Unicorns & thoroughbreds
Unicorns in China
Dealroom tracks 497 unicorns headquartered in China — companies that reached a verified $1B+ valuation — worth $4.3T combined, plus 63 thoroughbreds generating $100M+ in annual revenue. Updated August 2026.
497Unicorns ($1B+ valuation)
53Valued at $10B or more
63Thoroughbreds ($100M+ revenue)
$4.3TCombined unicorn valuation
Every unicorn in China
All 497 companies headquartered in China that reached a verified $1B+ valuation, ranked by latest valuation. Click a company for its full Dealroom profile.
| # | Company | Sector | HQ | Founded | Valuation | Status |
|---|---|---|---|---|---|---|
| 1 | ByteDance | Consumer Services | Haidian | 2012 | $550B | Private |
| 2 | Tencent | Other | Shenzhen | 1998 | $505B | IPO 2004 |
| 3 | ChangXin Memory Technologies | Semiconductors | Hefei | 2016 | $455B | Private |
| 4 | Alibaba | eCommerce & Marketplaces | Hangzhou | 1999 | $268B | IPO 2014 |
| 5 | CATL | Transportation | Ningde City | 2011 | $220B | IPO 2018 |
| 6 | BYD | Transportation | Shenzhen | 1995 | $115B | IPO 2011 |
| 7 | SMIC | Semiconductors | Pudong | 2000 | $91B | IPO 2004 |
| 8 | Cambricon Technologies | Robotics | Dongcheng District | 2016 | $89B | IPO 2020 |
| 9 | Xiaomi | Other | Haidian | 2010 | $88B | IPO 2018 |
| 10 | PDD Holdings | eCommerce & Marketplaces | Huangpu | 2015 | $61B | IPO 2018 |
| 11 | NetEase | Consumer Services | Guangzhou | 1997 | $61B | IPO 2000 |
| 12 | Meituan | eCommerce & Marketplaces | Chaoyang District | 2010 | $60B | IPO 2018 |
| 13 | DeepSeek | AI | China | 2023 | $50B | Private |
| 14 | Z.ai | Zhipu AI | AI | Dongcheng District | 2019 | $48B | IPO 2026 |
| 15 | WuXi AppTec | Biotech & Life Sciences | Huangpu | 2000 | $47B | IPO 2018 |
| 16 | AMEC | Semiconductors | Pudong | 2004 | $45B | IPO 2019 |
| 17 | Moonshot AI | Kimi | AI | Haidian | 2023 | $35B | Private |
| 18 | Moore Threads | Semiconductors | Dongcheng District | 2020 | $34B | IPO 2025 |
| 19 | BeOne Medicines | Biotech & Life Sciences | Dongcheng District | 2010 | $32B | IPO 2016 |
| 20 | RedNote | Consumer Services | Huangpu | 2013 | $31B | Private |
| 21 | JD.com | eCommerce & Marketplaces | Haidian | 1998 | $31B | IPO 2014 |
| 22 | Baidu | eCommerce & Marketplaces | Dongcheng District | 1999 | $30B | IPO 2005 |
| 23 | Sungrow Power Supply | Energy | Hefei | 1997 | $26B | IPO 2011 |
| 24 | POP MART | Other | Chaoyang District | 2010 | $24B | IPO 2020 |
| 25 | HKC | Semiconductors | Shenzhen | 2001 | $24B | IPO 2026 |
| 26 | Tenglong Data | Other | Dongcheng District | 2015 | $22B | Private |
| 27 | Trip | eCommerce & Marketplaces | Huangpu | 1999 | $22B | IPO 2003 |
| 28 | WeBank.com | Fintech | Shenzhen | 2014 | $21B | Private |
| 29 | EVE Energy | Energy | Huangshan City | 2001 | $19B | IPO 2009 |
| 30 | Kuaishou | Other B2B Software | Haidian | 2011 | $18B | IPO 2021 |
| 31 | WuXi Biologics | Biotech & Life Sciences | Xuancheng | 2000 | $17B | IPO 2017 |
| 32 | Centec | Semiconductors | Suzhou Shi | 2005 | $17B | IPO 2023 |
| 33 | Innovent Biologics | Biotech & Life Sciences | Suzhou Shi | 2011 | $16B | IPO 2018 |
| 34 | Eastmoney | Fintech | Huangpu | 2007 | $16B | IPO 2010 |
| 35 | Huaqin Communication Technology | Other | Pudong | 2005 | $16B | IPO 2023 |
| 36 | H World Group | Other | Huangpu | 2007 | $16B | IPO 2010 |
| 37 | Yuanfudao | Edtech | Xicheng District | 2012 | $16B | Private |
| 38 | Bitmain | Fintech | Dongcheng District | 2013 | $15B | Private |
| 39 | DJI Innovations | Robotics | Ningbo | 2006 | $15B | Private |
| 40 | Genki Forest | Food | Xicheng District | 2016 | $15B | Private |
| 41 | XPeng | Transportation | Guangzhou | 2014 | $14B | IPO 2020 |
| 42 | Lingyi iTECH | Semiconductors | Shenzhen | 2006 | $14B | IPO 2017 |
| 43 | Ke.com | eCommerce & Marketplaces | Dongcheng District | 2017 | $14B | IPO 2020 |
| 44 | iFLYTEK | AI | Hefei | 1999 | $14B | IPO 2008 |
| 45 | DiDi | Transportation | Dongcheng District | 2012 | $14B | IPO 2021 |
| 46 | VeriSilicon Holdings | Semiconductors | Pudong | 2002 | $12B | IPO 2020 |
| 47 | United Imaging Healthcare | Biotech & Life Sciences | Jing'an District | 2011 | $12B | IPO 2022 |
| 48 | Zongmu | Transportation | Pudong | 2013 | $11B | Private |
| 49 | Shanghai Fosun Pharmaceutical | Biotech & Life Sciences | Baoshan District | 1994 | $11B | IPO 2012 |
| 50 | NIO | Transportation | Huangpu | 2014 | $11B | IPO 2018 |
| 51 | Global Data Solutions | eCommerce & Marketplaces | Huangpu | 2000 | $11B | IPO 2016 |
| 52 | Zuoyebang | Edtech | Dongcheng District | 2014 | $10B | Private |
| 53 | Akeso Biopharma | Biotech & Life Sciences | Zhongshan | 2012 | $9.7B | IPO 2020 |
| 54 | Insta360 | Consumer Services | Shenzhen | 2014 | $9.7B | IPO 2025 |
| 55 | Ele.me | eCommerce & Marketplaces | Huangpu | 2008 | $9.5B | Private |
| 56 | Luckin Coffee | Food | Dongcheng District | 2017 | $9.4B | IPO 2019 |
| 57 | Haisco | Biotech & Life Sciences | Lhoka | 2000 | $9.3B | IPO 2012 |
| 58 | HeyTea | eCommerce & Marketplaces | Shenzhen | 2012 | $9.3B | Private |
| 59 | Guazi | Transportation | Xicheng District | 2014 | $9B | Private |
| 60 | Xiangdixian Computing Technology | Semiconductors | China | 2020 | $9B | Private |
| 61 | Biren Technology | AI | Huangpu | 2019 | $8.4B | IPO 2025 |
| 62 | Kanzhun | Other | Dongcheng District | 2008 | $8.2B | IPO 2021 |
| 63 | Sigenergy | Energy | China | 2022 | $8.2B | IPO 2026 |
| 64 | SG Micro | Semiconductors | Haidian | 2007 | $7.9B | IPO 2017 |
| 65 | Jiedaibao | Fintech | Dongcheng District | 2014 | $7.8B | Private |
| 66 | MiniMax AI | AI | Huangpu | 2021 | $7.7B | IPO 2026 |
