// COUNTRY DOSSIER
China Unicorns
Every unicorn headquartered in China — 109 private companies valued $1B or more, tiered by paper valuation. Combined balance sheet myth: $1,477B.
TIER 1 // APEX TARGETS
The Hectacorns $100B+ · 3
TIER 2 // PRIORITY TARGETS
The Decacorns $10B – $99B · 15
- Meituan$90BLOCAL COMMERCE
- Xiaomi$50BCONSUMER ELECTRONICS
- Kuaishou$28BECOMMERCE
- Meituan-Dianping$25BECOMMERCE
- J&T Express$20BCOURIER SERVICES
- CATL$20BBATTERY MANUFACTURING
- Tencent Music$18BENTERTAINMENT
- Yuanfudao$15.5BEDTECH
- DiDi$15BAUTONOMOUS VEHICLES
- DJI$15BAEROSPACE
- Xiaohongshu$14BADTECH
- Bitmain$12BBLOCKCHAIN
- ZongMu Technology$11BADAS
- Chehaoduo$10BAUTO SERVICES
- Lalamove$10BLOGISTICS
TIER 3 // STANDING HORDE
The Unicorn Herd $1B – $9.9B · 91
- HeyTea$9.3BFOODTECH
- Horizon Robotics$8.7BAI HARDWARE
- WeDoctor$6.8BAI
- Ziroom$6.6BPROPTECH
- Xingsheng Youxuan$6BCOMMUNITY RETAIL
- WeRide$5.1BAUTONOMY
- Momenta$5BAUTONOMY
- Animoca Brands$5BBLOCKCHAIN
- Leapmotor$5BELECTRIC VEHICLES
- Hozon (Neta)$5BELECTRIC VEHICLES
- Futu Holdings$5BBROKERAGE
- Pony.ai$4.5BAUTONOMY
- Ucar$4.4BAI
- Megvii$4BAI
- Lufax$3.9BFINTECH
- Shouqi$3.55BCAR RENTAL
- Zhihu$3.5BKNOWLEDGE SHARING
- Youxia Motors$3.3BAUTOMOTIVE
- Moonshot AI$3.3BGENERATIVE AI
- e-Shang Redwood$3.25BDATA CENTERS
- VANCL$3BECOMMERCE
- VIPKID$3BEDTECH
- Zhipu AI$3BGENERATIVE AI
- Maoyan$3BENTERTAINMENT
- Mobike$3BBIKE-SHARING
- Mogu$3BECOMMERCE
- Souche$3BAUTOMOTIVE
- Luckin Coffee$2.9BFOODTECH
- Baichuan AI$2.8BGENERATIVE AI
- Manner Coffee$2.8BFOODTECH
- Ucommune$2.6BCOWORKING
- Cambricon$2.5BAI
- MiniMax$2.5BGENERATIVE AI
- Kingsoft$2.4BCLOUD COMPUTING
- Babytree$2.19BECOMMERCE
- Three Squirrels$2.09BECOMMERCE
- Uxin$2BAUTOMOTIVE RETAIL
- Meitu$2BAI
- Huimin.cn$2BB2B E-COMMERCE
- Keep$2BFITNESS
- Meicai.cn$2BAGRICULTURE
- Sanpower Group$1.93BHEALTHCARE
- Apus Group$1.85BAPP DEVELOPMENT
- Aiways$1.6BAUTOMOTIVE
- Spring Rain Software$1.5BIT SERVICES
- DouYu$1.5BENTERTAINMENT
- Tujia.com$1.5BHOSPITALITY
- Ninebot$1.5BELECTRIC VEHICLES
- Lakala$1.5BCONSUMER FINANCE
- ZBJ.com$1.5BCROWDSOURCING
- UCloud$1.5BCLOUD COMPUTING
- Suning Sports$1.47BMEDIA
- Hellobike$1.47BMOBILITY
- Tuandaiwang$1.46BFINTECH
- Koudai Gouwu$1.45BECOMMERCE
- Kr Space$1.3BCOMMERCIAL SERVICES
- ETCP$1.3BCERTIFICATION
- Iwjw$1.25BOTHER SERVICES
- Aiways$1.1BELECTRIC VEHICLES
- Luoji Siwei$1.1BEDTECH
- LinkSure Network ( WiFi Master Key$1BAPPLICATION SOFTWARE
- 01.AI$1BGENERATIVE AI
- Wacai.com$1BFINTECH
- Xiaozhu.com$1BSHARING ECONOMY
- Jollychic$1BCROSS-BORDER COMMERCE
- Zhuanzhuan$1BCIRCULAR ECONOMY
- DXY$1BHEALTHTECH
- Zuoyebang$1BEDTECH
- Tezign$1BAI
- Novogene$1BBIOTECHNOLOGY
- WeLab$1BBANKING
- Dt Dream$1BAI
- Mofang Apartment$1BCO-LIVING
- Fanli$1BCOUPONS
- Yitu Technology$1BAI
- Huikedu Group$1BEDUCATION
- Chubao Technology$1BAI
- Innovent Biologics$1BBIOPHARMACEUTICAL
- Mia.com$1BECOMMERCE
- Fangdd.com$1BREAL ESTATE
- iTutorGroup$1BEDTECH
- Yidian Zixun$1BADTECH
- Maimai$1BPROFESSIONAL NETWORKING
- Tongdun Technology$1BAI
- Beibei$1BECOMMERCE
- SmartMore$1BAI
- FXiaoKe$1BAI
- Womai$1BECOMMERCE
- iCarbonX$1BAI
- QingCloud$1BANALYTICS
- MissFresh$1BECOMMERCE