Power Law outcomes
Unicorns in China
Dealroom tracks 470 unicorns headquartered in China — companies that reached a verified $1B+ valuation — worth $3.8T combined, plus 63 thoroughbreds generating $100M+ in annual revenue. Updated July 2026.
470Unicorns ($1B+ valuation)
48Valued at $10B or more
63Thoroughbreds ($100M+ revenue)
$3.8TCombined unicorn valuation
Every unicorn in China
All 470 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 | Consumer Services | Shenzhen | 1998 | $521B | IPO 2004 |
| 3 | Alibaba | eCommerce & Marketplaces | Hangzhou | 1999 | $309B | IPO 2014 |
| 4 | CATL | Transportation | Ningde City | 2011 | $242B | IPO 2018 |
| 5 | BYD | Transportation | Shenzhen | 1995 | $129B | IPO 2011 |
| 6 | Xiaomi | Other | Haidian | 2010 | $85B | IPO 2018 |
| 7 | Cambricon Technologies | Robotics | Dongcheng District | 2016 | $81B | IPO 2020 |
| 8 | SMIC | Semiconductors | Pudong | 2000 | $81B | IPO 2004 |
| 9 | PDD Holdings | eCommerce & Marketplaces | Huangpu | 2015 | $78B | IPO 2018 |
| 10 | Meituan | eCommerce & Marketplaces | Chaoyang District | 2010 | $54B | IPO 2018 |
| 11 | NetEase | Consumer Services | Guangzhou | 1997 | $48B | IPO 2000 |
| 12 | Moore Threads | Semiconductors | Dongcheng District | 2020 | $44B | IPO 2025 |
| 13 | WuXi AppTec | Biotech & Life Sciences | Huangpu | 2000 | $41B | IPO 2018 |
| 14 | Baidu | eCommerce & Marketplaces | Dongcheng District | 1999 | $37B | IPO 2005 |
| 15 | Sungrow Power Supply | Energy | Hefei | 1997 | $36B | IPO 2011 |
| 16 | RedNote | Consumer Services | Huangpu | 2013 | $31B | Private |
| 17 | BeOne Medicines | Biotech & Life Sciences | Dongcheng District | 2010 | $29B | IPO 2016 |
| 18 | Trip | eCommerce & Marketplaces | Huangpu | 1999 | $28B | IPO 2003 |
| 19 | MiniMax AI | AI | Huangpu | 2021 | $27B | IPO 2026 |
| 20 | JD.com | eCommerce & Marketplaces | Haidian | 1998 | $25B | IPO 2014 |
| 21 | POP MART | Other | Chaoyang District | 2010 | $23B | IPO 2020 |
| 22 | Tenglong Holding Group | Other | Dongcheng District | 2015 | $22B | Private |
| 23 | ChangXin Memory Technologies | Semiconductors | Hefei | 2016 | $21B | Private |
| 24 | WeBank.com | Fintech | Shenzhen | 2014 | $21B | Private |
| 25 | NIO | Transportation | Huangpu | 2014 | $20B | IPO 2018 |
| 26 | Kuaishou | Other B2B Software | Haidian | 2011 | $19B | IPO 2021 |
| 27 | H World Group | Other | Huangpu | 2007 | $19B | IPO 2010 |
| 28 | Eastmoney | Fintech | Huangpu | 2007 | $17B | IPO 2010 |
| 29 | VeriSilicon Holdings | Semiconductors | Pudong | 2002 | $17B | IPO 2020 |
| 30 | Innovent Biologics | Biotech & Life Sciences | Suzhou Shi | 2011 | $16B | IPO 2018 |
| 31 | Yuanfudao | Edtech | Xicheng District | 2012 | $16B | Private |
| 32 | WuXi Biologics | Biotech & Life Sciences | Xuancheng | 2000 | $15B | IPO 2017 |
| 33 | Huaqin Communication Technology | Other | Pudong | 2005 | $15B | Private |
| 34 | Bitmain | Fintech | Dongcheng District | 2013 | $15B | Private |
| 35 | Genki Forest | Food | Xicheng District | 2016 | $15B | Private |
| 36 | DJI Innovations | Robotics | Ningbo | 2006 | $15B | Private |
| 37 | Akeso Biopharma | Biotech & Life Sciences | Zhongshan | 2012 | $15B | IPO 2020 |
| 38 | DiDi | Transportation | Dongcheng District | 2012 | $14B | IPO 2021 |
| 39 | Ke.com | eCommerce & Marketplaces | Dongcheng District | 2017 | $14B | IPO 2020 |
| 40 | Global Data Solutions | eCommerce & Marketplaces | Huangpu | 2000 | $14B | IPO 2016 |
| 41 | XPeng | Transportation | Guangzhou | 2014 | $13B | IPO 2020 |
| 42 | Biren Technology | AI | Huangpu | 2019 | $12B | IPO 2025 |
| 43 | Shanghai Fosun Pharmaceutical | Biotech & Life Sciences | Baoshan District | 1994 | $12B | IPO 2012 |
| 44 | United Imaging Healthcare | Biotech & Life Sciences | Jing'an District | 2011 | $12B | IPO 2022 |
| 45 | Zongmu | Transportation | Pudong | 2013 | $11B | Private |
| 46 | Luckin Coffee | Food | Dongcheng District | 2017 | $10B | IPO 2019 |
| 47 | Zuoyebang | Edtech | Dongcheng District | 2014 | $10B | Private |
| 48 | Moonshot AI | Kimi | AI | Haidian | 2023 | $10B | Private |
| 49 | Insta360 | Consumer Services | Shenzhen | 2014 | $9.7B | IPO 2025 |
| 50 | Ele.me | eCommerce & Marketplaces | Huangpu | 2008 | $9.5B | Private |
| 51 | HeyTea | eCommerce & Marketplaces | Shenzhen | 2012 | $9.3B | Private |
| 52 | Guazi | Transportation | Xicheng District | 2014 | $9B | Private |
| 53 | Haisco | Biotech & Life Sciences | Lhoka | 2000 | $8.6B | IPO 2012 |
| 54 | Loongson Technology | Semiconductors | Dongcheng District | 2001 | $8.5B | IPO 2022 |
| 55 | Kanzhun | Other | Dongcheng District | 2008 | $8.2B | IPO 2021 |
| 56 | Jiedaibao | Fintech | Dongcheng District | 2014 | $7.8B | Private |
| 57 | Shenzhen Salubris Pharmaceuticals | Biotech & Life Sciences | Shenzhen | 1998 | $7.8B | IPO 2009 |
| 58 | Zhejiang Cainiao Supply Chain Management | Transportation | Hangzhou | 2013 | $7.7B | Private |
| 59 | T3 Go | Transportation | Nanjing City | 2019 | $7.3B | Private |
| 60 | 360 DigiTech | Fintech | Huangpu | 2015 | $7.2B | IPO 2018 |
| 61 | Bilibili | Consumer Services | Huangpu | 2009 | $7B | IPO 2018 |
| 62 | Ningbo Shanshan | Energy | Ningbo | 1992 | $7B | IPO 1996 |
| 63 | Meicai | eCommerce & Marketplaces | Dongcheng District | 2014 | $7B | Private |
| 64 | Silan | Semiconductors | Hangzhou | 1997 | $6.9B | IPO 2003 |