| 67 | Zhejiang Cainiao Supply Chain Management | Transportation | Hangzhou | 2013 | $7.7B | Private |
| 68 | T3 Go | Transportation | Nanjing City | 2019 | $7.3B | Private |
| 69 | Full Truck Alliance | Transportation | Guiyang | 2011 | $7.2B | IPO 2021 |
| 70 | H3C Technologies | AI | China | 2003 | $7.1B | Private |
| 71 | Meicai | eCommerce & Marketplaces | Dongcheng District | 2014 | $7B | Private |
| 72 | Silan | Semiconductors | Hangzhou | 1997 | $6.9B | IPO 2003 |
| 73 | WeDoctor | Health Tech & Medtech | Hangzhou | 2010 | $6.8B | Private |
| 74 | Momenta.ai | Transportation | Haidian | 2016 | $6.8B | IPO 2026 |
| 75 | Sangfor Technologies | Cybersecurity | Shenzhen | 2000 | $6B | IPO 2018 |
| 76 | Moonton Technology | Consumer Services | Huangpu | 2014 | $6B | Private |
| 77 | ROX Motor | Transportation | Jing'an District | 2021 | $6B | Private |
| 78 | Xingsheng Youxuan | eCommerce & Marketplaces | Changsha | 2018 | $6B | Private |
| 79 | Lianjia | Other | Dongcheng District | 2001 | $6B | Private |
| 80 | MGI Tech | Biotech & Life Sciences | Shenzhen | 2016 | $6B | Private |
| 81 | Ningbo Shanshan | Energy | Ningbo | 1992 | $5.8B | IPO 1996 |
| 82 | Bilibili | Consumer Services | Huangpu | 2009 | $5.8B | IPO 2018 |
| 83 | Lu.com - Lufax | Fintech | Huangpu | 2011 | $5.6B | IPO 2020 |
| 84 | Loongson Technology | Semiconductors | Dongcheng District | 2001 | $5.6B | IPO 2022 |
| 85 | Shanghai Spacecom Satellite Technology | Space | Huangpu | 2018 | $5.5B | Private |
| 86 | CloudWalk Technology | Aviation | Pudong | 2015 | $5.5B | Private |
| 87 | UCAR | Transportation | Hexi District | 1999 | $5.5B | IPO 2016 |
| 88 | SmartSens | Semiconductors | Xuhui District | 2011 | $5.3B | IPO 2022 |
| 89 | VNET | AI | Chaoyang District | 1996 | $5.2B | IPO 2011 |
| 90 | Ofo | Transportation | Dongcheng District | 2014 | $5.2B | Private |
| 91 | New Oriental Education & Technology | Edtech | Haidian | 1993 | $5.1B | IPO 2006 |
| 92 | Royole Corporation | Other B2B Software | Shenzhen | 2012 | $5B | Private |
| 93 | ASR Microelectronics | Semiconductors | Huangpu | 2015 | $5B | Private |
| 94 | Shenzhen Salubris Pharmaceuticals | Biotech & Life Sciences | Shenzhen | 1998 | $4.9B | IPO 2009 |
| 95 | Suning Finance | Fintech | Nanjing City | 2015 | $4.9B | Private |
| 96 | Yixin | Fintech | Pudong | 2014 | $4.8B | IPO 2017 |
| 97 | Iluvatar CoreX | Semiconductors | Pudong | 2015 | $4.8B | IPO 2026 |
| 98 | Shanghai Nezha Juxing Information Technology | Transportation | Minhang District | 2014 | $4.8B | Private |
| 99 | Chipone Technology | Semiconductors | Dongcheng District | 2008 | $4.7B | Private |
| 100 | Nice Tuan | eCommerce & Marketplaces | Dongcheng District | 2018 | $4.5B | Private |
| 101 | Orbbec | Robotics | Shenzhen | 2013 | $4.4B | IPO 2022 |
| 102 | Ruipeng Pet Medical Group | Other | Shenzhen | 2013 | $4.4B | Private |
| 103 | WeRide | Transportation | Guangzhou | 2017 | $4.4B | IPO 2024 |
| 104 | StepFun | AI | Xuhui District | 2023 | $4.3B | Private |
| 105 | Boss Zhipin | Other | Chaoyang | 2012 | $4.3B | IPO 2021 |
| 106 | UBTECH Robotics | Robotics | Shenzhen | 2012 | $4.2B | IPO 2023 |
| 107 | Beijing Interstellar Glory Space Technology | Space | Dongcheng District | 2016 | $4.2B | Private |
| 108 | CMC | Consumer Services | Huangpu | 2010 | $4.1B | Private |
| 109 | ENOVATE Motors | Transportation | Huangpu | 2015 | $4.1B | Private |
| 110 | APT Medical | Health Tech & Medtech | Shenzhen | 2002 | $4.1B | IPO 2021 |
| 111 | Phylion Battery | Transportation | Suzhou Shi | 2003 | $4B | Private |
| 112 | Leapmotor | Transportation | Hangzhou | 2015 | $4B | IPO 2022 |
| 113 | Nayuki Holdings | Food | Shenzhen | 2015 | $4B | IPO 2021 |
| 114 | Megvii | Robotics | Dongcheng District | 2011 | $4B | Private |
| 115 | Zhizi Automobile | Transportation | Xianyang | 2021 | $4B | Private |
| 116 | Shanghai Henlius Biotech | Biotech & Life Sciences | Huangpu | 2009 | $4B | IPO 2019 |
| 117 | Neolix | Transportation | Dongcheng District | 2018 | $3.6B | Private |
| 118 | iZU | Transportation | Dongcheng District | 1992 | $3.6B | Private |
| 119 | Wind | Fintech | Huangpu | 1994 | $3.6B | Private |
| 120 | Novosense Microelectronics | Semiconductors | Suzhou Shi | 2013 | $3.6B | IPO 2025 |
| 121 | Svolt | Transportation | Changzhou | 2016 | $3.6B | Private |
| 122 | Hithium | Energy | Xiamen | 2019 | $3.5B | Private |
| 123 | Singulato Motors | Transportation | Dongcheng District | 2014 | $3.5B | Private |
| 124 | Cathay Industrial Biotech | Biotech & Life Sciences | Huangpu | 1997 | $3.4B | IPO 2020 |
| 125 | Youxia Motors | Transportation | Huangpu | 2014 | $3.3B | Private |
| 126 | Ninebot | Transportation | Dongcheng District | 2012 | $3.2B | Private |
| 127 | Kingsoft Cloud | Other | Haidian | 2012 | $3.2B | IPO 2020 |
| 128 | Roborock | Robotics | Changping District | 2014 | $3.1B | IPO 2020 |
| 129 | Medlinker | Health Tech & Medtech | Dongcheng District | 2014 | $3.1B | Private |
| 130 | DIAGENS | Biotech & Life Sciences | Hangzhou | 2016 | $3.1B | IPO 2026 |
| 131 | CanSemi | Energy | Guangzhou | 2017 | $3B | Private |
| 132 | Ziroom | eCommerce & Marketplaces | Dongcheng District | 2011 | $3B | Private |
| 133 | Hive Box | Transportation | Shenzhen | 2015 | $3B | Private |
| 134 | Beijing EasyShare Technology | Marketing | Dongcheng District | 2008 | $3B | Private |
| 135 | Miaopai | Consumer Services | Dongcheng District | 2011 | $3B | Private |
| 136 | Beijing Weiying Technology | eCommerce & Marketplaces | Dongcheng District | 2014 | $3B | Private |
| 137 | Meilishuo | eCommerce & Marketplaces | Dongcheng District | 2009 | $3B | Private |
