Xiamen boasts 108 unicorns, future unicorns, gazelles
The recently published list of core innovative enterprises in the digital economy industry for 2023 features a total of 350 firms, including 10 unicorns, 87 future unicorns, and 253 gazelles. Among them are 108 Xiamen-based companies that comprise one unicorn, 32 future unicorns, and 75 gazelles.
The sole unicorn enterprise from Xiamen is White Pigeon Online (Xiamen) Network Technology Co, an insurtech start-up that previously secured nearly 100 million yuan (about $15.7 million) in Series A financing. Dianchu Technology, QingCi Digital, and Xiamen Taqu Information Technology Co are among the Xiamen-based future unicorns. gazelles from the city include Cyshu (Xiamen) Technology Co and Feiyu Technology International Company Ltd.
unicorn and future unicorn companies are renowned for their innovative prowess, rapid expansion, and immense future growth potential. unicorns boast valuations exceeding $1 billion, while future unicorns command market valuations between $100 million and $1 billion.
In contrast, gazelle enterprises are characterized by their specialized, refined, unique, and innovative approaches, and possess internationally or domestically leading technology levels, high operating revenue growth rates, and significant market shares. Such companies must have posted an annual operating revenue north of 10 million yuan in 2022.
Why Xiamen
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Xiamen is one of the most economically competitive cities in China and was one of the first Special Economic Zones on the Chinese mainland. As a vice-provincial city independently listed on the State development plan, it has provincial-level authority in economic administration and local legislative power. In 2010, the Xiamen SEZ was expanded to cover the entire municipality. Today, Xiamen is a modern and international port city.