红星资本局11月24日消息，曾估值超10亿美元的"独角兽"毫末智行科技有限公司（以下简称"毫末智 行"）突然曝出停摆的消息。 关于突然停摆的原因，上述员工表示，员工之间流传的说法是对赌失败，有诉讼导致公司账户被冻结。 11月24日，红星资本局查询发现，毫末智行暂时没有相关的诉讼信息公布。 11月24日，红星资本局向毫末智行发去采访信息，截至发稿，暂未获得回复。 毫末智行成立于2019年，定位自动驾驶解决方案供应商。截至目前，毫末智行已进行了7轮融资，背后 投资机构包括长城汽车、首钢基金、高瓴创投、九智资本等，估值超10亿美元，最近一次融资信息是 2024年12月。天眼查App显示，股权穿透后，毫末智行实控人为魏建军，持股约37%。 近日，有多名毫末智行员工向红星资本局表示，公司于11月22日发布通知称，从11月24日起全部员工停 工放假。有北京员工称，公司已拖欠两个月工资，目前没有管理层与员工沟通后续赔偿及安排。 11月24日，三名北京员工告诉红星资本局，22日下午5时左右，毫末智行公司大群突然发布了一则"停工 放假通知"，称基于公司经营现状，决定自11月24日起，公司及分公司全部在职员工停工放假，复工时 间 ...

滕斌圣教授简介 滕斌圣教授是长江商学院战略学教授、副院长，同时担任新生代独角兽全球生态体系研究中心主任及跨国公司研究中心主任。他于1998年在纽约市立大学获 得战略学博士学位，随后在美国乔治·华盛顿大学商学院执教近十年，历任战略学副教授、博士生导师，并享有终身教职，主导该校战略学博士项目。2006 年加入长江商学院后，他持续深耕战略管理领域，兼任十余家上市公司独立董事，并为世界银行、中国移动、腾讯等机构提供咨询。 滕教授的研究成果被《管理学会评论》《组织科学》等顶尖期刊收录，两部中文专著《企业战略》（2015）与《从颠覆到重生》（2017）广受关注。他提出 的"战略生态位构建""耐心资本推动颠覆性创新"等理论框架，以及"黑马训练营"模式，在学术界与企业界均产生深远影响。其研究被《华尔街日报》《华盛 顿邮报》等媒体报道，战略联盟相关成果更被全球战略学教材广泛引用。 2026年滕斌圣教授擅长演讲主题方向 1. 独角兽企业与全球化生态 2. 战略联盟与跨界合作 3. 企业转型与数字化战略 4. 全球化与本土化战略 5. 决策逻辑与数据驱动 核心内容：滕教授基于对独角兽企业的持续研究，可深入剖析国际局势下独角兽的生存 ...

从无锡江阴起步，一家明星独角兽正朝A股冲去。 故事的主角是盛合晶微，一家由中芯国际和长电科技在11年前出资成立，如今在全球集成电路晶圆级封 测领域颇有名气的企业。 在成立之初，无锡江阴政府便表态将全力支持盛合晶微的建设，此后也持续为其保驾护航。等到这家公 司上市前最后一轮融资时，当地国资更是拿出真金白银相助，最终成为他们的第一大股东。 放眼望去，无锡的IPO大军正排队上市。 两家头部公司之所以强强联合，是为了打造国内首条完整的12英寸先进集成电路制造本土产业链。当 时，中芯国际和长电科技的业务重心分别在前段晶圆制造和后段封装测试，同时准备让中芯长电聚焦中 段硅片加工。 这样的好处在于，将缩短芯片从前段到中段及后段工艺之间的运输周期，从而帮助芯片设计公司明显地 缩短市场反应时间，能够更好地服务于快速更新换代的移动终端市场，最终提升中国半导体产业的整体 水平。 于是，中芯长电从无锡江阴起步，开始发展12英寸凸块制造及配套晶圆芯片测试能力。扎根当地的背 后，他们除了能依托长电科技已有的制造基地和健全的配套设施，还在于无锡是我国集成电路产业的重 要集聚区。 在集成电路行业内，流传着这样一句话：中国半导体看江苏，江苏半 ...

Core Insights - Shenzhen has 42 unicorn companies in 2024, with a total valuation of $159.9 billion and an average valuation of $3.71 billion, marking a significant increase in unicorn numbers compared to other major cities in China [1][7] - The city has produced 13 new unicorns, accounting for 25% of the national total, making it the leading city in terms of new unicorns [1][7] - Shenzhen's unicorns are primarily concentrated in hard technology sectors, with 66.7% of them focusing on this area, showcasing strong innovation capabilities [3][9] Growth Factors - The rapid growth of unicorns in Shenzhen is attributed to a shift in policy from "single-point support" to "ecological empowerment," creating a comprehensive support system [4][10] - The "20+8" strategic emerging industry cluster policy has been pivotal in supporting sectors like integrated circuits, robotics, and clean energy, aligning with the distribution of unicorns in hard tech [4][10] - Shenzhen aims to cultivate 80 unicorns by 2027 through a multi-dimensional support system encompassing finance, talent, and innovation ecosystems [4][10] Innovation and Patents - Shenzhen unicorns hold an average of 141 authorized invention patents per company, significantly higher than Beijing (74) and Shanghai (81), indicating a robust innovation environment [3][9] - The city has a total of 151 invention applications per company, nearly double that of Beijing and Shanghai [3][9] Global Expansion - Over 80% of Shenzhen's unicorns are global companies, actively expanding into international markets through overseas factories and marketing networks [5][11] - Companies like XREAL and欣旺达动力 are seizing opportunities in the global market, with XREAL's AR device achieving significant overseas revenue [6][11] - The establishment of cross-border research environments and support for overseas technology acquisitions are facilitating this global expansion [6][11]

