China has consolidated its position as a global innovation powerhouse, with its fast-growing startups now accounting for more than one-third of the world’s leading “gazelle” companies, according to a new international ranking.
The Hurun Future Unicorns: Global Gazelles Index 2025 shows that 278 of the world’s 819 gazelle firms—unlisted companies on track to reach a valuation of at least $1 billion within three years—are headquartered in China. This represents an 8 percent year-on-year increase and places China second only to the United States, which recorded a decline over the same period.
The findings highlight the rapid expansion of China’s emerging technology sectors, particularly biotechnology, semiconductors, and artificial intelligence. Since 2019, the number of Chinese gazelle companies has nearly quadrupled, rising from just 70 to 278, with 55 new firms joining the list in the past year alone.
Rupert Hoogewerf, Chairman and Chief Researcher of the Hurun Report, noted that innovation in medical devices, biotech, and digital health is reshaping global healthcare, with China and the United States at the forefront of this transformation. “Precision medicine, advanced diagnostics, and smart drug development are driving a new wave of future unicorns,” he said.
One standout example is Nanjing-based TransThera Sciences, which has successfully transitioned from a gazelle to a publicly listed company. The biotech firm is recognized for pioneering a “resistance-breaking” precision medicine platform that engineers smart small-molecule drugs, underscoring China’s growing strength in cutting-edge pharmaceutical research.
Beyond biotech, artificial intelligence is emerging as another major growth engine. A separate ranking released this week shows that Chinese companies specializing in AI chips dominated the sector in 2025, occupying seven of the top ten positions and reflecting China’s strategic push in core digital technologies.
The broader global picture also illustrates intense competition. Last year, 146 gazelle firms worldwide “graduated” by becoming unicorns, listing on stock markets, or being acquired. Of these, 26 were from China, while 82 were from the United States. Looking ahead, at least five Chinese companies—including Shanghai Cell Therapy and robotics firms Mech Mind and AgiBot—are already valued above $1 billion and are expected to enter the Hurun Unicorn List in 2026.
City rankings further reflect China’s growing innovation hubs. While San Francisco leads globally in hosting gazelle firms, Shanghai and Beijing follow closely, alongside New York and Shenzhen. Together, China and the United States account for 71 percent of all gazelle companies worldwide.
With average valuations around $700 million and annual growth rates of about 20 percent, these firms represent the next wave of global technology leaders. For China, the expanding presence of its gazelles signals not only entrepreneurial dynamism, but also the country’s deepening role in shaping the future of biotechnology, semiconductors, and artificial intelligence on the world stage.
Source: Xinhua