| 138 | DXY | Biotech & Life Sciences | Dongcheng District | 2000 | $3B | Private |
| 139 | Linkerbot | Robotics | China | 2023 | $3B | Private |
| 140 | Kunlunxin | Semiconductors | Yanqing District | 2011 | $3B | Private |
| 141 | Galbot | Robotics | Haidian | 2023 | $2.9B | Private |
| 142 | China UnionPay Merchant Services | Fintech | Huangpu | 2002 | $2.9B | Private |
| 143 | AI2 Robotics | Robotics | Shenzhen | 2023 | $2.9B | Private |
| 144 | 51WORLD | AI | Dongcheng District | 2015 | $2.9B | IPO 2025 |
| 145 | HC SemiTek | Semiconductors | Wuhan | 2005 | $2.9B | IPO 2012 |
| 146 | Beijing Weilan New Energy Technology | Transportation | Dongcheng District | 2016 | $2.8B | Private |
| 147 | Galaxea AI | Robotics | Suzhou Shi | 2023 | $2.8B | Private |
| 148 | Zhenkunhang | eCommerce & Marketplaces | Pudong | 1998 | $2.8B | IPO 2023 |
| 149 | Shouqi Yueche | Transportation | Dongcheng District | 2015 | $2.8B | Private |
| 150 | Banma Network Technologies | Transportation | Huangpu | 2015 | $2.8B | Private |
| 151 | Smart Fabric | Other | Ningbo | 2014 | $2.8B | Private |
| 152 | ModelBest | AI | Haidian | 2022 | $2.8B | Private |
| 153 | Mixue Ice City | Food | Zhengzhou | 1997 | $2.8B | IPO 2025 |
| 154 | XtalPi | Biotech & Life Sciences | Shenzhen | 2014 | $2.8B | IPO 2024 |
| 155 | Beijing Baichuan Intelligent Technology | AI | Haidian | 2023 | $2.8B | Private |
| 156 | X Square | Robotics | Ningbo | 2023 | $2.8B | Private |
| 157 | Espressif | Semiconductors | Huangpu | 2008 | $2.7B | IPO 2019 |
| 158 | Mobike | Transportation | Dongcheng District | 2015 | $2.7B | Private |
| 159 | Bohao Internet Data Services | Other B2B Software | Shenzhen | 2015 | $2.7B | Private |
| 160 | Galactic Energy | Space | Dongcheng District | 2018 | $2.6B | Private |
| 161 | Tongcheng Travel | Transportation | Chaoyang District | 2004 | $2.6B | Private |
| 162 | Shenzhen Yuanrong Qixing Technology | Transportation | Shenzhen | 2019 | $2.6B | Private |
| 163 | Innocare | Biotech & Life Sciences | Haidian | 2015 | $2.6B | IPO 2020 |
| 164 | Pateo | Transportation | Xuhui District | 2009 | $2.5B | IPO 2025 |
| 165 | Qi An Xin | Cybersecurity | Dongcheng District | 2016 | $2.5B | Private |
| 166 | Qianxun Spatial Intelligence | Other B2B Software | Huangpu | 2015 | $2.5B | Private |
| 167 | Weilong Foods | Food | Luohe | 1999 | $2.5B | IPO 2022 |
| 168 | Li Auto | Transportation | Chaoyang District | 2015 | $2.5B | IPO 2020 |
| 169 | Gokin Solar | Energy | Zhuhai | 2019 | $2.4B | Private |
| 170 | YITU Technology | Other | Xuhui District | 2012 | $2.4B | Private |
| 171 | Miaoshou Doctor | Biotech & Life Sciences | Fengtai District | 2015 | $2.3B | Private |
| 172 | RELX Technology | Other | Chaoyang District | 2019 | $2.3B | IPO 2021 |
| 173 | Zhongan | Fintech | Huangpu | 2013 | $2.2B | IPO 2017 |
| 174 | LimX Dynamics | Robotics | China | 2022 | $2.2B | Private |
| 175 | Dynanonic | Energy | Shenzhen | 2007 | $2.2B | IPO 2019 |
| 176 | CAS Space | Space | Guangzhou | 2018 | $2.2B | Private |
| 177 | Chongqing Tailan New Energy | Transportation | Shunyi District | 2021 | $2.2B | Private |
| 178 | G7 Networks | Transportation | Dongcheng District | 2006 | $2.2B | Private |
| 179 | Yipin Fresh | eCommerce & Marketplaces | Nan'an District | 2013 | $2.2B | Private |
| 180 | Edge Medical Robotics | Health Tech & Medtech | Shenzhen | 2017 | $2.2B | IPO 2026 |
| 181 | Rokid | Other | Hangzhou | 2014 | $2.1B | Private |
| 182 | Aerospace Lithium Battery Technology | Energy | Yangzhou | 2020 | $2.1B | Private |
| 183 | AgiBot | Zhiyuan Robot | Robotics | Suzhou Shi | 2023 | $2.1B | Private |
| 184 | COSMOPlat | Other B2B Software | Qingdao | 2017 | $2.1B | Private |
| 185 | Lightwheel | Transportation | China | 2023 | $2.1B | Private |
| 186 | LandSpace Technology | Space | Daxing District | 2015 | $2.1B | Private |
| 187 | SwitchBot | Robotics | Shenzhen | 2021 | $2B | IPO 2025 |
| 188 | Black Sesame Technologies | Transportation | Wuhan | 2016 | $2B | IPO 2024 |
| 189 | ESWIN | Semiconductors | Dongcheng District | 2016 | $2B | IPO 2025 |
| 190 | Beijing Aishi Technology | PixVerse | AI | China | 2023 | $2B | Private |
| 191 | Danke Apartment | Other | Dongcheng District | 2015 | $2B | Private |
| 192 | Suning Sports | Marketing | Nanjing City | 2015 | $2B | Private |
| 193 | EBroker | Fintech | Jing'an District | 2015 | $2B | Private |
| 194 | Huimin | eCommerce & Marketplaces | Dongcheng District | 2013 | $2B | Private |
| 195 | WM Motor | Transportation | Qingpu District | 2015 | $2B | Private |
| 196 | Paper Games | Consumer Services | Huangpu | 2013 | $2B | Private |
| 197 | Stealth Startup | Robotics | China | 2026 | $2B | Private |
| 198 | Firstp2p | Fintech | Dongcheng District | 2013 | $1.9B | Private |
| 199 | TARS Robotics | Robotics | Xuhui District | 2025 | $1.9B | Private |
| 200 | Meitu | Consumer Services | Xiamen | 2008 | $1.9B | IPO 2016 |
| 201 | Chengjia | Other | Guangzhou | 2015 | $1.8B | Private |
| 202 | Abogen Biosciences | Biotech & Life Sciences | Suzhou Shi | 2019 | $1.8B | Private |
| 203 | Mafengwo | eCommerce & Marketplaces | Chaoyang District | 2010 | $1.8B | Private |
| 204 | Yiguo | eCommerce & Marketplaces | Huangpu | 2005 | $1.8B | Private |
| 205 | Shanghai ANE Logistics | Transportation | Huangpu | 2010 | $1.8B | Private |
| 206 | Xiaozhu | eCommerce & Marketplaces | Dongcheng District | 2012 | $1.8B | Private |
| 207 | SPIC Hydrogen Energy | Energy | Dongcheng District | 2017 | $1.8B | Private |
| 208 | Shanghai Meikesheng Energy Storage Technology | Energy | Tangshan City | — | $1.8B | Private |
