How long does it take for a company to establish itself in the world? I was quite surprised recently when I visited Suzhou, China, to cover a robot company. 'Mofawenzi' (魔法原子, Magic Lab), a nascent robot company, released and began selling finished humanoid robots just over a year after its establishment. Unlike the awkward gait of their humanoid robots, their robot dogs showed natural interactions, like wagging their tails when petted. This company heavily recruited talent from prestigious universities such as New York University, Tsinghua University, Zhejiang University, and Beijing University of Aeronautics and Astronautics, with over 80% of its employees being R&D personnel. The company recently attracted 30 billion won (approximately 21.6 million USD) in funding, laying the groundwork for future growth.
Wu Changzheng, CEO of Mofawenzi, stated, "We accumulated technology for four years starting in 2020 and established the company in 2024." He attributed their rapid growth to tax breaks for small innovative companies, location and funding support for new technology firms, and investors' patience for long-term technological development. The abundant support from the government and investors, coupled with a social atmosphere where R&D personnel from renowned universities readily join startups, has made this growth possible.
Unicorn Companies Dominated by US and China; Korea Exhibits 'Small Scale, High Concentration'
It is already well-known that China has surpassed Korea in drone and robotics technology. What about the status of 'unicorn companies,' the future growth engines? A unicorn company refers to an unlisted startup founded within the last 10 years with a valuation of over $1 billion (approximately 1 trillion won). The name "unicorn" was given because a company worth 1 trillion won before its IPO is as rare as a mythical creature.
At the '2025 Unicorn Enterprise Innovation and Development Conference' held in Zhengzhou, China, on the 19th, the 'Global Unicorn Enterprise Development Report 2025' published by the Beijing Institute of Market and Enterprise Strategy attracted significant attention. According to the report, there were 1,212 unicorn companies worldwide in 2024, with 135 new entrants. The average valuation per unicorn company worldwide reached $2.99 billion (approximately 4.06 trillion won), with a total valuation of $3.6 trillion (approximately 4,800 trillion won).
By country, the United States accounted for 545 companies (44%) and China for 372 companies (30%), dominating the absolute majority of global unicorn companies. The total valuation of unicorn companies in the US and China also accounted for approximately 80% of the world's total. In the US, New York was evaluated as the birthplace of unicorn companies, giving rise to OpenAI, XAI, and JUUL. In Asia, India followed China, producing 55 unicorn companies.
According to the Hurun Research Institute's '2024 Hurun Global Unicorn Index' last year, South Korea was found to have 18 unicorn companies. The Hurun Research Institute commented, "It is very rare for South Korea, with a population of only 50 million and an area of 100,000 square kilometers, to have 18 unicorn companies." They added, "Japan, a capital powerhouse with a long history, has only 9 unicorn companies, half that of Korea."
By sector, unicorn companies were emerging rapidly worldwide in financial technology, enterprise digital operations, digital healthcare, artificial intelligence, and integrated circuits. In particular, the number of AI and blockchain-related companies increased rapidly, while smart logistics and financial technology sectors showed a decline. In 2024, the US saw digital operations, financial technology, and digital healthcare account for 40% of its unicorn companies, while in China, integrated circuits, clean energy, and innovative medicines made up the largest share at 26.9%. This suggests that the US views finance and healthcare as promising businesses, while China sees artificial intelligence and clean energy.
Globally, artificial intelligence accounted for the largest share of funding (36.7%) received by unicorn companies in 2024, while the number of companies receiving new investments decreased in financial technology, power batteries, and electric vehicles. Most of the top 50 funding sources were found to be US investment institutions.
The Beijing Institute of Market and Enterprise Strategy's 'Global Unicorn Enterprise Development Report 2025' analyzed that "South Korea exhibits characteristics of 'small scale, high concentration' development. More than half of its unicorn companies are concentrated in digital entertainment, new materials, and enterprise digital operations." While the average growth cycle for global unicorn companies is 4.45 years, Korean unicorn companies took an average of 5 years, showing a slower growth rate than other countries. In contrast, it took only 4.1 years to foster a unicorn company in Singapore.
Technological Advancement Reshapes the Map of Wealth: Guangdong Declines, Zhejiang Rises
In China, the rapid rise of these tech companies is even changing the 'map of wealth.' Companies in the Guangdong province, which once prospered based on real estate, are decreasing, while companies from Zhejiang province, which have newly emerged based on AI technology, are gaining strength.
According to the '500 Richest List' recently published by Xincai Fu (新财富) magazine, the Chinese equivalent of Fortune magazine, "18 years ago, six out of the top 10 companies were from Guangdong province, mostly real estate developers." It noted, "This year, four of the top 10 companies are based in Hangzhou, Zhejiang province." This starkly illustrates the rapid shift in China's industrial structure from real estate to new technologies.
Notably, Liang Wenfen, the developer of the AI "Deepseek," who was outside the rankings last year, made it to 10th place this year; he is also from Zhejiang province. The top spot was taken by Zhang Yiming of ByteDance, the parent company of 'TikTok.' With total assets of 481.57 billion yuan (approximately 91 trillion won), including his stake in ByteDance, he jumped two places from last year. Cultivating 'unicorn companies,' which are as rare and valuable as unicorns, requires not only the company's technological prowess but also numerous efforts, including policy support.
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