Two Xiamen companies make 2026 Global Unicorn list
Two Xiamen‑based companies — Luckin Coffee and Hithium Energy Storage — have been listed on the 2026 Global Unicorn Index, released by Hurun Research Institute on June 25. The index ranks private companies founded after 2000 with valuations exceeding $1 billion.
China ranks second globally with 381 unicorn companies, up 38 from last year. The country's unicorns are mainly concentrated in semiconductors, AI, life sciences, and new energy. Xiamen, with two companies now on the list, ranks 19th among Chinese cities that have unicorns.
Luckin Coffee opens its 10,000th outlet on Zhongshan Road in Xiamen in 2023. [Photo/Xiamen Daily]
Luckin Coffee ranked 93rd on the list with a valuation of 64.5 billion yuan ($9.49 billion), established its headquarters in Xiamen in 2018, and has since expanded aggressively, experiencing explosive growth. Starting with just a single store, it opened its 10,000th outlet on Zhongshan Road in Xiamen in 2023 and has now surpassed 25,000 stores nationwide, making it China's largest coffee chain.
The production line of Hithium. [Photo/Xiamen Daily]
Hithium Energy Storage, ranked 277th on the list with a valuation of 28 billion yuan, was founded in Xiamen in 2019. Its core business covers the R&D, production, and sale of lithium‑battery core materials, lithium iron phosphate (LFP) energy‑storage batteries, and related systems, providing full‑scenario energy‑storage solutions spanning power generation, grid, and end‑user applications.
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.