On July 18, 2025, the 2025 China (Shenzhen) Unicorn Enterprise Conference, themed "New Quality Driving • Future Leading," was held in Shenzhen.《GEI China Unicorn Enterprise Research Report 2025》《Shenzhen Unicorn Enterprise and Gazelle Enterprise Research Report 2025》Released simultaneously, revealing the current status and trends of unicorn enterprises in China and Shenzhen.

The report shows that, since 2024, the Shenzhen Small and Medium Enterprises Service Bureau has established the Shenzhen Gazelle and Unicorn Enterprise Evaluation Committee, which has selected and built the Shenzhen Gazelle and Unicorn Enterprise Gradient Pool.Shenzhen has 149 potential unicorn companies with a total valuation of approximately 350 billion yuan; 143 seed unicorn companies with a total valuation of about 64.3 billion yuan; and 215 gazelle companies with a total revenue scale of approximately 120 billion yuan in 2023.36% of the companies on the list have received support from the Shenzhen Municipal Government Guidance Fund. State-owned enterprises in Shenzhen, such as Shenzhen Capital Group and Shenzhen High-Tech Investment Group, have collectively invested in over a hundred companies on the list.

“"Unicorn companies" refer to those start-up enterprises that possess attributes such as rapid growth, scarcity, and being highly favored by investors, characterized by exponential growth and disruptive innovation.These enterprises have effectively driven the improvement of regional total factor productivity by opening up new scenarios and new tracks, and have become a weathervane for regional economic development and innovation vitality, receiving high attention from the Chinese government. The meeting of the Political Bureau of the CPC Central Committee held on July 30, 2024, pointed out that "it is necessary to provide strong and effective support for the development of gazelle enterprises and unicorn enterprises." The 2025 Government Work Report mentioned "supporting the development of unicorn enterprises and gazelle enterprises, allowing more enterprises to accelerate in new fields and new tracks." Specific enterprise standards are as follows:

(1) Enterprises registered in China with legal person status;

(2) Established for no more than ten years;

(3) Have received private equity investment and are not yet listed;

(4) The post-investment valuation of the latest round of financing exceeds (including) 1 billion US dollars. (The valuation is based on the latest round of financing before December 31, 2024).

2024GEI China Unicorn Enterprise List

Seed Unicorn Enterprise List

Jiyin Bio

   Potential Unicorn Companies List   

NorthX Biologics

After years of deep cultivation and forward-looking layout in the industry, Efung Capital has successfully nurtured several unicorn companies. Looking ahead, Efung Capital will continue to focus on technological innovation, deepen industry insights, and help more outstanding companies break through growth boundaries!

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