Unicorn Startups in China in 2025

Overview

Investor Landscape and Ecosystem
Biggest 150+ Unicorn Startups in China by Valuation
Valuation share of Top Unicorns in China
Top 20 FinTech Startups in China
Strategic Implications
Methodology

China’s startup ecosystem has matured into one of the most formidable globally, producing a deep pool of unicorns—private companies valued at $1 bn or more.

The country hosts over 158 unicorns across diverse industries, together representing more than $500 bn in valuation, according to Beinsure’s data.

While the list is crowned by the extraordinary $300 bn valuation of ByteDance, the distribution of capital across sectors and investors tells a more nuanced story of how Chinese innovation is evolving.

The scale of ByteDance dwarfs the rest of the unicorn field, accounting for nearly 60% of the combined top-10 valuation with its $300 bn market worth.

This outlier effect suggests that China’s unicorn ecosystem is top-heavy, where a handful of giants dominate market capitalization, while the long tail of startups remains much smaller in size, Beinsure noted.

Several themes emerge when analyzing the valuation data:

Consumer Internet & Social Platforms remain dominant. Xiaohongshu ($17 bn) and Kuaikan Manhua ($1.25 bn) illustrate the strong pull of social commerce and digital content among younger demographics.
Education Technology continues to show resilience despite regulatory tightening, with Yuanfudao ($15.5 bn), Zuoyebang ($3 bn), and VIPKid ($4.5 bn) still commanding multi-bn valuations.
Deep Tech & AI are gaining momentum, highlighted by companies like MEGVII ($4 bn), Zhipu AI ($3 bn), Moonshot AI ($3.3 bn), and MiniMax AI ($1.2 bn). Collectively, these AI ventures account for more than $15 bn in value, underscoring Beijing’s national push for AI leadership.
Electric Vehicles & Mobility represent one of the largest clusters, including Hozon Auto ($3.95 bn), BYTON ($2.5 bn), and Cao Cao Mobility ($1.6 bn). Together with battery firms like SVOLT ($6.51 bn) and Gokin Solar ($2.88 bn), this ecosystem exceeds $20 bn in valuation.
Healthcare & Biotech unicorns, such as We Doctor ($7 bn), Abogen ($3.7 bn), and Shulan Health ($1.24 bn), signal growing capital interest in health innovation, especially post-pandemic.

Investor Landscape and Ecosystem

Investment in Chinese unicorns is heavily dominated by a small circle of powerful players. Sequoia Capital China appears across the spectrum, backing companies from ByteDance to AI and biotech startups. Tencent Holdings is equally influential, with stakes in Xiaohongshu, Yuanfudao, We Doctor, and more.

Other recurring names include IDG Capital, Warburg Pincus, GL Ventures, and Alibaba Group, collectively shaping much of the country’s innovation pipeline.

According to Beinsure, while the ecosystem boasts a $300 bn giant, the bulk of unicorns fall in the $1–$5 bn range. Nearly 100 of the 158 listed companies remain within this band, suggesting that although China fosters a wide base of high-growth firms, few have scaled to mega-unicorn status.

The middle tier, between $10–20 bn, is sparsely populated, with Xiaohongshu, Yuanfudao, DJI Innovations, and Yuanqi Senlin being notable exceptions.

