(Yicai) July 21 -- China had 372 unicorn companies worth more than a combined USD1.2 trillion at the end of last year, highlighting the vitality of the country's new quality productive forces, according to a new report.

The chip industry led for the fourth straight year with 56 unicorns worth USD161.8 billion, Xinhua News Agency reported on July 19, citing the GEI China Unicorn Enterprise Research Report 2025 prepared by Greatwall Strategy Consultants.

Commercial aerospace was the fastest-growing sector, with the number of firms surging 150 percent, while frontier tech companies accounted for 70 percent of the total, per the report, which was released at the China Shenzhen Unicorn Enterprise Conference held from July 17 to 18.

Unicorns are privately held startups worth at least USD1 billion and set up no more than 10 years ago. They have proprietary core technologies, distinct competitive advantages, and strong market potential.

“China’s unicorns have entered a new stage of high‑quality development, exhibiting pronounced hard‑tech characteristics and strong innovative vitality,” said Wu Wensheng, chairman of Greatwall Strategy Consultants.  

Around 85 percent of Chinese unicorns are located in the country's three major city clusters -- the Beijing-Tianjin-Hebei region, the Yangtze River Delta, and the Guangdong-Hong Kong-Macao Greater Bay Area. Beijing has 75 of these companies, Shanghai 59, and Shenzhen 42. 

Unicorns in China have shown strong innovation capabilities, with 288 holding 27,200 valid invention patents, and 95 filing 1,627 Patent Cooperation Treaty applications. The share of firms set up by doctoral degree holders has reached a record high, while a little more than 15 percent of their core team members have tech backgrounds.

Editor: Martin Kadiev