| 209 | Shanghai Qiyuan Core Power Technology | Energy | Qingpu District | 2020 | $1.8B | Private |
| 210 | BGI | Biotech & Life Sciences | Shenzhen | 1999 | $1.7B | IPO 2017 |
| 211 | Dianwoda | Transportation | Huangpu | 2009 | $1.7B | Private |
| 212 | CH-Auto Technology | Transportation | Shunyi District | 2003 | $1.7B | IPO 2015 |
| 213 | Anhui Anke Biotechnology | Biotech & Life Sciences | Hefei | 1994 | $1.7B | IPO 2009 |
| 214 | Rokae | Robotics | Jining | 2015 | $1.7B | IPO 2026 |
| 215 | Terminus Technologies | AI | Dongcheng District | 2015 | $1.7B | Private |
| 216 | Narwal Robotics | Robotics | Shenzhen | 2016 | $1.6B | Private |
| 217 | Huasheng New Energy | Energy | Xuancheng | 2020 | $1.6B | Private |
| 218 | Ringpai National Chain Veterinary Hospital | Health Tech & Medtech | Dongli District | 2012 | $1.6B | Private |
| 219 | SiliconFlow | AI | China | 2023 | $1.6B | Private |
| 220 | Farasis Energy | Transportation | Ganzhou | 2002 | $1.6B | IPO 2020 |
| 221 | MediTrust Health | Health Tech & Medtech | Xuhui District | 2017 | $1.6B | Private |
| 222 | Yaoshibang | Health Tech & Medtech | Guangzhou | 2015 | $1.6B | IPO 2023 |
| 223 | Zai Lab | Biotech & Life Sciences | Pudong | 2014 | $1.6B | IPO 2017 |
| 224 | Bianlifeng | Food | Dongcheng District | 2016 | $1.6B | Private |
| 225 | Dmall | Food | Dongcheng District | 2015 | $1.6B | IPO 2024 |
| 226 | ITutorGroup | Edtech | Huangpu | 1998 | $1.6B | Private |
| 227 | 01.AI | AI | Haidian | 2023 | $1.6B | Private |
| 228 | Baiwang Cloud | Fintech | Dongcheng District | 2015 | $1.6B | Private |
| 229 | DaDa | Edtech | Changning District | 2013 | $1.5B | Private |
| 230 | Haomo Zhixing Technology | Transportation | Haidian | 2015 | $1.5B | Private |
| 231 | Wenheyou | Food | Dongcheng District | 2011 | $1.5B | Private |
| 232 | Galaxy Space | Space | Dongcheng District | 2016 | $1.5B | Private |
| 233 | Jusfoun Big Data | Other B2B Software | Dongcheng District | 2010 | $1.5B | Private |
| 234 | Lihao Semiconductor | Semiconductors | Xining City | 2021 | $1.5B | Private |
| 235 | Carzone | Transportation | Nanjing City | 1995 | $1.5B | Private |
| 236 | Huohua | Edtech | Dongcheng District | 2016 | $1.5B | Private |
| 237 | AutoNavi | Transportation | Dongcheng District | 2001 | $1.5B | IPO 2010 |
| 238 | Tujia | eCommerce & Marketplaces | Dongcheng District | 2011 | $1.5B | Private |
| 239 | Pudu Robotics | Robotics | Shenzhen | 2016 | $1.5B | Private |
| 240 | Baibu | eCommerce & Marketplaces | Guangzhou | 2013 | $1.5B | Private |
| 241 | Changingedu | Edtech | Huangpu | 2014 | $1.5B | Private |
| 242 | Soul APP | Consumer Services | Pudong | 2016 | $1.5B | Private |
| 243 | EngineAI | Robotics | Ningbo | 2023 | $1.5B | Private |
| 244 | Shukun Technology | Health Tech & Medtech | Tongzhou District | 2017 | $1.5B | Private |
| 245 | Zelos | Transportation | Suzhou Shi | 2021 | $1.5B | Private |
| 246 | Coocaa | Consumer Services | Shenzhen | 2006 | $1.4B | Private |
| 247 | Shanghai Xianyao Display Technology | Semiconductors | Pudong | 2015 | $1.4B | Private |
| 248 | Hanbo Semiconductor | Semiconductors | Pudong | 2018 | $1.4B | Private |
| 249 | Shunwang | Other B2B Software | Hangzhou | 2005 | $1.4B | Private |
| 250 | Xingyun Group | Transportation | Shenzhen | 2015 | $1.4B | Private |
| 251 | Ouyeel | eCommerce & Marketplaces | Huangpu | 2015 | $1.4B | Private |
| 252 | CGTZ | Fintech | Hangzhou | 2014 | $1.4B | Private |
| 253 | Dt Dream | Other B2B Software | Hangzhou | 2015 | $1.4B | Private |
| 254 | RenRenChe | Transportation | Dongcheng District | 2014 | $1.4B | Private |
| 255 | Unitree Robotics | Defence | Hangzhou | 2016 | $1.4B | Private |
| 256 | PCG Power | Energy | Hangzhou | 2022 | $1.4B | Private |
| 257 | FoxESS | Energy | Wenzhou | 2019 | $1.4B | Private |
| 258 | Mino Space | Space | Haidian | 2017 | $1.4B | Private |
| 259 | Giga AI | Robotics | China | 2023 | $1.4B | Private |
| 260 | PaXini Tech | Robotics | Shenzhen | 2021 | $1.4B | Private |
| 261 | Yuze Semiconductor (Yunnan) Co | Semiconductors | Chuxiong | 2019 | $1.4B | Private |
| 262 | Game Science | Consumer Services | Shenzhen | 2014 | $1.4B | Private |
| 263 | AGILINK | Robotics | Xuhui District | 2026 | $1.4B | Private |
| 264 | TJ Robotics | Robotics | Dongguan | 2015 | $1.4B | Private |
| 265 | Spirit AI | Robotics | Hangzhou | 2023 | $1.4B | Private |
| 266 | Yunji Technology | Marketing | Chaoyang | 2015 | $1.4B | IPO 2019 |
| 267 | Jaguar Microsystems | Other | Shenzhen | 2020 | $1.3B | Private |
| 268 | Huasheng Haoche | Transportation | Dongcheng District | 2015 | $1.3B | Private |
| 269 | Bona Film Group | Consumer Services | Dongcheng District | 1999 | $1.3B | IPO 2016 |
| 270 | 4Paradigm | AI | Haidian | 2014 | $1.3B | IPO 2023 |
| 271 | Sinovent | Biotech & Life Sciences | Suzhou Shi | 2017 | $1.3B | Private |
| 272 | Viewtrix Technology | Energy | Shenzhen | 2012 | $1.3B | IPO 2026 |
| 273 | Gaussian Robot | Robotics | Pudong | 2014 | $1.3B | Private |
| 274 | Kr Space | Other | Dongcheng District | 2016 | $1.3B | Private |
| 275 | Rong360 | Fintech | Dongcheng District | 2011 | $1.3B | IPO 2017 |
| 276 | WTOIP | eCommerce & Marketplaces | Guangzhou | 2013 | $1.3B | Private |
| 277 | Alisports | Consumer Services | Huangpu | 2015 | $1.3B | Private |
| 278 | Transwarp | Other | Huangpu | 2013 | $1.3B | IPO 2022 |
| 279 | Huisuanzhang | Fintech | Dongcheng District | 2013 | $1.3B | Private |
| 280 | Ximalaya | Other B2B Software | Huangpu | 2012 | $1.3B | Private |
| 281 | JMGO | Consumer Services | Shenzhen | 2011 | $1.3B | Private |
| 282 | Kuaikan Manhua | eCommerce & Marketplaces | Dongcheng District | 2014 | $1.3B | Private |
