Sixty-eight companies in the Guangdong-Hong Kong-Macao Greater Bay Area have been ranked among the world’s most promising enterprises with a strong potential of growing into “unicorns” within five years, surpassing the combined total of the United Kingdom and France, according to the latest report by the UK-based Hurun Institute.
Shenzhen ranked fifth among global cities with 35 “cheetahs”, while Guangzhou contributed 26, an increase of six from last year, placing it eighth. The remaining seven are based in other GBA cities.
The Hurun Global Cheetahs Index 2024, which was published on Wednesday in Guangzhou, Guangdong province, shows that China had 304 such companies in 2024, ranking second worldwide. The GBA accounted for 22 percent of the nation’s total.
The United States topped the list with 359 potential “unicorns” — startups valued at more than $1 billion. India placed third with 52.
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A total of 928 cheetahs companies from 37 countries and 243 cities were included in the list. Among them, 66 percent are engaged in sales of software and services, including financial services, biotech and health tech. The remaining 34 percent concentrate on physical product sales.
“Despite a slowdown in the Chinese economy, the country’s entrepreneurial ecosystem remains vibrant,” said Rupert Hoogewerf, chairman and chief researcher of the Hurun Report.
More than 70 Chinese enterprises were added to the list over the past year, most of which operate in sectors like biotech, health tech, robotics, semiconductor and new energy.
“The cheetahs companies on the list are very young, with an average age of eight years. However, their average value amountsto $400 million,” Hoogewerf said.
“Biotech and health tech are the most popular sectors for nurturing next-generation ‘unicorns’. Innovations in medical devices, biotech and digital health are transforming the way diseases are treated, diagnosed and how patients are cared for. China and the US are leading this medical revolution.”
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Financial services and enterprise management solutions are the other two sectors with a large number of high-growth startups that could potentially turn into ‘unicorns’, Hoogewerf added.