Core Viewpoint - The "China's Top 100 Future Unicorns" list aims to identify and accelerate the growth of potential unicorn companies in China over the next decade, serving as a significant indicator of innovation in the economy [3][5]. Group 1: Historical Performance - Over 16 years, the list has recognized 1,302 companies, with 130 achieving IPOs, 106 being acquired by larger firms, and 188 becoming industry-leading unicorns [4][6]. - The annual "Future Unicorn Conference" has become a key event for emerging unicorns, providing networking and investment opportunities [4]. Group 2: Notable Companies - The list includes several well-known companies that have reached significant market valuations, such as Xiaomi, Meituan, and NIO, which were among the first to be recognized [7][8]. - A selection of companies that have recently become unicorns includes New Stone Unmanned Vehicles, which raised over $600 million in its D round, and Galaxy General, which secured 1.1 billion RMB in its A+ round [10][11]. Group 3: Future Prospects - The ongoing search for high-growth companies valued between $100 million and $1 billion is emphasized, with a call for nominations for the 2025 list [13]. - The initiative aims to celebrate not just valuation but also the intrinsic value of these emerging leaders in the business landscape [13].

Group 1 - The core viewpoint emphasizes that unicorn companies must balance development speed and quality, ensuring their growth is based on solid technological foundations and sustainable business logic [2][3] - The global unicorn growth rate is slowing, with investors increasingly scrutinizing profitability models and long-term value, leading to a market correction of previous valuation bubbles [3][6] - "DownRounds" financing is becoming a focal point, indicating companies are facing challenges in meeting growth expectations, prompting a shift from a "burning cash for growth" model to a focus on profitability and sustainability [6][7] Group 2 - The terms "ZIRPicorns" and "Papercorns" have been introduced to describe unicorns that emerged during the zero-interest rate period and those with inflated valuations lacking market validation, respectively [7][8] - Approximately 60% of unicorns in the U.S. fall under the "ZIRPicorns" category, facing challenges in achieving profitability as funding runs out amid rising interest rates [7][8] - "Papercorns" represent 93% of U.S. unicorns, highlighting a significant shift from the original unicorn concept where valuations indicated mature business models with clear exit paths [7][8] Group 3 - Chinese unicorns are characterized as "ecological builders," focusing on rapid scaling and ecosystem collaboration, leveraging existing business models to create stable cash flows [8][9] - Companies like Ant Group and Yuanfudao exemplify this pragmatic innovation approach, enhancing efficiency through technological or model innovations rather than creating entirely new markets [8][9] - In contrast, U.S. unicorns exhibit a "dreamer" mentality, investing in seemingly impossible technologies with the aim of disrupting existing systems rather than optimizing current models [12][13] Group 4 - The innovation paths of Chinese and U.S. unicorns differ significantly, with Chinese firms favoring independent development and collaboration, while U.S. firms focus on market-driven innovation [14][16] - Historical and cultural factors contribute to these differences, with China's innovation historically leaning towards business model innovation due to practical needs [17][18] - Recent trends indicate a shift in China towards accelerated technological innovation, particularly in hard tech sectors like integrated circuits, reflecting a move towards self-sufficiency in key technologies [20][24] Group 5 - The investment landscape shows a stark contrast, with U.S. venture capital heavily focused on AI, while China's investments are more diversified across industry applications and infrastructure [28][29] - As of early 2025, 451 generative AI services have been registered in China, with over 80% being customized solutions for specific verticals, indicating a depth of application [29] - China's complete industrial chain and diverse application environments provide a unique systemic advantage, with the potential for AI integration across various sectors [29]