| 283 | Luye Pharma | Biotech & Life Sciences | Changning District | 1994 | $1.2B | IPO 2004 |
| 284 | LDRobot | Robotics | Shenzhen | 2017 | $1.2B | IPO 2026 |
| 285 | Cambridge Industries Group | Semiconductors | Huangpu | 2006 | $1.2B | IPO 2017 |
| 286 | UniVista | Semiconductors | Huangpu | 2020 | $1.2B | Private |
| 287 | CalmCar Vehicle Vision | Transportation | Xiqing District | 2016 | $1.2B | Private |
| 288 | SiEngine Technology | Transportation | Minhang District | 2018 | $1.2B | Private |
| 289 | DJEL | Semiconductors | Ningbo | 2014 | $1.2B | Private |
| 290 | AIWAYS | Transportation | Yangpu District | 2017 | $1.2B | Private |
| 291 | Ourpalm | Consumer Services | Haidian | 2004 | $1.2B | IPO 2012 |
| 292 | Sinocare | Biotech & Life Sciences | Changsha | 2002 | $1.2B | IPO 2012 |
| 293 | Lakala | Fintech | Dongcheng District | 2003 | $1.2B | IPO 2019 |
| 294 | DEEPEXI | AI | Haidian | 2018 | $1.2B | IPO 2025 |
| 295 | Fenbi Education | Edtech | Chaoyang District | 2015 | $1.2B | IPO 2023 |
| 296 | Bestpath | Energy | Qingpu District | 2019 | $1.2B | Public via SPAC 2023 |
| 297 | Pagoda | Food | Shenzhen | 2002 | $1.2B | IPO 2023 |
| 298 | FlashEx | Transportation | Huangpu | 2014 | $1.2B | IPO 2024 |
| 299 | Leekr Technology | Transportation | Hangzhou | 2020 | $1.2B | Private |
| 300 | XLMEC | Semiconductors | Shapingba District | 2023 | $1.2B | Private |
| 301 | Geek+ | Transportation | Chaoyang District | 2015 | $1.2B | IPO 2025 |
| 302 | Alebund Pharmaceuticals | Biotech & Life Sciences | Yangzhou | 2018 | $1.2B | IPO 2026 |
| 303 | Xinchao Media | Marketing | Dongcheng District | 2007 | $1.2B | Private |
| 304 | UISEE | Transportation | Chaoyang District | 2016 | $1.1B | IPO 2026 |
| 305 | Tongxin Software Technology | Other B2B Software | Dongcheng District | 2019 | $1.1B | Private |
| 306 | Dotc United | Marketing | Huangpu | 2015 | $1.1B | Private |
| 307 | Extreme Vision | AI | Shenzhen | 2015 | $1.1B | IPO 2026 |
| 308 | Ping An Good Doctor | Health Tech & Medtech | Shenzhen | 2014 | $1.1B | IPO 2018 |
| 309 | Teld New Energy | Transportation | Qingdao | 2014 | $1.1B | Private |
| 310 | Fourier | Robotics | Huangpu | 2015 | $1.1B | Private |
| 311 | Shanghai Volant Aviation Technology | Aviation | Minhang District | 2021 | $1.1B | Private |
| 312 | Juwan Technology Research | Transportation | Guangzhou | 2020 | $1.1B | Private |
| 313 | Shanghai Xingsi Semiconductor | Semiconductors | Pudong | 2020 | $1.1B | Private |
| 314 | Westwell Lab | AI | Huangpu | 2015 | $1.1B | Private |
| 315 | QingTing FM | Consumer Services | Huangpu | 2011 | $1.1B | Private |
| 316 | Yijiupi | eCommerce & Marketplaces | Wuhu | 2014 | $1.1B | Private |
| 317 | Bebetter Med | Biotech & Life Sciences | Guangzhou | 2012 | $1.1B | IPO 2025 |
| 318 | Zhongneng United | eCommerce & Marketplaces | Nanjing City | 2016 | $1.1B | Private |
| 319 | Panshi | Marketing | Hangzhou | 2003 | $1.1B | Private |
| 320 | Yimidida | Transportation | Huangpu | 2015 | $1.1B | Private |
| 321 | Yonghui Fresh Food | Food | Dongcheng District | 2015 | $1.1B | Private |
| 322 | Han's Robot | Robotics | Shenzhen | 2017 | $1.1B | IPO 2026 |
| 323 | Nxin | Food | Dongcheng District | 2015 | $1.1B | Private |
| 324 | Chengdu Maxvax Biotechnology | Biotech & Life Sciences | Chengdu | 2016 | $1.1B | Private |
| 325 | MiningLamp | AI | Dongcheng District | 2014 | $1.1B | IPO 2025 |
| 326 | Bio-Thera Solutions | Biotech & Life Sciences | Guangzhou | 2003 | $1B | IPO 2020 |
| 327 | Chemsemi | Semiconductors | Yangzhou | 2020 | $1B | Private |
| 328 | Moqi Intelligent Technology | Robotics | Shenzhen | 2025 | $1B | Private |
| 329 | Dianrong | Fintech | Huangpu | 2012 | $1B | Private |
| 330 | Xforceplus | Other B2B Software | Baoshan District | 2015 | $1B | Private |
| 331 | Beibei | eCommerce & Marketplaces | Hangzhou | 2014 | $1B | Private |
| 332 | Helian Health | Other | Hangzhou | 2014 | $1B | Private |
| 333 | Knowbox | Edtech | Chaoyang District | 2014 | $1B | Private |
| 334 | Huikedu Group | Edtech | Haidian | 2010 | $1B | Private |
| 335 | Fiture | Other | Chengdu | 2019 | $1B | Private |
| 336 | Taihe Music Group | Consumer Services | Dongcheng District | 2004 | $1B | Private |
| 337 | Xiyun International | Food | Dongcheng District | 2017 | $1B | Private |
| 338 | Aibee | AI | Haidian | 2017 | $1B | Private |
| 339 | Haodf | Biotech & Life Sciences | Mentougou District | 2006 | $1B | Private |
| 340 | Tezign | Marketing | Xuhui District | 2014 | $1B | Private |
| 341 | Squirrel Ai Learning | Edtech | Xuhui District | 2014 | $1B | Private |
| 342 | Moka | Other | Haidian | 2015 | $1B | Private |
| 343 | Asia Innovations | Consumer Services | Dongcheng District | 2004 | $1B | Private |
| 344 | smartmi | Other | Dongcheng District | 2014 | $1B | Private |
| 345 | Aijia Home Furnishing Products | eCommerce & Marketplaces | Nanjing City | 2015 | $1B | Private |
| 346 | TalkingData | Marketing | Chaoyang District | 2011 | $1B | Private |
| 347 | HAYDON | Other | Huangpu | 2020 | $1B | Private |
| 348 | 100Credit | Fintech | Dongcheng District | 2014 | $1B | Private |
| 349 | Aulton New Energy | Transportation | Huangpu | 2000 | $1B | Private |
| 350 | Juanpi | eCommerce & Marketplaces | Wuhan | 2012 | $1B | Private |
| 351 | Loji Logistics | Transportation | Dongcheng District | 2014 | $1B | Private |
| 352 | Supermonkey | Other | Shenzhen | 2014 | $1B | Private |
| 353 | Qulian Technology | Fintech | Shenzhen | 2016 | $1B | Private |
| 354 | Jiangxiaobai | Food | Huangpu | 2011 | $1B | Private |
