Core Insights - In 2024, China has 372 unicorn companies with a total valuation exceeding $1.2 trillion, with 11 super unicorns contributing over 40% of this valuation, totaling $538.5 billion [4][5] - The report highlights that 53 companies have newly become unicorns, with notable entries like Honor, Yangtze Memory Technologies, and Yiwang Intelligent also qualifying as super unicorns [4][5] - The unicorns are distributed across 41 sectors, with integrated circuits, clean energy, innovative pharmaceuticals, and power batteries being the leading sectors, each having over 15 unicorns [5] Sector Analysis - The integrated circuit sector has maintained its position as the sector with the most unicorns for four consecutive years, housing 56 unicorns with a total valuation of $161.8 billion in 2024, including 12 new unicorns [5] - Other sectors such as robotics, enterprise digital operations, new retail, and artificial intelligence also show significant representation, each with over 10 unicorns [5] Regional Distribution - The "Beijing-Shanghai-Shenzhen" area is the primary hub for unicorn companies, with 75 in Beijing, 59 in Shanghai, and 42 in Shenzhen [5] - Shenzhen leads the nation with 42 unicorns, whose total valuation reaches $159.9 billion, with 4 super unicorns accounting for 56% of this valuation [7] Innovation and Financing - Unicorn companies demonstrate strong innovation capabilities, with 288 unicorns collectively holding 27,200 valid invention patents, and 95 companies applying for 1,627 PCT patents [5] - In terms of financing, RMB financing has increased to 74.3%, with state-owned capital participating in 60% of the investments, focusing on "bottleneck" technology areas [5] New Unicorns in Shenzhen - Shenzhen has produced 13 new unicorns in 2024, accounting for a quarter of the national total, with sectors including smart hardware, AR/VR, surgical robotics, and clean energy represented [8] - The leading area in Shenzhen for unicorns is Nanshan District, which has 20 unicorns, making up 48% of the city's total [8]