China is not only the world’s industrial machine, it’s also a powerhouse when it comes to startup innovation. In fact, China has the second-highest amount of unicorns of any country in the world, boasting an impressive 343 unicorns, equating to around 0.2 unicorns per million people. (Wikipedia).
And whilst you might be thinking: Of course it has the most unicorns, China is one of the most populated countries in the world! It actually houses over double the amount of unicorns that India – the most populated country in the world – has.
What Sectors Do China’s Unicorns Excel In?
China’s unicorn list is actually a very diverse mix. Of course, China has been one of the world leaders in the AI race, so it’s no surprise that many of its unicorns operate in that space.
It is also home to some of the world’s biggest e-commerce platforms , driven by its ability to create large product volumes at low prices.
So, who are the companies listed as China’s most valuable startups?
ByteDance
Valuation: $480 million
Founded in: 2012
About: ByteDance is a Chinese internet company, most famous for creating TikTok. The company has many offerings but mainly focuses on content platforms, AI research and e-commerce. Currently, the company has over 110,000 employees and millions of users.
Shein
Valuation: $64 billion
Founded in: 2008
About: Shein is an online retailer known for selling fast fashion at affordable prices. By being able to quickly respond to micro-trends, the company has become a go to for those looking for clothes, beauty and home goods.
Yuanfuado
Valuation: $15.5 billion
Founded in: 2012
About: Yuanfuado is one of China’s biggest education companies, offering AI-assisted tutoring, live classes and smart learning tools. It is known for being able to provide personalised tuition on mass, especially in subjects like math, Chinese and English.
DJI
Valuation: $15 billion
Founded in: 2006
About: DJI is a technology company that is known for creating drones to help with aerial photography and videography. The company also creates other camera systems for creative and commercial industries.
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Xiohongshu
Valuation: $31 billion
Founded in: 2013
About: Xiohongshu is a Chinese social media and e-commerce company that mixes features from other popular platforms like Instagram, Pintrest and Tripadvisor. It allows users to post photos with reviews, as well as allowing others to find and buy products.
Bitmain
Valuation: $12-15 billion
Founded in: 2013
About: Bitmain is a Chinese company that creates cryptocurrency mining hardware. It’s best known for its Antminer circuits, which are used to mine bitcoin and other cryptocurrencies.
ZongMu Technology
Valuation: $11.4 billion
Founded in: 2013
About: Zongmu is a tech firm that develops autonomous vehicles and driver assistance technology. It has also recently focused more on EV charging robots.
Chehaduo
Valuation: $10 billion
Founded in: 2015
About: Chehaoduo is an online car trading platform that sells used cars. It links car sellers and buyers in an attempt to remove the middle man.
HeyTea
Valuation: $9 billion
Founded in: 2012
About: HEYTEA started as a small tea shop in China and has since grown into one of the country’s most valuable startups. Known for its fruity teas it’s very popular in countries like the US, UK, Singapore, and France.
Source: Wikipedia