| 65 | AVATR | Transportation | Yuzhong District | 2018 | $6.9B | Private |
| 66 | WeDoctor | Health Tech & Medtech | Hangzhou | 2010 | $6.8B | Private |
| 67 | Z.ai | Zhipu AI | AI | Dongcheng District | 2019 | $6.6B | IPO 2026 |
| 68 | Full Truck Alliance | Transportation | Guiyang | 2011 | $6.1B | IPO 2021 |
| 69 | Momenta.ai | Transportation | Haidian | 2016 | $6B | Private |
| 70 | Lianjia | Other | Dongcheng District | 2001 | $6B | Private |
| 71 | ROX Motor | Transportation | Jing'an District | 2021 | $6B | Private |
| 72 | MGI Tech | Biotech & Life Sciences | Shenzhen | 2016 | $6B | Private |
| 73 | Xingsheng Youxuan | eCommerce & Marketplaces | Changsha | 2018 | $6B | Private |
| 74 | Moonton Technology | Consumer Services | Huangpu | 2014 | $6B | Private |
| 75 | Li Auto | Transportation | Chaoyang District | 2015 | $5.9B | IPO 2020 |
| 76 | UBTECH Robotics | Robotics | Shenzhen | 2012 | $5.9B | IPO 2023 |
| 77 | VNET | Other B2B Software | Chaoyang District | 1996 | $5.6B | IPO 2011 |
| 78 | Shanghai Spacecom Satellite Technology | Space | Huangpu | 2018 | $5.5B | Private |
| 79 | CloudWalk Technology | Aviation | Pudong | 2015 | $5.5B | Private |
| 80 | UCAR | Transportation | Hexi District | 1999 | $5.5B | IPO 2016 |
| 81 | Shanghai Henlius Biotech | Biotech & Life Sciences | Huangpu | 2009 | $5.4B | IPO 2019 |
| 82 | Yixin | Fintech | Pudong | 2014 | $5.3B | IPO 2017 |
| 83 | Ofo | Transportation | Dongcheng District | 2014 | $5.2B | Private |
| 84 | SmartSens | Semiconductors | Xuhui District | 2011 | $5.2B | IPO 2022 |
| 85 | Kingsoft Cloud | Other | Haidian | 2012 | $5.2B | IPO 2020 |
| 86 | Leapmotor | Transportation | Hangzhou | 2015 | $5.1B | IPO 2022 |
| 87 | Royole Corporation | Other B2B Software | Shenzhen | 2012 | $5B | Private |
| 88 | Honeycomb Energy | Transportation | Changzhou | 2016 | $5B | Private |
| 89 | Suning Finance | Fintech | Nanjing City | 2015 | $4.9B | Private |
| 90 | Iluvatar CoreX | Semiconductors | Pudong | 2015 | $4.8B | IPO 2026 |
| 91 | Shanghai Nezha Juxing Information Technology | Transportation | Minhang District | 2014 | $4.8B | Private |
| 92 | ASR Microelectronics | Semiconductors | Huangpu | 2015 | $4.8B | Private |
| 93 | JD Property | Other B2B Software | Tongzhou District | 2012 | $4.8B | Private |
| 94 | Yidu Tech | Other | Xuhui District | 2013 | $4.7B | IPO 2021 |
| 95 | Chipone Technology | Semiconductors | Dongcheng District | 2008 | $4.7B | Private |
| 96 | APT Medical | Health Tech & Medtech | Shenzhen | 2002 | $4.5B | IPO 2021 |
| 97 | Nice Tuan | eCommerce & Marketplaces | Dongcheng District | 2018 | $4.5B | Private |
| 98 | Ruipeng Pet Medical Group | Other | Shenzhen | 2013 | $4.4B | Private |
| 99 | WeRide | Transportation | Guangzhou | 2017 | $4.4B | IPO 2024 |
| 100 | StepFun | AI | Xuhui District | 2023 | $4.3B | Private |
| 101 | SJ Semi | Semiconductors | Wuxi | 2014 | $4.2B | IPO 2026 |
| 102 | Beijing Interstellar Glory Space Technology | Space | Dongcheng District | 2016 | $4.2B | Private |
| 103 | ENOVATE Motors | Transportation | Huangpu | 2015 | $4.1B | Private |
| 104 | CMC | Consumer Services | Huangpu | 2010 | $4.1B | Private |
| 105 | Phylion Battery | Transportation | Suzhou Shi | 2003 | $4B | Private |
| 106 | Megvii | Robotics | Dongcheng District | 2011 | $4B | Private |
| 107 | Nayuki Holdings | Food | Shenzhen | 2015 | $4B | IPO 2021 |
| 108 | Zhizi Automobile | Transportation | Xianyang | 2021 | $4B | Private |
| 109 | Lu.com - Lufax | Fintech | Huangpu | 2011 | $3.9B | IPO 2020 |
| 110 | Novosense Microelectronics | Semiconductors | Suzhou Shi | 2013 | $3.8B | IPO 2025 |
| 111 | MiningLamp | AI | Dongcheng District | 2014 | $3.8B | IPO 2025 |
| 112 | Espressif | Semiconductors | Huangpu | 2008 | $3.6B | IPO 2019 |
| 113 | Neolix | Transportation | Dongcheng District | 2018 | $3.6B | Private |
| 114 | Wind | Fintech | Huangpu | 1994 | $3.6B | Private |
| 115 | Svolt | Transportation | Baoding | 2016 | $3.6B | Private |
| 116 | Cathay Industrial Biotech | Biotech & Life Sciences | Huangpu | 1997 | $3.5B | IPO 2020 |
| 117 | Hithium | Energy | Xiamen | 2019 | $3.5B | Private |
| 118 | Souche | Transportation | Hangzhou | 2012 | $3.5B | Private |
| 119 | Singulato Motors | Transportation | Dongcheng District | 2014 | $3.5B | Private |
| 120 | Youxia Motors | Transportation | Huangpu | 2014 | $3.3B | Private |
| 121 | Boss Zhipin | Other | Chaoyang | 2012 | $3.3B | IPO 2021 |
| 122 | Roborock | Robotics | Changping District | 2014 | $3.3B | IPO 2020 |
| 123 | HC SemiTek | Semiconductors | Wuhan | 2005 | $3.2B | IPO 2012 |
| 124 | Ninebot | Transportation | Dongcheng District | 2012 | $3.1B | Private |
| 125 | Medlinker | Health Tech & Medtech | Dongcheng District | 2014 | $3.1B | Private |
| 126 | CanSemi | Energy | Guangzhou | 2017 | $3B | Private |
| 127 | Qi An Xin | Cybersecurity | Dongcheng District | 2016 | $3B | Private |
| 128 | Dynanonic | Energy | Shenzhen | 2007 | $3B | IPO 2019 |
| 129 | Ziroom | eCommerce & Marketplaces | Dongcheng District | 2011 | $3B | Private |
| 130 | Beijing EasyShare Technology | Marketing | Dongcheng District | 2008 | $3B | Private |
| 131 | Miaopai | Consumer Services | Dongcheng District | 2011 | $3B | Private |
| 132 | DXY | Biotech & Life Sciences | Dongcheng District | 2000 | $3B | Private |
