Beijing: Chinese companies are emerging as some of the most promising startups globally, according to the Hurun Future Unicorns: Global Gazelles Index 2025 report. The report, released on Tuesday, highlights that Chinese companies represent over a third of the world's fastest-growing "gazelles" or startups.
According to Thai News Agency, the survey included 819 "gazelle companies" worldwide-high-potential, privately held companies expected to reach a valuation of US$1 billion within three years. Of these, 278 operate in China, reflecting an 8% year-on-year growth. This positions China as second only to the United States in terms of valuation.
Since 2019, the number of Chinese gazelles has nearly quadrupled from 70 to 278, with 55 new companies joining in the past year alone. The biotechnology and semiconductor industries are prominent sectors with the highest number of potential unicorns.
Rupert Hoogewerf, president of the Hurun Institute, noted the leadership of China and the United States in the healthcare revolution, particularly in innovative medical devices and biotechnology. An example is TransThera Sciences in Nanjing, which transitioned from a gazelle to a publicly traded company by developing a precision medicine platform.
The 2025 report also highlights the prominence of Chinese artificial intelligence (AI) chip companies in the AI sector, with these companies making a notable impact and occupying seven of the top ten positions in the latest rankings.
Last year, 146 gazelles globally achieved unicorn status, went public, or were merged or acquired. Among these, 82 were from the United States and 26 from China, indicating the sustained growth of startups towards significant financial success.
Five Chinese companies, such as Shanghai Cell Therapy, Mech Mind, and AgiBot, have surpassed a $1 billion valuation. Despite currently being classified as gazelles, they are set to join Hurun Corporation's unicorn list in 2026.
San Francisco leads in the number of gazelles, followed by Shanghai, Beijing, New York, and Shenzhen. Together, the United States and China account for 71 percent of the world's gazelles, which have an average value of US$700 million and an average annual growth rate of 20 percent.