On June 26, the “2023 China’s Invisible Unicorn Enterprise 500 Powerful Meeting” was held in Wuzhong District, Suzhou. During the meeting, Professor Xie Shujiang, president of the Unicorn Enterprise Innovation Branch of the China Invention Association and president of the International Institute of Science and Technology Finance, interpreted the “2023 China’s Top 500 Invisible Unicorn Enterprises Development Report” to the guests.

The report shows that in 2023, there are 75 unicorn companies in China’s top 500 invisible unicorn advanced manufacturing track, with a total valuation of 28,715 billion yuan (as shown above). According to BIHU’s Unicorn Enterprise Database (EMUDB), from 2021 to 2023, the number of invisible unicorn enterprises in China’s top 500 advanced manufacturing circuit increased by 5, 43 and 14 respectively. The total valuation of invisible unicorn enterprises in the advanced manufacturing track increased by 52.04%, 292.13% and 27.78%, respectively. In 2023, compared with 2022, the number of advanced manufacturing circuit invisible unicorns rose from 61 to 75, an increase of 14, an increase of 22.95%, showing an upward trend; The total valuation rose from 219.689 billion yuan to 280.715 billion yuan, an increase of 61.026 billion yuan, or 27.78%, showing an upward trend. Advanced manufacturing has become the fastest growing industry in track valuations. Representative enterprises include core semiconductor, lithium new materials, Rongke Group and so on.

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Source: BIHU Unicorn Enterprise Database

In 2023, the Top10 enterprises in China’s top 500 invisible unicorn advanced manufacturing circuit are Chengxin Semiconductor, Libao New Materials, Rongke Group, Semet, Nanxin Semiconductor, Xingsi Semiconductor, Basic Semiconductor, Hammer Technology, Kunyou Optoelectronics, and Core Long March Technology. Among them, Chengxin Semiconductor is valued at 6.20 billion yuan, ranking first in the advanced manufacturing circuit. Ranked 8th in the overall list; The valuation of Li-Bao new materials is 6.018 billion yuan, ranking second in the advanced manufacturing circuit and 16th in the total list; The valuation of Rongke Group is 60.00 billion yuan, ranking third in the advanced manufacturing circuit and 17th in the total list; The valuation of Semet is 60.00 billion yuan, ranking fourth in the advanced manufacturing circuit and 17th in the total list; Nanxin Semiconductor is valued at 5.55 billion yuan, ranking fifth in the advanced manufacturing circuit and 58th in the total list. Xingsi Semiconductor is valued at 5.00 billion yuan, ranking 6th in the advanced manufacturing circuit and 65th in the overall list; Basic Semiconductor is valued at 5.00 billion yuan, ranking 7th in the advanced manufacturing circuit and 65th in the overall list; Smartisan Technology is valued at 5.00 billion yuan, ranking 8th in the advanced manufacturing circuit and 82nd in the total list; Kunyou Optoelectronics is valued at 5.00 billion yuan, ranking 9th in the advanced manufacturing circuit and 82nd in the total list. Core Long March Technology is valued at 5.00 billion yuan, ranking 10th in the advanced manufacturing circuit and 82nd in the overall list.

As a typical advanced manufacturing track, Changzhou Core was established in September 2019, the main project phase I and II 6-inch gallium arsenide wafer foundry and filter, phase III gallium nitride wafer foundry. Gallium arsenide technology comes from the technology transfer of GCS in the United States (GCS is the earliest gallium arsenide wafer foundry company in 1997, and the technology is mature and stable). With the strong support of Takeyuefeng, GCS and Jingpin Optoelectronics of the United States and the government, it was officially put into operation in April 2020. Core organized the team, completed the factory, completed the equipment debugging, improved the design manual, PDK and model, and completed the reliability verification of different process flows; Mass production of VCSEL and HBT will begin in April 2021, and PHEMT will begin in 2022.

It is reported that the “2023 China’s Top 500 Invisible Unicorn Enterprises Development Report” comprehensively expounds the latest development trends of China’s top 500 invisible unicorn enterprises, analyzes the basic pattern and development characteristics of China’s top 500 unicorn enterprises, and looks forward to the future development of China’s top 500 invisible unicorn enterprises. The evaluation criteria of China’s invisible unicorn enterprises are as follows: 1. The company’s valuation is more than 200 million yuan (including) and less than 1 billion US dollars; 2. Possess original or disruptive technology; 3. Have a business model that is difficult to replicate; 4. About 5 years of establishment; 5. In line with the current policy guidance, there is no major negative public opinion. The Top 500 list of China’s Hidden Unicorn companies adopts the basic valuation standards of hidden unicorn companies recognized by the international investment community, and is denominated in RMB. The data base date is May 25, 2023.