| 133 | Beijing Weiying Technology | eCommerce & Marketplaces | Dongcheng District | 2014 | $3B | Private |
| 134 | Meilishuo | eCommerce & Marketplaces | Dongcheng District | 2009 | $3B | Private |
| 135 | Kunlun Core Beijing Technology | Semiconductors | Yanqing District | 2011 | $3B | Private |
| 136 | Chehejia | Transportation | Dongcheng District | 2015 | $2.9B | Private |
| 137 | DIAGENS | Biotech & Life Sciences | Hangzhou | 2016 | $2.9B | IPO 2026 |
| 138 | Galbot | Robotics | Haidian | 2023 | $2.9B | Private |
| 139 | China UnionPay Merchant Services | Fintech | Huangpu | 2002 | $2.9B | Private |
| 140 | Beijing Weilan New Energy Technology | Transportation | Dongcheng District | 2016 | $2.8B | Private |
| 141 | Galaxea AI | Robotics | Suzhou Shi | 2023 | $2.8B | Private |
| 142 | Shouqi Yueche | Transportation | Dongcheng District | 2015 | $2.8B | Private |
| 143 | Zhenkunhang | eCommerce & Marketplaces | Pudong | 1998 | $2.8B | IPO 2023 |
| 144 | New Oriental Education & Technology | Edtech | Haidian | 1993 | $2.8B | IPO 2006 |
| 145 | Banma Network Technologies | Transportation | Huangpu | 2015 | $2.8B | Private |
| 146 | Smart Fabric | Other | Ningbo | 2014 | $2.8B | Private |
| 147 | XtalPi | Biotech & Life Sciences | Shenzhen | 2014 | $2.8B | IPO 2024 |
| 148 | Mixue Ice City | Food | Zhengzhou | 1997 | $2.8B | IPO 2025 |
| 149 | Beijing Baichuan Intelligent Technology | AI | Haidian | 2023 | $2.8B | Private |
| 150 | Mobike | Transportation | Dongcheng District | 2015 | $2.7B | Private |
| 151 | Bohao Internet Data Services | Other B2B Software | Shenzhen | 2015 | $2.7B | Private |
| 152 | Innocare | Biotech & Life Sciences | Haidian | 2015 | $2.6B | IPO 2020 |
| 153 | 51WORLD | AI | Dongcheng District | 2015 | $2.6B | IPO 2025 |
| 154 | Pateo | Transportation | Xuhui District | 2009 | $2.6B | IPO 2025 |
| 155 | Galactic Energy | Space | Dongcheng District | 2018 | $2.6B | Private |
| 156 | Tongcheng Travel | Transportation | Chaoyang District | 2004 | $2.6B | Private |
| 157 | Shenzhen Yuanrong Qixing Technology | Transportation | Shenzhen | 2019 | $2.6B | Private |
| 158 | Yunji Technology | Marketing | Chaoyang | 2015 | $2.6B | IPO 2019 |
| 159 | Qianxun Spatial Intelligence | Other B2B Software | Huangpu | 2015 | $2.5B | Private |
| 160 | Weilong Foods | Food | Luohe | 1999 | $2.5B | IPO 2022 |
| 161 | Geek+ | Transportation | Chaoyang District | 2015 | $2.4B | IPO 2025 |
| 162 | Zhongan | Fintech | Huangpu | 2013 | $2.4B | IPO 2017 |
| 163 | Gokin Solar | Energy | Zhuhai | 2019 | $2.4B | Private |
| 164 | YITU Technology | Other | Xuhui District | 2012 | $2.4B | Private |
| 165 | Hive Box | Transportation | Shenzhen | 2015 | $2.4B | Private |
| 166 | Fenbi Education | Edtech | Chaoyang District | 2015 | $2.3B | Private |
| 167 | Miaoshou Doctor | Biotech & Life Sciences | Fengtai District | 2015 | $2.3B | Private |
| 168 | Shunwang | Other B2B Software | Hangzhou | 2005 | $2.3B | Private |
| 169 | G7 Networks | Transportation | Dongcheng District | 2006 | $2.2B | Private |
| 170 | CAS Space | Space | Guangzhou | 2018 | $2.2B | Private |
| 171 | Chongqing Tailan New Energy | Transportation | Shunyi District | 2021 | $2.2B | Private |
| 172 | Solax Power | Energy | Hangzhou | 1998 | $2.2B | IPO 2024 |
| 173 | Yipin Fresh | eCommerce & Marketplaces | Nan'an District | 2013 | $2.2B | Private |
| 174 | Edge Medical Robotics | Health Tech & Medtech | Shenzhen | 2017 | $2.2B | IPO 2026 |
| 175 | Transwarp | Other | Huangpu | 2013 | $2.1B | IPO 2022 |
| 176 | Dotc United | Marketing | Huangpu | 2015 | $2.1B | Private |
| 177 | Rokid | Other | Hangzhou | 2014 | $2.1B | Private |
| 178 | AgiBot | Zhiyuan Robot | Robotics | Suzhou Shi | 2023 | $2.1B | Private |
| 179 | COSMOPlat | Other B2B Software | Qingdao | 2017 | $2.1B | Private |
| 180 | Space Pioneer | Space | Dongcheng District | 2015 | $2.1B | Private |
| 181 | Aerospace Lithium Battery Technology | Energy | Yangzhou | 2020 | $2.1B | Private |
| 182 | LandSpace Technology | Space | Daxing District | 2015 | $2.1B | Private |
| 183 | SwitchBot | Robotics | Shenzhen | 2021 | $2B | IPO 2025 |
| 184 | Black Sesame Technologies | Transportation | Wuhan | 2016 | $2B | IPO 2024 |
| 185 | ESWIN | Semiconductors | Dongcheng District | 2016 | $2B | IPO 2025 |
| 186 | Danke Apartment | Other | Dongcheng District | 2015 | $2B | Private |
| 187 | WM Motor | Transportation | Qingpu District | 2015 | $2B | Private |
| 188 | Huimin | eCommerce & Marketplaces | Dongcheng District | 2013 | $2B | Private |
| 189 | EBroker | Fintech | Jing'an District | 2015 | $2B | Private |
| 190 | Paper Games | Consumer Services | Huangpu | 2013 | $2B | Private |
| 191 | Suning Sports | Marketing | Nanjing City | 2015 | $2B | Private |
| 192 | Zai Lab | Biotech & Life Sciences | Pudong | 2014 | $2B | IPO 2017 |
| 193 | Bona Film Group | Consumer Services | Dongcheng District | 1999 | $2B | IPO 2016 |
| 194 | BGI | Biotech & Life Sciences | Shenzhen | 1999 | $1.9B | IPO 2017 |
| 195 | Ping An Good Doctor | Health Tech & Medtech | Shenzhen | 2014 | $1.9B | IPO 2018 |
| 196 | Firstp2p | Fintech | Dongcheng District | 2013 | $1.9B | Private |
| 197 | DEEPEXI | AI | Haidian | 2018 | $1.9B | IPO 2025 |
| 198 | Meitu | Consumer Services | Xiamen | 2008 | $1.9B | IPO 2016 |