| 355 | Tongdun Technology | Fintech | Hangzhou | 2013 | $1B | Private |
| 356 | Xiaoe-tech | Edtech | Shenzhen | 2015 | $1B | Private |
| 357 | Wacai | Fintech | Hangzhou | 2009 | $1B | Private |
| 358 | 1919 Wines & Spirits | eCommerce & Marketplaces | Chengdu | 2010 | $1B | IPO 2014 |
| 359 | Feidee | Fintech | Shenzhen | 2010 | $1B | Private |
| 360 | Yaochufa | Other | Guangzhou | 2011 | $1B | Private |
| 361 | Linkdoc | Health Tech & Medtech | Haidian | 2014 | $1B | Private |
| 362 | Transcenta | Biotech & Life Sciences | Suzhou Shi | 2019 | $1B | IPO 2021 |
| 363 | Whaley | eCommerce & Marketplaces | Huangpu | 2015 | $1B | Private |
| 364 | LianLian Pay | Fintech | Hangzhou | 2003 | $1B | Private |
| 365 | Manner | Food | Changning District | 2015 | $1B | Private |
| 366 | 56Pingtai.net | Transportation | Huangpu | 2013 | $1B | Private |
| 367 | Ankon Medical Technologies | Health Tech & Medtech | Wuhan | 2009 | $1B | Private |
| 368 | Fenbeitong | Fintech | Dongcheng District | 2015 | $1B | Private |
| 369 | Golden Education | Edtech | Hongkou District | 2006 | $1B | Private |
| 370 | Lianshang Literature | Edtech | Huangpu | 2017 | $1B | Private |
| 371 | Mofang Gongyu | eCommerce & Marketplaces | Huangpu | 2010 | $1B | Private |
| 372 | Juma Peisong | Transportation | Chengdu | 2011 | $1B | Private |
| 373 | YGL (1KMXC) | Transportation | Huangpu | 2013 | $1B | Private |
| 374 | Keenon Robotics | Robotics | Pudong | 2010 | $1B | Private |
| 375 | YH Global | Transportation | Shenzhen | 1997 | $1B | Private |
| 376 | YunQuNa | Transportation | Huangpu | 2015 | $1B | Private |
| 377 | MovieBook | Consumer Services | Dongcheng District | 2009 | $1B | Private |
| 378 | PingPong | Fintech | Hangzhou | 2015 | $1B | Private |
| 379 | iCarbonX | Biotech & Life Sciences | Shenzhen | 2015 | $1B | Private |
| 380 | MegaRobo | Robotics | Changping District | 2016 | $1B | Private |
| 381 | XTransfer | Fintech | Yangpu District | 2017 | $1B | Private |
| 382 | Xuzhou Bokang Information Chemicals | Semiconductors | Xuzhou | 2010 | $1B | Private |
| 383 | DeepBlue Technology | Robotics | Huangpu | 2014 | $1B | Private |
| 384 | Zhangshang Tangyi | Health Tech & Medtech | Hangzhou | 2014 | $1B | Private |
| 385 | Kujiale | Other | Hangzhou | 2013 | $1B | Private |
| 386 | ETCP | Transportation | Dongcheng District | 2012 | $1B | Private |
| 387 | Intellifusion | Cybersecurity | Shenzhen | 2014 | $1B | Private |
| 388 | Ji Hui Duo | Fintech | Dongcheng District | 2016 | $1B | Public via SPAC 2021 |
| 389 | Xreal | Other | Haidian | 2017 | $1B | Private |
| 390 | Haihe Biopharma | Biotech & Life Sciences | Huangpu | 2011 | $1B | Private |
| 391 | Haoyiku | eCommerce & Marketplaces | Changzhou | 2017 | $1B | Private |
| 392 | Zihaiguo | eCommerce & Marketplaces | Banan District | 2017 | $1B | Private |
| 393 | D3 Bio | Biotech & Life Sciences | Wuxi | 2020 | $1B | Private |
| 394 | JollyChic | eCommerce & Marketplaces | Hangzhou | 2013 | $1B | Private |
| 395 | Benlai Life | eCommerce & Marketplaces | Dongcheng District | 2012 | $1B | Private |
| 396 | Black Lake Technologies | AI | Huangpu | 2016 | $1B | Private |
| 397 | Maimai | Other B2B Software | Dongcheng District | 2013 | $1B | Private |
| 398 | Zhaogang | eCommerce & Marketplaces | Huangpu | 2012 | $1B | Private |
| 399 | Hupu | Consumer Services | Huangpu | 2004 | $1B | Private |
| 400 | SKIO | Transportation | Hangzhou | 2013 | $1B | Private |
| 401 | Yidian Zixun | Consumer Services | Dongcheng District | 2013 | $1B | Private |
| 402 | Luoji Siwei | Edtech | Dongcheng District | 2012 | $1B | Private |
| 403 | Quicktron Robotics | Robotics | Xuhui District | 2014 | $1B | Private |
| 404 | Xiaoice | Marketing | Dongcheng District | 2014 | $1B | Private |
| 405 | Even Realities | Other | Shenzhen | 2023 | $1B | Private |
| 406 | Vast | Tripo AI | Consumer Services | China | 2023 | $1B | Private |
| 407 | Zhangyue Technology | Edtech | Chaoyang District | 2008 | $991M | IPO 2017 |
| 408 | Souzhou Ribo Life Science | Biotech & Life Sciences | Wuhan | 2007 | $966M | IPO 2026 |
| 409 | 360 DigiTech | Fintech | Huangpu | 2015 | $911M | IPO 2018 |
| 410 | Souche | Transportation | Hangzhou | 2012 | $901M | IPO 2026 |
| 411 | RoboSense | Transportation | Shenzhen | 2014 | $882M | IPO 2024 |
| 412 | CiDi | Transportation | Changsha | 2017 | $855M | IPO 2025 |
| 413 | ECARX | Transportation | Hangzhou | 2016 | $844M | Public via SPAC 2022 |
| 414 | Robot Era | Robotics | China | 2023 | $825M | Private |
| 415 | Solax Power | Energy | Hangzhou | 1998 | $821M | IPO 2024 |
| 416 | Forest Cabin | Other | Songjiang District | 2003 | $804M | IPO 2025 |
| 417 | Gree Titanium New Energy | Transportation | Zhuhai | 2009 | $800M | Private |
| 418 | Aihuishou | Energy | Huangpu | 2011 | $791M | IPO 2021 |
| 419 | CStone Pharmaceuticals | Biotech & Life Sciences | Huangpu | 2015 | $728M | IPO 2019 |
| 420 | Axera | Semiconductors | Pudong | 2019 | $707M | IPO 2026 |
| 421 | Gracell Biotechnologies | Biotech & Life Sciences | Huangpu | 2017 | $704M | IPO 2021 |
| 422 | Unisound | AI | Dongcheng District | 2012 | $667M | IPO 2025 |
| 423 | TOPNC | eCommerce & Marketplaces | Minhang District | 2007 | $654M | IPO 2026 |
| 424 | Horizon Robotics | Transportation | Haidian | 2015 | $653M | IPO 2024 |
| 425 | TransThera Biosciences | Biotech & Life Sciences | Nanjing City | 2016 | $629M | IPO 2025 |
| 426 | Perfect Diary | eCommerce & Marketplaces | Guangzhou | 2015 | $617M | IPO 2020 |
| 427 | Lexin | Fintech | Shenzhen | 2013 | $611M | IPO 2017 |
| 428 | Yunxuetang | Edtech | Suzhou Shi | 2011 | $600M | IPO 2024 |
