and "little giant" enterprises -- those that use specialized and sophisticated technologies to produce novel and unique products -- account for 34.8 percent. Market entities continue to unleash the vitality of innovation.

Notably, hard technologies have become the core foundation of China's unicorn companies. Last year, the number of unicorn companies with cutting-edge technologies reached 320, accounting for 85.1 percent of the total, up 14.9 percentage points from the previous year. Among newly emerged unicorns, those in frontier-tech sectors accounted for more than 90 percent.

"The number of unicorn enterprises currently ranks second in the world by scale, accounting for nearly 30 percent of the global total. By rapidly expanding their footprint in industries of the future and emerging industries, unicorn enterprises have emerged as an important engine propelling the high-quality development of China's economy," said Ren Jiarong, deputy director of the high technology department of the Ministry of Industry and Information Technology.

Number of China's unicorn enterprises increases steadily in 2025: report

Chinese President Xi Jinping on Friday urged efforts to carry out search and rescue operations in a scientific manner after a landslide struck a county in southwest China's Chongqing Municipality, leaving people trapped and missing.

The landslide occurred at 9:08 Friday in Hanjia Sub-district along a section of the Wujiang River in Pengshui Miao and Tujia Autonomous County, burying several residential buildings at the foot of the mountain. Ten people had been rescued as of 14:00, according to local authorities.

In his instructions, Xi stressed the need for scientific search and rescue operations to prevent secondary disasters, and called for proper medical treatment for the injured and appropriate arrangements for the aftermath. He also urged relevant departments to identify the cause of the disaster, draw lessons from this case and conduct thorough inspections to eliminate geological hazards. Xi emphasized that all regions and relevant departments must further fulfill their safety responsibilities, strengthen monitoring, early warning and risk inspection systems, and ensure that all work is carried out in a concrete and meticulous manner, so as to effectively protect the lives and property of the people.

The Ministry of Natural Resources on Friday raised its geological disaster emergency response to Level II from Level III and dispatched a working team to the site.

A four-tier emergency response system is in place for geological disasters, with Level I being the most severe.

Xi urges scientific search and rescue efforts after Chongqing landslide