| 199 | Anhui Anke Biotechnology | Biotech & Life Sciences | Hefei | 1994 | $1.8B | IPO 2009 |
| 200 | 4Paradigm | AI | Haidian | 2014 | $1.8B | IPO 2023 |
| 201 | iZU | Transportation | Dongcheng District | 1992 | $1.8B | Private |
| 202 | Yiguo | eCommerce & Marketplaces | Huangpu | 2005 | $1.8B | Private |
| 203 | Shanghai ANE Logistics | Transportation | Huangpu | 2010 | $1.8B | Private |
| 204 | Xiaozhu | eCommerce & Marketplaces | Dongcheng District | 2012 | $1.8B | Private |
| 205 | RenRenChe | Transportation | Dongcheng District | 2014 | $1.8B | Private |
| 206 | Mafengwo | eCommerce & Marketplaces | Chaoyang District | 2010 | $1.8B | Private |
| 207 | Chengjia | Other | Guangzhou | 2015 | $1.8B | Private |
| 208 | Abogen Biosciences | Biotech & Life Sciences | Suzhou Shi | 2019 | $1.8B | Private |
| 209 | Shanghai Volant Aviation Technology | Aviation | Minhang District | 2021 | $1.8B | Private |
| 210 | Lakala | Fintech | Dongcheng District | 2003 | $1.8B | IPO 2019 |
| 211 | SPIC Hydrogen Energy | Energy | Dongcheng District | 2017 | $1.8B | Private |
| 212 | Shanghai Meikesheng Energy Storage Technology | Energy | Tangshan City | — | $1.8B | Private |
| 213 | Shanghai Qiyuan Core Power Technology | Energy | Qingpu District | 2020 | $1.8B | Private |
| 214 | CStone Pharmaceuticals | Biotech & Life Sciences | Huangpu | 2015 | $1.8B | IPO 2019 |
| 215 | Dianwoda | Transportation | Huangpu | 2009 | $1.7B | Private |
| 216 | CH-Auto Technology | Transportation | Shunyi District | 2003 | $1.7B | IPO 2015 |
| 217 | Terminus Technologies | AI | Dongcheng District | 2015 | $1.7B | Private |
| 218 | Ringpai National Chain Veterinary Hospital | Health Tech & Medtech | Dongli District | 2012 | $1.6B | Private |
| 219 | Robot Era | Robotics | China | 2023 | $1.6B | Private |
| 220 | Huasheng New Energy | Energy | Xuancheng | 2020 | $1.6B | Private |
| 221 | Narwal Robotics | Robotics | Shenzhen | 2016 | $1.6B | Private |
| 222 | MediTrust Health | Health Tech & Medtech | Xuhui District | 2017 | $1.6B | Private |
| 223 | Yaoshibang | Health Tech & Medtech | Guangzhou | 2015 | $1.6B | IPO 2023 |
| 224 | Dmall | Food | Dongcheng District | 2015 | $1.6B | IPO 2024 |
| 225 | Bianlifeng | Food | Dongcheng District | 2016 | $1.6B | Private |
| 226 | 01.AI | AI | Haidian | 2023 | $1.6B | Private |
| 227 | ITutorGroup | Edtech | Huangpu | 1998 | $1.6B | Private |
| 228 | Unisound | AI | Dongcheng District | 2012 | $1.6B | IPO 2025 |
| 229 | Baiwang Cloud | Fintech | Dongcheng District | 2015 | $1.6B | Private |
| 230 | DaDa | Edtech | Changning District | 2013 | $1.5B | Private |
| 231 | Haomo Zhixing Technology | Transportation | Haidian | 2015 | $1.5B | Private |
| 232 | Ourpalm | Consumer Services | Haidian | 2004 | $1.5B | IPO 2012 |
| 233 | Lihao Semiconductor | Semiconductors | Xining City | 2021 | $1.5B | Private |
| 234 | Jusfoun Big Data | Other B2B Software | Dongcheng District | 2010 | $1.5B | Private |
| 235 | Wenheyou | Food | Dongcheng District | 2011 | $1.5B | Private |
| 236 | Galaxy Space | Space | Dongcheng District | 2016 | $1.5B | Private |
| 237 | Axera | Semiconductors | Pudong | 2019 | $1.5B | IPO 2026 |
| 238 | RoboSense | Transportation | Shenzhen | 2014 | $1.5B | IPO 2024 |
| 239 | Carzone | Transportation | Nanjing City | 1995 | $1.5B | Private |
| 240 | Tujia | eCommerce & Marketplaces | Dongcheng District | 2011 | $1.5B | Private |
| 241 | Huohua | Edtech | Dongcheng District | 2016 | $1.5B | Private |
| 242 | Soul APP | Consumer Services | Pudong | 2016 | $1.5B | Private |
| 243 | Baibu | eCommerce & Marketplaces | Guangzhou | 2013 | $1.5B | Private |
| 244 | AutoNavi | Transportation | Dongcheng District | 2001 | $1.5B | IPO 2010 |
| 245 | Changingedu | Edtech | Huangpu | 2014 | $1.5B | Private |
| 246 | CiDi | Transportation | Changsha | 2017 | $1.5B | IPO 2025 |
| 247 | Shukun Technology | Health Tech & Medtech | Tongzhou District | 2017 | $1.5B | Private |
| 248 | Zelos | Transportation | Suzhou Shi | 2021 | $1.5B | Private |
| 249 | Coocaa | Consumer Services | Shenzhen | 2006 | $1.4B | Private |
| 250 | Shanghai Xianyao Display Technology | Semiconductors | Pudong | 2015 | $1.4B | Private |
| 251 | Hanbo Semiconductor | Semiconductors | Pudong | 2018 | $1.4B | Private |
| 252 | CGTZ | Fintech | Hangzhou | 2014 | $1.4B | Private |
| 253 | Dt Dream | Other B2B Software | Hangzhou | 2015 | $1.4B | Private |
| 254 | Ouyeel | eCommerce & Marketplaces | Huangpu | 2015 | $1.4B | Private |
| 255 | Xingyun Group | Transportation | Shenzhen | 2015 | $1.4B | Private |
| 256 | Unitree Robotics | Defence | Hangzhou | 2016 | $1.4B | Private |
| 257 | AI2 Robotics | Robotics | Shenzhen | 2023 | $1.4B | Private |
| 258 | FoxESS | Energy | Wenzhou | 2019 | $1.4B | Private |
| 259 | PCG Power | Energy | Hangzhou | 2022 | $1.4B | Private |
| 260 | Giga AI | Robotics | China | 2023 | $1.4B | Private |
| 261 | Yuze Semiconductor (Yunnan) Co | Semiconductors | Chuxiong | 2019 | $1.4B | Private |
| 262 | Mino Space | Space | Haidian | 2017 | $1.4B | Private |
| 263 | Game Science | Consumer Services | Shenzhen | 2014 | $1.4B | Private |
| 264 | PaXini Tech | Robotics | Shenzhen | 2021 | $1.4B | Private |
| 265 | Extreme Vision | Other | Shenzhen | 2015 | $1.4B | IPO 2026 |
| 266 | Jaguar Microsystems | Other | Shenzhen | 2020 | $1.3B | Private |