Core Insights - The 2025 Jiangsu Unicorn and Gazelle Enterprises evaluation list has been released, highlighting the recognition of several companies in Yancheng, including Yancheng Huaiyoumeng Network Technology Co., Ltd. as a provincial unicorn enterprise, and other companies as potential unicorns and gazelle enterprises [1] Group 1: Company Recognition - Yancheng Huaiyoumeng Network Technology Co., Ltd. has been approved as a provincial unicorn enterprise [1] - Chengxiang Emergency Equipment Technology (Jiangsu) Co., Ltd. has been recognized as a potential provincial unicorn enterprise [1] - Yancheng New Energy Development Co., Ltd. has been awarded the status of a provincial gazelle enterprise [1] Group 2: Economic Impact - Unicorn and gazelle enterprises represent high-growth technology companies that are crucial for economic and social development [1] - These enterprises focus on technological or business model innovation, gathering talent and capital to enhance regional technological innovation capabilities [1] - They play a significant role in promoting the integration of innovation chains and industrial chains, facilitating the formation of industrial clusters, and leading the high-end upgrade of industries [1] Group 3: Local Government Initiatives - The Kecun Street has been actively promoting technological innovation to drive high-quality economic development [1] - Efforts include increasing support for enterprise cultivation, identifying technology-driven SMEs, and maintaining an updated list of potential enterprises [1] - The local government has implemented targeted policies to assist companies in applying for subsidies and high-tech enterprise recognition, thereby securing policy benefits for their development [1] Group 4: Future Plans - Kecun Street plans to continue its focus on technological innovation and strengthen the cultivation of unicorn and gazelle enterprises [2] - The aim is to enhance the role of technological innovation in driving high-quality economic development [2]

Group 1 - The core viewpoint of the article emphasizes the increasing trend of unicorn companies in emerging industries, such as new energy and biotechnology, seeking to go public in the A-share market, driven by the need for long-term strategic development and sustainable growth [1][4] - Unicorn companies leverage capital market tools like refinancing, mergers and acquisitions, and equity incentives to achieve comprehensive and rapid development, addressing their urgent need for long-term capital due to high technology investment and long return cycles [2][3] - The transition from private pricing to public pricing mechanisms post-IPO enhances the credibility, transparency, and liquidity of unicorn companies, allowing them to gain higher market valuations and improve their brand influence and competitive position [2][3] Group 2 - For investors, the IPO of unicorn companies serves as a crucial step in capital circulation, providing an exit channel for early-stage venture capital and introducing diverse secondary market investors, which stabilizes long-term funding [3] - Regulatory bodies have implemented measures to optimize the listing process for innovative companies, enhancing the motivation for unicorn companies to go public and improving overall market quality [3][4] - At the national strategic level, guiding high-quality unicorn companies to list is essential for enhancing technological innovation capabilities and ensuring the security of industrial chains, positioning the country competitively in the global technology landscape [4][5] Group 3 - The capital market plays a pivotal role in providing stable innovation capital for unicorn companies, which are at the forefront of technological self-reliance and innovation, thus fostering a virtuous cycle of "technology-industry-finance" [5]

Core Viewpoint - Zebra Intelligent's IPO process faces challenges due to a recent legal ruling requiring the company to pay 15.55 million, alongside significant financial losses exceeding 2.6 billion over three years, raising concerns about its valuation and operational viability [1][7]. Group 1: IPO and Financial Status - Zebra Intelligent, valued at 22 billion, is preparing for an IPO on the Hong Kong Stock Exchange, with a recent filing confirming its intention to go public [6]. - The company reported a net loss of 1.582 billion in Q1 2025, which included a significant impairment of intangible assets amounting to 1.841 billion [7]. - The company has received feedback from the China Securities Regulatory Commission (CSRC) regarding its overseas listing, requiring clarifications on various operational and financial aspects [1][5]. Group 2: Legal and Compliance Issues - The CSRC has requested detailed explanations regarding the company's equity changes, including the fairness of pricing in past capital increases and transfers, and compliance with relevant regulations [1][5]. - There are ongoing legal disputes that may impact the company's ability to proceed with its IPO, necessitating legal opinions on various compliance matters [2][4]. Group 3: Shareholder Structure - Alibaba and SAIC Group are the primary shareholders, with Alibaba holding 44.72% of the shares and SAIC Group holding 34.34%, establishing a dual-core shareholder structure [7]. - Despite the significant ownership stakes, Alibaba has removed Zebra from its consolidated financial statements, which may affect investor perceptions [7]. Group 4: Business Operations - The company is involved in various business activities, including value-added telecommunications, market research, and advertising, but must clarify its operational status and compliance with necessary licenses [2][3]. - There are concerns regarding the company's business model and its reliance on large language models, which require further explanation and regulatory compliance [2].

Group 1 - Jiangsu Tianbing Aerospace Technology Co., Ltd. (Tianbing Technology) signed a counseling agreement with CITIC Securities for its IPO on October 14, 2023, and has completed the counseling filing [1] - Tianbing Technology is a leading high-tech enterprise in China's commercial aerospace sector, focusing on the development of new-generation liquid rocket engines and medium-to-large liquid launch vehicles, with a registered capital of 391 million yuan [1] - The company has been listed as a unicorn for three consecutive years and is expected to enter the global unicorn list in 2024, indicating strong growth potential [1] Group 2 - In June 2022, Tianbing Technology announced the completion of over 1.5 billion yuan in Series C+ financing, with funds primarily allocated for the maiden flight and mass production of the Tianlong-3 large liquid launch vehicle [2] - The current trend in the commercial aerospace industry shows a surge in IPO activities, with companies like Blue Arrow Aerospace and Yixin Aerospace also initiating listing counseling this year [3] - The increase in IPO activities is supported by enhanced policy measures, including the China Securities Regulatory Commission's new guidelines for the Sci-Tech Innovation Board, which aim to support emerging industries like commercial aerospace [3]