| 429 | Pupu | eCommerce & Marketplaces | Fuzhou City | 2016 | $600M | Private |
| 430 | Tuhu | Transportation | Huangpu | 2011 | $572M | IPO 2023 |
| 431 | Mobvoi | AI | Dongcheng District | 2012 | $556M | IPO 2024 |
| 432 | Baoji Pharmaceutical | Biotech & Life Sciences | Baoshan District | 2019 | $548M | IPO 2025 |
| 433 | Chindata Group | Other | Chaoyang District | 2015 | $478M | IPO 2020 |
| 434 | Shanghai Haiyouwei New Materials | Energy | Huangpu | 2009 | $476M | IPO 2021 |
| 435 | Dingdong Maicai | eCommerce & Marketplaces | Pudong | 2017 | $474M | IPO 2021 |
| 436 | Sichuan Baicha Baidao Industrial | Food | Chengdu | 2008 | $433M | IPO 2024 |
| 437 | Rec-Biotechnology | Biotech & Life Sciences | Taizhou | 2012 | $422M | Private |
| 438 | SinoHytec | Transportation | Haidian | 2012 | $400M | IPO 2020 |
| 439 | Berry Genomics | Biotech & Life Sciences | Dongcheng District | 2010 | $382M | IPO 2017 |
| 440 | Fanli | eCommerce & Marketplaces | Xuhui District | 2006 | $380M | IPO 2021 |
| 441 | BESTORE | eCommerce & Marketplaces | Wuhan | 2006 | $375M | IPO 2020 |
| 442 | Shuidi | Health Tech & Medtech | Xicheng District | 2016 | $325M | IPO 2021 |
| 443 | QingCloud | Other | Dongcheng District | 2012 | $282M | IPO 2021 |
| 444 | Beisen | Other B2B Software | Haidian | 2002 | $278M | IPO 2023 |
| 445 | FinVolution | Fintech | Huangpu | 2007 | $274M | IPO 2017 |
| 446 | Yidu Tech | Other | Xuhui District | 2013 | $260M | IPO 2021 |
| 447 | Shanghai Suiyuan Technology | Semiconductors | Huangpu | 2018 | $220M | Private |
| 448 | Zhejiang Taimei Medical Technology | Biotech & Life Sciences | Huangpu | 2013 | $209M | IPO 2024 |
| 449 | Canaan.io | Fintech | Dongcheng District | 2013 | $195M | IPO 2019 |
| 450 | I-Mab Biopharma | Biotech & Life Sciences | Huangpu | 2016 | $186M | IPO 2020 |
| 451 | Adagene | Biotech & Life Sciences | Suzhou Shi | 2012 | $178M | IPO 2021 |
| 452 | Space Pioneer | Space | Dongcheng District | 2015 | $165M | Private |
| 453 | Cloopen | Other B2B Software | Dongcheng District | 2009 | $163M | IPO 2021 |
| 454 | Niu | Transportation | Dongcheng District | 2014 | $142M | IPO 2018 |
| 455 | Tiger Brokers | Fintech | Dongcheng District | 2014 | $140M | IPO 2019 |
| 456 | Keep | Other | Dongcheng District | 2014 | $109M | IPO 2023 |
| 457 | Huya | Other | Guangzhou | 2014 | $96M | IPO 2018 |
| 458 | Dada | Transportation | Huangpu | 2014 | $94M | IPO 2020 |
| 459 | Cango | Transportation | Huangpu | 2010 | $84M | IPO 2018 |
| 460 | 51 Credit Card Manager | Fintech | Hangzhou | 2012 | $75M | IPO 2018 |
| 461 | Guoquan Shihui | Food | Minhang District | 2019 | $53M | IPO 2023 |
| 462 | PINTEC | Fintech | Dongcheng District | 2016 | $12M | IPO 2018 |
| 463 | SJ Semi | Semiconductors | Wuxi | 2014 | $10M | IPO 2026 |
| 464 | MissFresh | eCommerce & Marketplaces | Chaoyang District | 2014 | $6M | IPO 2021 |
| 465 | Chemao | Transportation | Hangzhou | 2012 | — | Private |
| 466 | Baixing | eCommerce & Marketplaces | Xuhui District | 2005 | — | IPO 2016 |
| 467 | Yixia Technology | eCommerce & Marketplaces | Dongcheng District | 2011 | — | Private |
| 468 | WiFi Skeleton Key | Other | Huangpu | 2008 | — | Private |
| 469 | Wandoujia | eCommerce & Marketplaces | Dongcheng District | 2009 | — | Private |
| 470 | Koudai | eCommerce & Marketplaces | Dongcheng District | 2010 | — | Private |
| 471 | Hujiang | Edtech | Huangpu | 2001 | — | Private |
| 472 | Womai | eCommerce & Marketplaces | Dongcheng District | 2008 | — | Private |
| 473 | Kuaidi Dache | Transportation | Hangzhou | 2012 | — | Private |
| 474 | Lamabang | eCommerce & Marketplaces | Dongcheng District | 2013 | — | Private |
| 475 | Jimubox | Fintech | Dongcheng District | 2013 | — | Private |
| 476 | Meizu | eCommerce & Marketplaces | Zhuhai | 2003 | — | Private |
| 477 | Dianping | eCommerce & Marketplaces | Dongcheng District | 2003 | — | Private |
| 478 | To8to (Tubatu) | Other B2B Software | Shenzhen | 2008 | — | Private |
| 479 | Lashou.com | eCommerce & Marketplaces | Chaoyang District | 2010 | — | Private |
| 480 | ZBJ | eCommerce & Marketplaces | Yuzhong District | 2006 | — | Private |
| 481 | 58 Daojia Inc. | eCommerce & Marketplaces | Dongcheng District | 2014 | — | Private |
| 482 | Apus | Other B2B Software | Dongcheng District | 2014 | — | Private |
| 483 | Yongche | Transportation | Dongcheng District | 2010 | — | Private |
| 484 | Ucommune | Other | Chaoyang District | 2015 | $-1M | IPO 2019 |
| 485 | Zhangmen | Edtech | Hongkou District | 2010 | $-18M | IPO 2021 |
| 486 | 17zuoye | Edtech | Huangpu | 2007 | $-33M | IPO 2020 |
| 487 | Archosaur Games | Consumer Services | Dongcheng District | 2014 | $-60M | IPO 2020 |
| 488 | Tuniu | eCommerce & Marketplaces | Nanjing City | 2006 | $-87M | IPO 2014 |
| 489 | Liepin | eCommerce & Marketplaces | Dongcheng District | 2006 | $-138M | IPO 2018 |
| 490 | Douyu | Consumer Services | Wuhan | 2013 | $-187M | IPO 2019 |
| 491 | Ebang International | Fintech | Hangzhou | 2010 | $-190M | IPO 2020 |
| 492 | Linklogis | Fintech | Shenzhen | 2016 | $-218M | IPO 2021 |
| 493 | LianBio | Biotech & Life Sciences | Pudong | 2019 | $-244M | IPO 2021 |
| 494 | Huitongda | Transportation | Nanjing City | 2008 | $-347M | Private |
| 495 | Zhihu | Edtech | Dongcheng District | 2011 | $-349M | IPO 2021 |
| 496 | 9F Group | Fintech | Dongcheng District | 2006 | $-458M | IPO 2019 |
| 497 | Qudian (old Qufenqi) | Fintech | Dongcheng District | 2014 | $-522M | IPO 2017 |
Thoroughbreds — the $100M+ revenue tier
Dealroom's revenue milestone: 63 China companies past $100M in annual revenue, proof of traction beyond paper valuations.