| 267 | Huasheng Haoche | Transportation | Dongcheng District | 2015 | $1.3B | Private |
| 268 | Sinovent | Biotech & Life Sciences | Suzhou Shi | 2017 | $1.3B | Private |
| 269 | Kr Space | Other | Dongcheng District | 2016 | $1.3B | Private |
| 270 | Gaussian Robot | Robotics | Pudong | 2014 | $1.3B | Private |
| 271 | Alisports | Consumer Services | Huangpu | 2015 | $1.3B | Private |
| 272 | WTOIP | eCommerce & Marketplaces | Guangzhou | 2013 | $1.3B | Private |
| 273 | Rong360 | Fintech | Dongcheng District | 2011 | $1.3B | IPO 2017 |
| 274 | Zhangyue Technology | Edtech | Chaoyang District | 2008 | $1.3B | IPO 2017 |
| 275 | Souzhou Ribo Life Science | Biotech & Life Sciences | Wuhan | 2007 | $1.3B | IPO 2026 |
| 276 | Huisuanzhang | Fintech | Dongcheng District | 2013 | $1.3B | Private |
| 277 | Sinocare | Biotech & Life Sciences | Changsha | 2002 | $1.3B | IPO 2012 |
| 278 | JMGO | Consumer Services | Shenzhen | 2011 | $1.3B | Private |
| 279 | Ximalaya | Other B2B Software | Huangpu | 2012 | $1.3B | Private |
| 280 | Baoji Pharmaceutical | Biotech & Life Sciences | Baoshan District | 2019 | $1.3B | IPO 2025 |
| 281 | Kuaikan Manhua | eCommerce & Marketplaces | Dongcheng District | 2014 | $1.3B | Private |
| 282 | CalmCar Vehicle Vision | Transportation | Xiqing District | 2016 | $1.2B | Private |
| 283 | SiEngine Technology | Transportation | Minhang District | 2018 | $1.2B | Private |
| 284 | DJEL | Semiconductors | Ningbo | 2014 | $1.2B | Private |
| 285 | ModelBest | AI | Haidian | 2022 | $1.2B | Private |
| 286 | UniVista | Semiconductors | Huangpu | 2020 | $1.2B | Private |
| 287 | AIWAYS | Transportation | Yangpu District | 2017 | $1.2B | Private |
| 288 | Bio-Thera Solutions | Biotech & Life Sciences | Guangzhou | 2003 | $1.2B | IPO 2020 |
| 289 | Bestpath | Energy | Qingpu District | 2019 | $1.2B | Private |
| 290 | FlashEx | Transportation | Huangpu | 2014 | $1.2B | Private |
| 291 | Pagoda | Food | Shenzhen | 2002 | $1.2B | IPO 2023 |
| 292 | Leekr Technology | Transportation | Hangzhou | 2020 | $1.2B | Private |
| 293 | XLMEC | Semiconductors | Shapingba District | 2023 | $1.2B | Private |
| 294 | Xinchao Media | Marketing | Dongcheng District | 2007 | $1.2B | Private |
| 295 | Tongxin Software Technology | Other B2B Software | Dongcheng District | 2019 | $1.1B | Private |
| 296 | Teld New Energy | Transportation | Qingdao | 2014 | $1.1B | Private |
| 297 | Panshi | Marketing | Hangzhou | 2003 | $1.1B | Private |
| 298 | Fourier | Robotics | Huangpu | 2015 | $1.1B | Private |
| 299 | Zhongneng United | eCommerce & Marketplaces | Nanjing City | 2016 | $1.1B | Private |
| 300 | Bebetter Med | Biotech & Life Sciences | Guangzhou | 2012 | $1.1B | IPO 2025 |
| 301 | Juwan Technology Research | Transportation | Guangzhou | 2020 | $1.1B | Private |
| 302 | Yonghui Fresh Food | Food | Dongcheng District | 2015 | $1.1B | Private |
| 303 | Yimidida | Transportation | Huangpu | 2015 | $1.1B | Private |
| 304 | QingTing FM | Consumer Services | Huangpu | 2011 | $1.1B | Private |
| 305 | Westwell Lab | AI | Huangpu | 2015 | $1.1B | Private |
| 306 | Yijiupi | eCommerce & Marketplaces | Wuhu | 2014 | $1.1B | Private |
| 307 | Shanghai Xingsi Semiconductor | Semiconductors | Pudong | 2020 | $1.1B | Private |
| 308 | Han's Robot | Robotics | Shenzhen | 2017 | $1.1B | IPO 2026 |
| 309 | Nxin | Food | Dongcheng District | 2015 | $1.1B | Private |
| 310 | Chengdu Maxvax Biotechnology | Biotech & Life Sciences | Chengdu | 2016 | $1.1B | Private |
| 311 | UISEE | Transportation | Chaoyang District | 2016 | $1.1B | Private |
| 312 | Beijing Aishi Technology | PixVerse | AI | China | 2023 | $1.1B | Private |
| 313 | Chemsemi | Semiconductors | Yangzhou | 2020 | $1B | Private |
| 314 | Qingdian Photovoltaic Technology | Energy | Hefei | 2022 | $1B | Private |
| 315 | Dianrong | Fintech | Huangpu | 2012 | $1B | Private |
| 316 | 100Credit | Fintech | Dongcheng District | 2014 | $1B | Private |
| 317 | HAYDON | Other | Huangpu | 2020 | $1B | Private |
| 318 | TalkingData | Marketing | Chaoyang District | 2011 | $1B | Private |
| 319 | Aulton New Energy | Transportation | Huangpu | 2000 | $1B | Private |
| 320 | D3 Bio | Biotech & Life Sciences | Wuxi | 2020 | $1B | Private |
| 321 | Qulian Technology | Fintech | Shenzhen | 2016 | $1B | Private |
| 322 | PingPong | Fintech | Hangzhou | 2015 | $1B | Private |
| 323 | MovieBook | Consumer Services | Dongcheng District | 2009 | $1B | Private |
| 324 | Haodf | Biotech & Life Sciences | Mentougou District | 2006 | $1B | Private |
| 325 | Aibee | AI | Haidian | 2017 | $1B | Private |
| 326 | Asia Innovations | Consumer Services | Dongcheng District | 2004 | $1B | Private |
| 327 | Xiyun International | Food | Dongcheng District | 2017 | $1B | Private |
| 328 | Tongdun Technology | Fintech | Hangzhou | 2013 | $1B | Private |
| 329 | Lightwheel | Transportation | China | 2023 | $1B | Private |
| 330 | iCarbonX | Biotech & Life Sciences | Shenzhen | 2015 | $1B | Private |
| 331 | Intellifusion | Cybersecurity | Shenzhen | 2014 | $1B | Private |
| 332 | Lianshang Literature | Edtech | Huangpu | 2017 | $1B | Private |
| 333 | Mofang Gongyu | eCommerce & Marketplaces | Huangpu | 2010 | $1B | Private |
| 334 | Helian Health | Other | Hangzhou | 2014 | $1B | Private |
