Core Insights - Beijing is recognized as the "Unicorn City" with 115 unicorn companies and a total valuation of $594.9 billion, maintaining the highest number and valuation in the country for five consecutive years [1][2] Group 1: Unicorn Companies Growth - The number of unicorn companies in Beijing increased from 93 in 2020 to 115 in 2024, with 23 new unicorns added in 2024 [2] - Among the new unicorns, 13 are from future industry sectors such as general artificial intelligence, smart transportation, cell therapy, commercial aerospace, metaverse, new energy storage, and hydrogen energy [2] - 71.3% of Beijing's unicorn companies are in hard technology, showing a growth of 28.3% since 2020, with an average annual growth rate of 7% [2] Group 2: Technological Innovations - Beijing has achieved several international leading innovations in fields like artificial intelligence, commercial aerospace, and integrated circuits, including the world's first autonomous intelligent agent capable of simulating human operations on mobile phones and computers [2] - The first successful continuous launch of a liquid oxygen-methane rocket and the world's first RISC-V edge computing chip are notable achievements [2] Group 3: International Expansion - Unicorn companies are becoming new engines for global economic activation, with companies like Galaxy Space exploring low-orbit satellite internet applications in Thailand [3] - A collaboration with Thai operators aims to advance low-orbit satellite communication technology and explore various satellite application scenarios [3] Group 4: Autonomous Driving Innovations - Yushi Technology has developed the world's first airport-compliant autonomous towing vehicle, which began large-scale operations at Hong Kong International Airport in 2023 [4] - The technology has expanded to other locations, including Hamad International Airport in Qatar, showcasing its global applicability [4] Group 5: Supportive Policies and Services - Beijing has implemented the "Unicorn Ten Measures" to support the development of unicorn companies, focusing on listing services, spatial guarantees, and talent settlement [5] - A dual management service team has been established to address the daily needs of unicorn companies, resolving nearly 300 demands annually [6] - The city emphasizes "accompanying" innovation cultivation for unicorn companies, with 38 unicorns having gone public in the past five years [6]

Group 1 - Beijing is building a long-term ecosystem to support the growth of unicorn companies [1][3] - In 2024, Beijing added 23 new unicorn companies, with 13 from future industries such as general artificial intelligence, smart transportation, new energy storage, and commercial aerospace [1] - Nine of these future industry companies became unicorns within three years of establishment [1] Group 2 - Beijing has established eight industrial investment funds with a total scale of 100 billion yuan, actively investing in unicorn companies [3] - The government aims to develop technology finance and accelerate the construction of the Zhongguancun Sci-tech Financial Reform Pilot Zone [3] - According to the "China Unicorn Enterprise Development Report (2025)", there are currently 409 unicorn companies in China, with a total valuation of approximately 1,506.8 billion USD [3]

■核心提示 独角兽企业，指那些具有发展速度快、数量稀少、备受投资者青睐等属性的创新型企业，既是观察新质 生产力发展的重要窗口，又是一个地方创新能力的风向标。 2025年政府工作报告指出，支持独角兽企业、瞪羚企业发展。在2025独角兽企业创新发展大会系列活动 将于郑州举办之际，本报推出"独角兽企业成长记"系列报道，选取一组进入权威榜单的独角兽、潜在独 角兽企业，解码其成长历程，展现河南在新赛道新产业上的竞争优势。 6月13日，巩义市芝田镇高端装备产业园内，河南中科清能科技有限公司（以下简称"中科清能"）举办 了一场简朴的成立三周年仪式。 当前，在已实现商用的液氢领域，河南有诸多优势，化工副产氢资源丰富，结合中科清能的氢液化装备 有望实现副产氢资源的大规模高价值输出。 "我们的目标是构建大规模、长距离、低成本、高安全的氢能供应链，力争成为国内一流、具备国际影 响力的绿氢能源及低温技术供应商，成为这个行业名副其实的'独角兽'。"潘伟伟说。（记者 陈辉） 氢液化装备，是中科清能起家的"杀手锏"。5年前，清华大学毕业、任职于中国广核集团的潘伟伟捕捉 到了氢能产业的创业机遇，开始研究氢液化装备的国产化替代。一次推介会上， ...