| # | Company | Sector | HQ | Founded | Valuation | Status |
|---|---|---|---|---|---|---|
| 1 | Montage Technology | Semiconductors | Xuhui District | 2004 | $31B | IPO 2013 |
| 2 | Changchuan Technology | Semiconductors | Hangzhou | 2008 | $22B | IPO 2017 |
| 3 | 58.com | eCommerce & Marketplaces | Chaoyang District | 2005 | $8.7B | IPO 2013 |
| 4 | SUPCON | Transportation | Hangzhou | 1999 | $8.3B | IPO 2020 |
| 5 | Sunway Communication | Marketing | Shenzhen | 2006 | $7.7B | IPO 2010 |
| 6 | Yunmanman | Transportation | Nanjing City | 2014 | $7.2B | Private |
| 7 | Trina Solar | Energy | China | 1997 | $7B | IPO 2006 |
| 8 | JA SOLAR | Energy | Baoshan District | 2005 | $6.6B | IPO 2007 |
| 9 | Ginlong Technologies | Energy | Ningbo | 2005 | $4.2B | IPO 2019 |
| 10 | Atour Hotel | Other | Huangpu | 2012 | $4B | IPO 2022 |
| 11 | Ronbay Technology | Energy | Ningbo | 2014 | $3.4B | IPO 2019 |
| 12 | Hybio Pharmaceutical | Biotech & Life Sciences | Shenzhen | 1998 | $2.7B | IPO 2011 |
| 13 | Quectel | Semiconductors | Huangpu | 2010 | $2.6B | IPO 2019 |
| 14 | Easpring Material Technology | Energy | Dongcheng District | 2001 | $2.2B | IPO 2010 |
| 15 | Fibocom | Other | Shenzhen | 1999 | $2.1B | IPO 2017 |
| 16 | DeepWay | Transportation | Hefei | 2020 | $1.9B | Private |
| 17 | Wuhan P&S Information Technology | Other | Wuhan | 2001 | $1.8B | IPO 2011 |
| 18 | nkf-pharma | Biotech & Life Sciences | Nanjing City | 2000 | $1.7B | IPO 2017 |
| 19 | Beijing Jingyuntong Technology | Energy | Dongcheng District | 2002 | $1.4B | IPO 2011 |
| 20 | Shenzhen Sinexcel Electric | Other | Shenzhen | 2007 | $1.4B | IPO 2017 |
| 21 | Inner Mongolia Xiaocao Digital Ecological Industry | Energy | China | 2001 | $1.4B | IPO 2024 |
| 22 | TOPSEC | Cybersecurity | China | 1995 | $1B | IPO 2008 |
| 23 | Three Squirrels E-commerce | eCommerce & Marketplaces | Wuhu | 2012 | $921M | IPO 2019 |
| 24 | New Horizon Health | Biotech & Life Sciences | Hangzhou | 2015 | $806M | IPO 2021 |
| 25 | Erkang Pharmaceutical | Other | China | 2003 | $782M | IPO 2011 |
| 26 | Huayi Brothers Media Group | Consumer Services | Mentougou District | 1994 | $776M | Private |
| 27 | Beijing Digital orthodox Technology | Other B2B Software | Dongcheng District | 2001 | $751M | IPO 2010 |
| 28 | Sino Biological | Biotech & Life Sciences | Dongcheng District | 2007 | $679M | IPO 2021 |
| 29 | Ronglian | Other | Dongcheng District | 2001 | $648M | IPO 2011 |
| 30 | Shenzhen Wenke Landscape | Other | Shenzhen | 1996 | $645M | IPO 2015 |
| 31 | Bauing Group | Fintech | China | 1994 | $642M | Private |
| 32 | Sinodata | Other | Haidian | 2003 | $635M | IPO 2012 |
| 33 | Beijing Tianyishangjia New Material | Transportation | Haidian | 2009 | $605M | IPO 2019 |
| 34 | Haoxiangni Jujube Industry | Food | China | 2005 | $567M | IPO 2011 |
| 35 | Sumavision | Other B2B Software | Haidian | 2000 | $547M | IPO 2010 |
| 36 | Sunsea | Other | China | 1994 | $507M | IPO 2009 |
| 37 | V-Grass Fashion | Other | Nanjing City | 2003 | $461M | IPO 2014 |
| 38 | Hylink Digital | Consumer Services | Dongcheng District | 1994 | $457M | IPO 2017 |
| 39 | Shinry Technologies | Energy | Shenzhen | 2005 | $447M | IPO 2018 |
| 40 | Gridsum | AI | Haidian | 2003 | $435M | IPO 2016 |
| 41 | AIM Vaccine | Biotech & Life Sciences | Daxing District | 2011 | $403M | IPO 2022 |
| 42 | ENC Data Technology | Other | Huangpu | 2006 | $384M | IPO 2015 |
| 43 | Guangdong Brandmax Marketing | Other | Guangzhou | 2010 | $359M | IPO 2019 |
| 44 | Viva Shanghai | Biotech & Life Sciences | Huangpu | 2008 | $348M | Private |
| 45 | TOT Biopharm | Biotech & Life Sciences | China | 2009 | $303M | IPO 2019 |
| 46 | Sinovac Biotech | Biotech & Life Sciences | Jing'an District | 2001 | $297M | IPO 2003 |
| 47 | Qutoutiao | Consumer Services | Pudong | 2016 | $290M | IPO 2018 |
| 48 | Jiangsu Tongda Power Technology | Energy | Dongcheng District | 2008 | $275M | IPO 2011 |
| 49 | Joyy | Consumer Services | Guangzhou | 2005 | $267M | IPO 2012 |
| 50 | Xiangya Group | Biotech & Life Sciences | Shenzhen | 2006 | $251M | IPO 2018 |
| 51 | Clover Biopharmaceuticals | Biotech & Life Sciences | Chengdu | 2007 | $236M | Private |
| 52 | Fengxing Stock | Other | Xuancheng | 2007 | $208M | IPO 2015 |
| 53 | Naitangpai | Other | Guangzhou | 2015 | $83M | Private |
| 54 | Mulsanne Group | Other | Ningbo | 2007 | $82M | IPO 2019 |
| 55 | Duiba | Other B2B Software | Dongcheng District | 2014 | $76M | IPO 2019 |
| 56 | 111,Inc | Biotech & Life Sciences | Dongcheng District | 2010 | $32M | IPO 2018 |
| 57 | ChinaCache | eCommerce & Marketplaces | Mentougou District | 1998 | — | IPO 2010 |
| 58 | Jianpu | Fintech | Dongcheng District | 2011 | $-13M | IPO 2017 |
| 59 | YUNJI | Marketing | Hangzhou | 2015 | $-16M | IPO 2019 |
| 60 | BAIOO Family Interactive | Consumer Services | China | 2009 | $-23M | IPO 2014 |
| 61 | Phoenix New Media | Biotech & Life Sciences | Guangzhou | 1996 | $-117M | IPO 2011 |
| 62 | Weidai | Fintech | Hangzhou | 2010 | $-298M | IPO 2018 |
| 63 | Sohu.com | Consumer Services | Mentougou District | 1995 | $-436M | IPO 2000 |
Frequently asked questions
How many unicorns are there in China?
Dealroom tracks 497 unicorns headquartered in China as of August 2026, worth $4.3T combined. 53 of them are valued at $10B or more.
What are the biggest unicorns in China?
The three most valuable are ByteDance, Tencent, ChangXin Memory Technologies. Dongcheng District is the top hub with 109 of them.
What counts as a unicorn — and what is a thoroughbred?
A unicorn is a company that reached a $1B+ valuation, verified by Dealroom. A thoroughbred is Dealroom's revenue-based tier: a startup-era company generating $100M+ in annual revenue — traction, not just paper valuation.