| 335 | Xiaoice | Marketing | Dongcheng District | 2014 | $1B | Private |
| 336 | Maimai | Other B2B Software | Dongcheng District | 2013 | $1B | Private |
| 337 | Huikedu Group | Edtech | Haidian | 2010 | $1B | Private |
| 338 | Beibei | eCommerce & Marketplaces | Hangzhou | 2014 | $1B | Private |
| 339 | XTransfer | Fintech | Yangpu District | 2017 | $1B | Private |
| 340 | Aijia Home Furnishing Products | eCommerce & Marketplaces | Nanjing City | 2015 | $1B | Private |
| 341 | Xiaoe-tech | Edtech | Shenzhen | 2015 | $1B | Private |
| 342 | Feidee | Fintech | Shenzhen | 2010 | $1B | Private |
| 343 | 1919 Wines & Spirits | eCommerce & Marketplaces | Chengdu | 2010 | $1B | IPO 2014 |
| 344 | Squirrel Ai Learning | Edtech | Xuhui District | 2014 | $1B | Private |
| 345 | Tezign | Marketing | Xuhui District | 2014 | $1B | Private |
| 346 | Fiture | Other | Chengdu | 2019 | $1B | Private |
| 347 | Moka | Other | Haidian | 2015 | $1B | Private |
| 348 | Xreal | Other | Haidian | 2017 | $1B | Private |
| 349 | MegaRobo | Robotics | Changping District | 2016 | $1B | Private |
| 350 | ETCP | Transportation | Dongcheng District | 2012 | $1B | Private |
| 351 | DeepBlue Technology | Robotics | Huangpu | 2014 | $1B | Private |
| 352 | Knowbox | Edtech | Chaoyang District | 2014 | $1B | Private |
| 353 | Keenon Robotics | Robotics | Pudong | 2010 | $1B | Private |
| 354 | Tianjin Chunhydrogen Ecological Technology | Transportation | Binhai New Area | 2023 | $1B | Private |
| 355 | Juma Peisong | Transportation | Chengdu | 2011 | $1B | Private |
| 356 | YGL (1KMXC) | Transportation | Huangpu | 2013 | $1B | Private |
| 357 | Kujiale | Other | Hangzhou | 2013 | $1B | Private |
| 358 | Zhangshang Tangyi | Health Tech & Medtech | Hangzhou | 2014 | $1B | Private |
| 359 | Transcenta | Biotech & Life Sciences | Suzhou Shi | 2019 | $1B | IPO 2021 |
| 360 | Hupu | Consumer Services | Huangpu | 2004 | $1B | Private |
| 361 | Zhaogang | eCommerce & Marketplaces | Huangpu | 2012 | $1B | Private |
| 362 | SKIO | Transportation | Hangzhou | 2013 | $1B | Private |
| 363 | Yidian Zixun | Consumer Services | Dongcheng District | 2013 | $1B | Private |
| 364 | Benlai Life | eCommerce & Marketplaces | Dongcheng District | 2012 | $1B | Private |
| 365 | JollyChic | eCommerce & Marketplaces | Hangzhou | 2013 | $1B | Private |
| 366 | Zihaiguo | eCommerce & Marketplaces | Banan District | 2017 | $1B | Private |
| 367 | Ji Hui Duo | Fintech | Dongcheng District | 2016 | $1B | Private |
| 368 | Supermonkey | Other | Shenzhen | 2014 | $1B | Private |
| 369 | Juanpi | eCommerce & Marketplaces | Wuhan | 2012 | $1B | Private |
| 370 | Loji Logistics | Transportation | Dongcheng District | 2014 | $1B | Private |
| 371 | smartmi | Other | Dongcheng District | 2014 | $1B | Private |
| 372 | 56Pingtai.net | Transportation | Huangpu | 2013 | $1B | Private |
| 373 | Manner | Food | Changning District | 2015 | $1B | Private |
| 374 | Fenbeitong | Fintech | Dongcheng District | 2015 | $1B | Private |
| 375 | YH Global | Transportation | Shenzhen | 1997 | $1B | Private |
| 376 | LianLian Pay | Fintech | Hangzhou | 2003 | $1B | Private |
| 377 | Xforceplus | Other B2B Software | Baoshan District | 2015 | $1B | Private |
| 378 | Yaochufa | Other | Guangzhou | 2011 | $1B | Private |
| 379 | Haoyiku | eCommerce & Marketplaces | Changzhou | 2017 | $1B | Private |
| 380 | Ankon Medical Technologies | Health Tech & Medtech | Wuhan | 2009 | $1B | Private |
| 381 | YunQuNa | Transportation | Huangpu | 2015 | $1B | Private |
| 382 | Taihe Music Group | Consumer Services | Dongcheng District | 2004 | $1B | Private |
| 383 | Linkdoc | Health Tech & Medtech | Haidian | 2014 | $1B | Private |
| 384 | Luoji Siwei | Edtech | Dongcheng District | 2012 | $1B | Private |
| 385 | Quicktron Robotics | Robotics | Xuhui District | 2014 | $1B | Private |
| 386 | Golden Education | Edtech | Hongkou District | 2006 | $1B | Private |
| 387 | Wacai | Fintech | Hangzhou | 2009 | $1B | Private |
| 388 | Jiangxiaobai | Food | Huangpu | 2011 | $997M | Private |
| 389 | Haihe Biopharma | Biotech & Life Sciences | Huangpu | 2011 | $990M | Private |
| 390 | Xuzhou Bokang Information Chemicals | Semiconductors | Xuzhou | 2010 | $963M | Private |
| 391 | Black Lake Technologies | AI | Huangpu | 2016 | $963M | Private |
| 392 | Forest Cabin | Other | Songjiang District | 2003 | $850M | IPO 2025 |
| 393 | Gree Titanium New Energy | Transportation | Zhuhai | 2009 | $800M | Private |
| 394 | Aihuishou | Energy | Huangpu | 2011 | $777M | IPO 2021 |
| 395 | Shanghai Haiyouwei New Materials | Energy | Huangpu | 2009 | $758M | IPO 2021 |
| 396 | ECARX | Transportation | Hangzhou | 2016 | $754M | Private |
| 397 | Tuhu | Transportation | Huangpu | 2011 | $740M | IPO 2023 |
| 398 | Lexin | Fintech | Shenzhen | 2013 | $729M | IPO 2017 |
| 399 | Gracell Biotechnologies | Biotech & Life Sciences | Huangpu | 2017 | $704M | IPO 2021 |
| 400 | Cango | Transportation | Huangpu | 2010 | $686M | IPO 2018 |
| 401 | Sichuan Baicha Baidao Industrial | Food | Chengdu | 2008 | $660M | IPO 2024 |
| 402 | SinoHytec | Transportation | Haidian | 2012 | $655M | IPO 2020 |
| 403 | Horizon Robotics | Transportation | Haidian | 2015 | $653M | IPO 2024 |
| 404 | TransThera Biosciences | Biotech & Life Sciences | Nanjing City | 2016 | $629M | IPO 2025 |