Core Insights - Beijing is recognized as the "Unicorn City" with 115 unicorn companies and a total valuation of $594.9 billion, maintaining the highest number and valuation in the country for five consecutive years [1] - In 2024, Beijing welcomed 23 new unicorn companies, with 13 emerging from future industry sectors such as general artificial intelligence, smart transportation, cell therapy, commercial aerospace, metaverse, new energy storage, and hydrogen energy [1] - The majority of Beijing's unicorn companies are characterized by "hardcore technology," with 71.3% classified as hard tech, reflecting a 28.3% increase since 2020 and an average annual growth rate of 7% [1] Industry Development - Unicorn companies in Beijing are actively exploring new application scenarios, including AI-assisted diagnostic imaging systems in community hospitals and autonomous driving services [2] - The commercial aerospace sector has achieved communication network testing in Thailand through low-orbit broadband satellite internet [2] - Beijing's success as a fertile ground for unicorn development is attributed to its adherence to the growth principles of "ecology-based, innovation-driven, capital-supported, and market-oriented" [2] Supportive Ecosystem - Beijing has implemented the "Unicorn Ten Measures" to provide extensive support for unicorn companies, including tax incentives, land use policies, and talent settlement programs [2] - A dual "government + market" service team has been established to address the daily needs of unicorn companies, resolving nearly 300 requests annually [3] - Over the past five years, 38 unicorn companies have gone public, supported by a long-term focus on "accompanying" innovation cultivation and the establishment of over 500 incubation institutions [3]

Core Viewpoint - The Ministry of Industry and Information Technology (MIIT) is in the process of formulating policies to cultivate and expand unicorn enterprises in China, emphasizing the importance of innovation and high-quality development for specialized and innovative small and medium-sized enterprises [1] Group 1 - The MIIT has been reinforcing the role of enterprises as innovation subjects in recent years [1] - There is an ongoing optimization and improvement of management mechanisms to support enterprise innovation [1] - The support for the high-quality development of specialized and innovative small and medium-sized enterprises is continuously increasing [1]

Core Insights - The article highlights a significant decline in financing events and amounts in China's primary market for May 2025, indicating a challenging investment environment [3][6]. Financing Events Overview - In May 2025, there were 606 financing events in China's primary market, a decrease of 55 events (8%) from the previous month and 112 events (16%) year-on-year [3][6]. - The total disclosed financing amount was 19.317 billion RMB, down 8.529 billion RMB (31%) from the previous month and 27.696 billion RMB (59%) year-on-year [3][6]. Industry Distribution - The top five industries for financing events accounted for 64% of the total, with 390 events: Intelligent Manufacturing (150), Artificial Intelligence (79), Healthcare (70), Materials, and Business Services [8]. - The disclosed amounts for these top five industries totaled 10.996 billion RMB, representing 57% of the overall financing [8][10]. Regional Distribution - The leading regions for financing events were Jiangsu (107), Guangdong (94), Shanghai (83), Zhejiang (75), and Beijing (72) [14]. - The top cities included Shanghai (83), Beijing (72), Shenzhen (62), Suzhou (52), and Hangzhou (43) [16]. Stage Distribution - The majority of financing events were in the early stage (471 events, 77.72%), followed by growth stage (117 events, 19.31%) and late stage (18 events, 2.97%) [18]. - In terms of disclosed financing amounts, early stage accounted for 6.889 billion RMB (37.83%), growth stage for 8.220 billion RMB (45.14%), and late stage for 3.101 billion RMB (17.03%) [18]. IPO Market Analysis - In May 2025, 17 Chinese companies completed IPOs, a decrease of 26% from the previous month but an increase of 31% year-on-year [37]. - The total amount raised through these IPOs was 51.241 billion RMB, a significant increase of 39.7% from the previous month and 474% year-on-year [37]. - The majority of IPOs were supported by VC/PE (14 companies, 82% penetration) and CVC (10 companies, 59% penetration) [37]. M&A Market Analysis - There were 6 M&A events in May 2025, a decrease of 78% from the previous month and 88% year-on-year [50]. - The total disclosed amount for these M&A events was 1.321 billion RMB, down 76% from the previous month and 97% year-on-year [50].