| 405 | Perfect Diary | eCommerce & Marketplaces | Guangzhou | 2015 | $617M | IPO 2020 |
| 406 | Yunxuetang | Edtech | Suzhou Shi | 2011 | $600M | IPO 2024 |
| 407 | Mobvoi | AI | Dongcheng District | 2012 | $556M | IPO 2024 |
| 408 | JUSDA Supply Chain Management International | Transportation | Shenzhen | 2014 | $531M | Private |
| 409 | BESTORE | eCommerce & Marketplaces | Wuhan | 2006 | $492M | IPO 2020 |
| 410 | QingCloud | Other | Dongcheng District | 2012 | $484M | IPO 2021 |
| 411 | Berry Genomics | Biotech & Life Sciences | Dongcheng District | 2010 | $468M | IPO 2017 |
| 412 | Shuidi | Health Tech & Medtech | Xicheng District | 2016 | $466M | IPO 2021 |
| 413 | Tiger Brokers | Fintech | Dongcheng District | 2014 | $458M | IPO 2019 |
| 414 | Rec-Biotechnology | Biotech & Life Sciences | Taizhou | 2012 | $423M | Private |
| 415 | Pudu Robotics | Robotics | Shenzhen | 2016 | $390M | Private |
| 416 | Chindata Group | Other | Chaoyang District | 2015 | $370M | IPO 2020 |
| 417 | Canaan.io | Fintech | Dongcheng District | 2013 | $333M | IPO 2019 |
| 418 | FinVolution | Fintech | Huangpu | 2007 | $324M | IPO 2017 |
| 419 | Dingdong Maicai | eCommerce & Marketplaces | Pudong | 2017 | $321M | IPO 2021 |
| 420 | RELX Technology | Other | Chaoyang District | 2019 | $310M | IPO 2021 |
| 421 | Fanli | eCommerce & Marketplaces | Xuhui District | 2006 | $307M | IPO 2021 |
| 422 | I-Mab Biopharma | Biotech & Life Sciences | Huangpu | 2016 | $272M | IPO 2020 |
| 423 | Shanghai Suiyuan Technology | Semiconductors | Huangpu | 2018 | $220M | Private |
| 424 | Orbbec | Robotics | Shenzhen | 2013 | $170M | IPO 2020 |
| 425 | Niu | Transportation | Dongcheng District | 2014 | $169M | IPO 2018 |
| 426 | Adagene | Biotech & Life Sciences | Suzhou Shi | 2012 | $168M | IPO 2021 |
| 427 | Zhejiang Taimei Medical Technology | Biotech & Life Sciences | Huangpu | 2013 | $150M | IPO 2024 |
| 428 | Huya | Other | Guangzhou | 2014 | $148M | IPO 2018 |
| 429 | Beisen | Other B2B Software | Haidian | 2002 | $143M | IPO 2023 |
| 430 | Dada | Transportation | Huangpu | 2014 | $94M | IPO 2020 |
| 431 | Keep | Other | Dongcheng District | 2014 | $67M | IPO 2023 |
| 432 | Guoquan Shihui | Food | Minhang District | 2019 | $53M | IPO 2023 |
| 433 | 51 Credit Card Manager | Fintech | Hangzhou | 2012 | $15M | IPO 2018 |
| 434 | PINTEC | Fintech | Dongcheng District | 2016 | $12M | IPO 2018 |
| 435 | Womai | eCommerce & Marketplaces | Dongcheng District | 2008 | — | Private |
| 436 | Wandoujia | eCommerce & Marketplaces | Dongcheng District | 2009 | — | Private |
| 437 | Koudai | eCommerce & Marketplaces | Dongcheng District | 2010 | — | Private |
| 438 | Dianping | eCommerce & Marketplaces | Dongcheng District | 2003 | — | Private |
| 439 | Yixia Technology | eCommerce & Marketplaces | Dongcheng District | 2011 | — | Private |
| 440 | ZBJ | eCommerce & Marketplaces | Yuzhong District | 2006 | — | Private |
| 441 | Baixing | eCommerce & Marketplaces | Xuhui District | 2005 | — | IPO 2016 |
| 442 | Apus | Other B2B Software | Dongcheng District | 2014 | — | Private |
| 443 | Kuaidi Dache | Transportation | Hangzhou | 2012 | — | Private |
| 444 | Hujiang | Edtech | Huangpu | 2001 | — | Private |
| 445 | Chemao | Transportation | Hangzhou | 2012 | — | Private |
| 446 | WiFi Skeleton Key | Other | Huangpu | 2008 | — | Private |
| 447 | To8to (Tubatu) | Other B2B Software | Shenzhen | 2008 | — | Private |
| 448 | Meizu | eCommerce & Marketplaces | Zhuhai | 2003 | — | Private |
| 449 | Jimubox | Fintech | Dongcheng District | 2013 | — | Private |
| 450 | Whaley | eCommerce & Marketplaces | Huangpu | 2015 | — | Private |
| 451 | Lamabang | eCommerce & Marketplaces | Dongcheng District | 2013 | — | Private |
| 452 | Yongche | Transportation | Dongcheng District | 2010 | — | Private |
| 453 | 58 Daojia Inc. | eCommerce & Marketplaces | Dongcheng District | 2014 | — | Private |
| 454 | Lashou.com | eCommerce & Marketplaces | Chaoyang District | 2010 | — | Private |
| 455 | Ucommune | Other | Chaoyang District | 2015 | $-1M | IPO 2019 |
| 456 | MissFresh | eCommerce & Marketplaces | Chaoyang District | 2014 | $-2M | IPO 2021 |
| 457 | Zhangmen | Edtech | Hongkou District | 2010 | $-18M | IPO 2021 |
| 458 | Archosaur Games | Consumer Services | Dongcheng District | 2014 | $-20M | IPO 2020 |
| 459 | 17zuoye | Edtech | Huangpu | 2007 | $-39M | IPO 2020 |
| 460 | Tuniu | eCommerce & Marketplaces | Nanjing City | 2006 | $-63M | IPO 2014 |
| 461 | Linklogis | Fintech | Shenzhen | 2016 | $-106M | IPO 2021 |
| 462 | Liepin | eCommerce & Marketplaces | Dongcheng District | 2006 | $-109M | IPO 2018 |
| 463 | Douyu | Consumer Services | Wuhan | 2013 | $-181M | IPO 2019 |
| 464 | Ebang International | Fintech | Hangzhou | 2010 | $-186M | IPO 2020 |
| 465 | LianBio | Biotech & Life Sciences | Pudong | 2019 | $-244M | IPO 2021 |
| 466 | Yuntongxun | Other B2B Software | Dongcheng District | 2009 | $-307M | IPO 2021 |
| 467 | Zhihu | Edtech | Dongcheng District | 2011 | $-330M | IPO 2021 |
| 468 | 9F Group | Fintech | Dongcheng District | 2006 | $-377M | IPO 2019 |
| 469 | Huitongda | Transportation | Nanjing City | 2008 | $-423M | Private |
| 470 | 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 | New China Life Insurance | Fintech | Dongcheng District | 1996 | $22B | IPO 2011 |