Core Insights - Ningbo Qianwan New Area is emerging as a hub for "unicorn" companies, with 11 enterprises listed in the 2025 Zhejiang Province unicorn company rankings, accounting for nearly one-third of Ningbo's total of 37 listed companies [1] - The total valuation of the 11 listed companies in Qianwan is approximately 25.25 billion yuan, driven by strong technological research and development capabilities [4] Unicorn Companies - The unicorn companies in Qianwan are primarily focused on "hard technology," with all 11 companies listed being categorized as such [1] - Kanglong Huacheng (Ningbo) Biopharmaceutical Co., Ltd. is the only unicorn in the life sciences sector, aiming to establish a world-class CGT (cell and gene therapy) drug R&D and production platform [2] Semiconductor Industry - Six of the listed companies in Qianwan are from the semiconductor industry, which is known for housing many unicorns and gazelles [2] - Qingchun Semiconductor, incubated by Fudan University Ningbo Research Institute, launched its first car-grade silicon carbide diode and MOSFET products within a year, filling domestic gaps [3] R&D Investment - Qianwan's total R&D expenditure surpassed 5 billion yuan for the first time in 2023, reaching 5.098 billion yuan, with an average growth rate of nearly 30% over the past three years [4] Digital Economy and Innovation - The Qianwan Digital Economy Industrial Park hosts over 40 companies engaged in R&D and production, with a total valuation exceeding 15 billion yuan [5] - The area has implemented forward-looking development policies for smart connected vehicles, digital economy, and biomedicine to attract potential projects [6] Financial Ecosystem - The financial ecosystem in Qianwan is continuously optimized to support the growth of unicorn companies, with nearly 100 capital matching events arranged annually [7] - Qianwan has established a leading capital market policy package, ensuring that companies receive necessary support at every growth stage [8] Investment and Collaboration - Qianwan has formed 31 sub-funds in collaboration with social capital, with a total scale approaching 25 billion yuan [9] - The region is focusing on AI and big data sectors, seeking professional fund collaboration teams to build an AI innovation industry cluster [9]

Core Insights - The article highlights a significant decline in financing events and amounts in China's primary market during Q1 2025, indicating a challenging investment environment [3][10]. Financing Events Overview - In Q1 2025, China experienced 1,843 financing events, a decrease of 290 events (14%) from the previous quarter and 994 events (35%) year-on-year [3][10]. - The total disclosed financing amount reached 888.67 billion RMB, down 507.68 billion RMB (36%) from the previous quarter and 1,793.85 billion RMB (67%) from the same period last year [3][10]. Popular Financing Industries - The leading sectors for financing in Q1 2025 were Intelligent Manufacturing (453 events), Artificial Intelligence (267 events), and Healthcare (251 events), with Intelligent Manufacturing seeing a notable decline of 15% from the previous quarter [4]. Regional Financing Distribution - The top regions for financing events included Jiangsu (322 events), Guangdong (301 events), Beijing (270 events), Shanghai (212 events), and Zhejiang (211 events) [5][18]. Financing Stage Distribution - The majority of financing events were in the early stage (1,421 events, 77.1%), followed by growth stage (362 events, 19.64%) and late stage (60 events, 3.26%) [6][20]. Global Financing Events - Globally, there were 107 new large financing events in Q1 2025, with China contributing 16 events. The total disclosed financing amount globally was 2,276.86 billion RMB, with China's share being 420.08 billion RMB [7][25][26]. IPO Market Analysis - In Q1 2025, 65 Chinese companies completed IPOs, a decrease of 16% from the previous quarter but an increase of 20% year-on-year. The total amount raised was 310.44 billion RMB, down 22% from the previous quarter but up 18% year-on-year [8][49][50]. M&A Market Analysis - There were 96 M&A events in Q1 2025, a decrease of 45% from the previous quarter and 53% year-on-year. The total disclosed amount was 93.09 billion RMB, down 78% from the previous quarter and 87% year-on-year [8][58]. Investment Institutions - A total of 1,209 VC/PE institutions participated in investments in Q1 2025, a decrease of 14% from the previous quarter and 39% year-on-year. The top five VC/PE institutions by event count were Qiji Chuangtan (26), Shen Chuangtou (25), Hefei Guoyao Capital (22), Zhongke Chuangxing (19), and Yizhuang Guotou Mother Fund (18) [41][43].

Group 1 - In Q1 2025, China's primary market saw 1,843 financing events, a decrease of 290 events (14%) from the previous quarter and 994 events (35%) year-on-year [1][5] - The total disclosed financing amount reached 88.867 billion RMB, down by 50.768 billion RMB (36%) from the previous quarter and 179.385 billion RMB (67%) year-on-year [1][5] - The most popular financing sectors included intelligent manufacturing (453 events), artificial intelligence (267 events), and healthcare (251 events), with intelligent manufacturing experiencing a significant decline of 15% from the previous quarter [1] Group 2 - The top five regions for financing events were Jiangsu (322), Guangdong (301), Beijing (270), Shanghai (212), and Zhejiang (211) [2][15] - The distribution of financing events by stage showed early-stage events at 1,421 (77.1%), growth-stage at 362 (19.64%), and late-stage at 60 (3.26%) [3][17] - In terms of disclosed financing amounts, early-stage accounted for 571.75 billion RMB (65.19%), growth-stage for 213.82 billion RMB (24.38%), and late-stage for 91.54 billion RMB (10.43%) [17] Group 3 - In Q1 2025, there were 107 new large financing events globally, with China contributing 16 events, representing 15% of the global total [4][22] - A total of 65 Chinese companies completed IPOs, a decrease of 16% from the previous quarter but an increase of 20% year-on-year, raising a total of 31.044 billion RMB [41][42] - The number of mergers and acquisitions (M&A) events in China was 96, down 45% from the previous quarter and 53% year-on-year, with a disclosed total amount of 9.309 billion RMB [51] Group 4 - The top five industries for financing events accounted for 1,237 events (67% of total), including intelligent manufacturing, artificial intelligence, healthcare, materials, and enterprise services [8][11] - The leading sectors for disclosed transaction amounts were also intelligent manufacturing, artificial intelligence, healthcare, materials, and automotive transportation, totaling 74.271 billion RMB (84% of total) [11] - The most active VC/PE institutions included Qiji Chuangtan (26 events), Shenzhen Capital Group (25 events), and Hefei Guoyao Capital (22 events) [34][35]

深圳商报·读创客户端首席记者 张玮玮 文/图 随着《中华人民共和国民营经济促进法》于5月20日正式施行，社会各界高度关注这部法律将如何为民 营经济发展注入新动能。近日，香港中文大学（深圳）公共政策学院院长、前海国际事务研究院院长郑 永年在接受记者专访时，从多维度深入剖析了该法的重要意义与深远影响，并为深圳落实这部重要法律 建言献策。 香港中文大学（深圳）公共政策学院院长、前海国际事务研究院院长 郑永年 "20 世纪90年代起推行的'抓大放小'企业改革战略很成功，但现在的发展需要实施 '抓小放大'战略。"郑 永年认为，深圳要维持创新发展态势，防止大企业垄断，应将有限资源向民营中小企业倾斜，重点培育 专精特新企业。他强调，所有大企业都从小企业起步，深圳在落实民营经济促进法时，要依据自身产业 和经济结构，从政策扶持、资金投入、招商引资等方面着手，因地制宜培育中小企业，尤其是代表未来 技术和发展方向的独角兽企业，"要寻找下一个华为、比亚迪和马化腾"。 他建议，深圳用好特区立法权提前布局，更有效地落实民营经济促进法，可以用法规的形式来实施这部 法律。同时他也提醒，深圳集经济特区、社会主义先行示范区、粤港澳大湾区"三区" ...