| 2 | Hangzhou Changchuan Technology | Semiconductors | Hangzhou | 2008 | $15B | IPO 2017 |
| 3 | Sunway Communication | Marketing | Shenzhen | 2006 | $12B | IPO 2010 |
| 4 | Trina Solar | Energy | China | 1997 | $8.9B | IPO 2006 |
| 5 | 58.com | eCommerce & Marketplaces | Chaoyang District | 2005 | $8.7B | IPO 2013 |
| 6 | JA SOLAR | Energy | Baoshan District | 2005 | $8B | IPO 2007 |
| 7 | SUPCON | Transportation | China | 1999 | $7.9B | IPO 2020 |
| 8 | Yunmanman | Transportation | China | 2014 | $6.1B | Private |
| 9 | Ginlong Technologies | Energy | Ningbo | 2005 | $6.1B | IPO 2019 |
| 10 | Atour Hotel | Other | Huangpu | 2012 | $4.5B | IPO 2022 |
| 11 | Ronbay Technology | Energy | China | 2014 | $4.3B | IPO 2019 |
| 12 | Easpring Material Technology | Energy | Dongcheng District | 2001 | $3.9B | IPO 2010 |
| 13 | Quectel | Semiconductors | Huangpu | 2010 | $3B | IPO 2019 |
| 14 | Hybio Pharmaceutical | Biotech & Life Sciences | Shenzhen | 1998 | $2.8B | IPO 2011 |
| 15 | Fibocom | Other | Shenzhen | 1999 | $2.6B | IPO 2017 |
| 16 | Wuhan P&S Information Technology | Other | Wuhan | 2001 | $2.2B | IPO 2011 |
| 17 | nkf-pharma | Biotech & Life Sciences | Nanjing City | 2000 | $2.1B | IPO 2017 |
| 18 | Shenzhen Sinexcel Electric | Other | Shenzhen | 2007 | $2B | IPO 2017 |
| 19 | DeepWay | Transportation | Hefei | 2020 | $1.9B | Private |
| 20 | Beijing Jingyuntong Technology | Energy | Dongcheng District | 2002 | $1.7B | IPO 2011 |
| 21 | Inner Mongolia Xiaocao Digital Ecological Industry | Energy | China | 2001 | $1.5B | IPO 2024 |
| 22 | TOPSEC | Cybersecurity | China | 1995 | $1.2B | IPO 2008 |
| 23 | Erkang Pharmaceutical | Other | China | 2003 | $1.1B | IPO 2011 |
| 24 | Three Squirrels E-commerce | eCommerce & Marketplaces | Wuhu | 2012 | $1.1B | IPO 2019 |
| 25 | Bauing Group | Fintech | China | 1994 | $1.1B | Private |
| 26 | Beijing Digital orthodox Technology | Other B2B Software | Dongcheng District | 2001 | $956M | IPO 2010 |
| 27 | Sinodata | Other | Haidian | 2003 | $876M | IPO 2012 |
| 28 | New Horizon Health | Biotech & Life Sciences | Hangzhou | 2015 | $806M | IPO 2021 |
| 29 | Huayi Brothers Media Group | Consumer Services | Mentougou District | 1994 | $782M | Private |
| 30 | Sumavision | Other B2B Software | Haidian | 2000 | $771M | IPO 2010 |
| 31 | Beijing Tianyishangjia New Material | Transportation | Haidian | 2009 | $767M | IPO 2019 |
| 32 | Sino Biological | Biotech & Life Sciences | Dongcheng District | 2007 | $751M | IPO 2021 |
| 33 | Haoxiangni Jujube Industry | Food | China | 2005 | $711M | IPO 2011 |
| 34 | Shinry Technologies | Energy | Shenzhen | 2005 | $682M | IPO 2018 |
| 35 | Ronglian | Other | Dongcheng District | 2001 | $674M | IPO 2011 |
| 36 | Shenzhen Wenke Landscape | Other | Shenzhen | 1996 | $672M | IPO 2015 |
| 37 | Sunsea | Other | China | 1994 | $627M | IPO 2009 |
| 38 | ENC Data Technology | Other | Huangpu | 2006 | $553M | IPO 2015 |
| 39 | AIM Vaccine | Biotech & Life Sciences | Daxing District | 2011 | $548M | IPO 2022 |
| 40 | Guangdong Brandmax Marketing | Other | Guangzhou | 2010 | $520M | IPO 2019 |
| 41 | Hylink Digital | Consumer Services | Dongcheng District | 1994 | $499M | IPO 2017 |
| 42 | Viva Shanghai | Biotech & Life Sciences | Huangpu | 2008 | $461M | Private |
| 43 | Gridsum | AI | Haidian | 2003 | $435M | IPO 2016 |
| 44 | TOT Biopharm | Biotech & Life Sciences | China | 2009 | $435M | IPO 2019 |
| 45 | Clover Biopharmaceuticals | Biotech & Life Sciences | Chengdu | 2007 | $428M | Private |
| 46 | Jiangsu Tongda Power Technology | Energy | Dongcheng District | 2008 | $386M | IPO 2011 |
| 47 | Fengxing Stock | Other | Xuancheng | 2007 | $308M | IPO 2015 |
| 48 | Sinovac Biotech | Biotech & Life Sciences | Jing'an District | 2001 | $297M | IPO 2003 |
| 49 | Xiangya Group | Biotech & Life Sciences | Shenzhen | 2006 | $296M | IPO 2018 |
| 50 | Qutoutiao | Consumer Services | Pudong | 2016 | $290M | IPO 2018 |
| 51 | Joyy | Consumer Services | Guangzhou | 2005 | $267M | IPO 2012 |
| 52 | Mulsanne Group | Other | Ningbo | 2007 | $86M | IPO 2019 |
| 53 | Naitangpai | Other | Guangzhou | 2015 | $83M | Private |
| 54 | Duiba | Other B2B Software | Dongcheng District | 2014 | $76M | IPO 2019 |
| 55 | BAIOO Family Interactive | Consumer Services | China | 2009 | $43M | IPO 2014 |
| 56 | 111,Inc | Biotech & Life Sciences | Dongcheng District | 2010 | $9M | IPO 2018 |
| 57 | ChinaCache | eCommerce & Marketplaces | Mentougou District | 1998 | — | IPO 2010 |
| 58 | DeepSeek | AI | China | 2023 | — | Private |
| 59 | YUNJI | Marketing | Hangzhou | 2015 | $-13M | IPO 2019 |
| 60 | Jianpu | Fintech | Dongcheng District | 2011 | $-13M | IPO 2017 |
| 61 | Phoenix New Media | Biotech & Life Sciences | Guangzhou | 1996 | $-120M | IPO 2011 |
| 62 | Weidai | Fintech | Hangzhou | 2010 | $-298M | IPO 2018 |
| 63 | Sohu.com | Consumer Services | Mentougou District | 1995 | $-388M | IPO 2000 |
Frequently asked questions
How many unicorns are there in China?
Dealroom tracks 470 unicorns headquartered in China as of July 2026, worth $3.8T combined. 48 of them are valued at $10B or more.
What are the biggest unicorns in China?
The three most valuable are ByteDance, Tencent, Alibaba. Dongcheng District is the top hub with 110 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.