Biggest 150+ Unicorn Startups in China by Valuation

Rank	Unicorn	Valuation, bn	Investors
1	ByteDance	$300 bn	Sequoia Capital China, SIG Asia Investments, Sina Weibo, SoftBank Group
2	Xiaohongshu	$17 bn	GGV Capital, ZhenFund, Tencent
3	Yuanfudao	$15.5 bn	Tencent Holdings, Warbug Pincus, IDG Capital
4	DJI Innovations	$15 bn	Accel Partners, Sequoia Capital
5	Yuanqi Senlin	$15 bn	Sequoia Capital China, Longfor Capitalm, Gaorong Capital
6	Bitmain Technologies	$12 bn	Coatue Management, Sequoia Capital China, IDG Capital
7	Xingsheng Selected	$12 bn	KKR, Tencent Holdings, Sequoia Capital China
8	ZongMu Technology	$11.4 bn	LTW Capital, Legend Capital, Qualcomm Ventures
9	Huolala	$10 bn	MindWorks Ventures, Shunwei Capital Partners, Xiang He Capital
10	Chehaoduo	$10 bn	Sequoia Capital China, GX Capital
11	HEYTEA	$9.3 bn	Sequoia Capital China, Tencent Investment, BA Capital
12	We Doctor	$7 bn	Tencent, Morningside Group
13	Ziroom	$6.6 bn	Sequoia Capital China, Warburg Pincus, General Catalyst
14	SVOLT	$6.5 bn	IDG Capital, Bank Of China Group Investment,, SDIC CMC Investment Management
15	Easyhome	$5.8 bn	Alibaba Group, Boyu Capital, Borui Capital
16	Lianjia	$5.8 bn	Tencent, Baidu, Huasheng Capital
17	Chipone	$4.7 bn	China Grand Prosperity Investment, Silk Road Huacheng, Oriza Equity Investment
18	VIPKid	$4.5 bn	Sequoia Capital China, Tencent Holdings, Sinovation Ventures
19	Miaoshou Doctor	$4.3 bn	Sequoia Capital China, Qiming Venture Partners, Tencent Holdings
20	MEGVII	$4 bn	Ant Financial Services Group, Russia-China Investment Fund, Foxconn Technology Company
21	Medlinker	$3.9 bn	China Health Industry Investment Fund, China Renaissance, and Sequoia Capital China
22	Hozon Auto	$3.9 bn	HD Capital, Qihoo 360 Technology, China Fortune Land Development
23	Abogen	$3.7 bn	GL Ventures, SoftBank Group, Qiming Venture Partners
24	Youxia Motors	$3.4 bn	China Environmental Protection Industry, China Fortune Ocean
25	Moonshot AI	$3.3 bn	HongShan, Jinfu Investment, ZhenFund
26	Dadi Cinema	$3.2 bn	Alibaba Pictures Group
27	Zhipu AI	$3 bn	Qiming Venture Partners, Legend Capital, Jiangmen Venture Capital
28	Yixia	$3 bn	Sequoia Capital China, Sina Weibo, Kleiner Perkins Caufield & Byers, Redpoint Ventures
29	SouChe Holdings	$3 bn	Morningside Ventures, Warburg Pincus, CreditEase Fintech Investment Fund
30	Zuoyebang	$3 bn	Sequoia Capital China, Xiang He Capital, GGV Capital
31	KK Group	$3 bn	Matrix Partners China, Bright Venture Capita, Shenzhen Capital Group
32	TERMINUS Technology	$2.9 bn	China Everbright Limited, IDG Capital, iFLYTEK
33	Gokin Solar	$2.9 bn	IDG Capital, Puluo Capital, Midea Capital
34	Meicai	$2.8 bn	Tiger Global Management, Blue Lake Capital, ZhenFund
35	Baichuan AI	$2.7 bn	Shenzhen Capital Group, Shunwei Capital
36	BYTON	$2.5 bn	FAW Group, Tencent Holdings, Tus Holdings
37	Cgtz	$2.4 bn	Shunwei Capital Partners, China Media Group, Guangzhou Huiyin Aofeng Equity Investment Fund
38	Star Charge	$2.4 bn	Shunwei Capital Partners, China Media Group, Guangzhou Huiyin Aofeng Equity Investment Fund
39	Biren Technology	$2.3 bn	V FUND, IDG Capital, Green Pine Capital Partners
40	G7 Networks	$2.2 bn	Eastern Bell Capital 32, SDIC CMC Investment Management, Trustbridge Partners
41	YITU Technology	$2.1 bn	Sequoia Capital China, Banyan Capital
42	Tubatu.com	$2 bn	Sequoia Capital China, Matrix Partners China, 58.com
43	HuiMin	$2 bn	Zheshang Venture Capital, GP Capital, Western Capital Management
44	Mafengwo	$2 bn	Qiming Venture Partners, Capital Today, General Atlantic
45	Kujiale	$2 bn	GGV Capital, IDG Capital, Linear Venture
46	Xingyun Group	$2 bn	Matrix Partners China, Eastern Bell Capital, Hongtai Capital Holdings
47	Beisen	$2 bn	Matrix Partners China, Sequoia Capital China, Genesis Capital
48	ROX Motor	$2 bn	Sequoia Capital China, IDG Capital, Qiming Venture Partners
49	Geek+	$2 bn	Volcanics Ventures, Vertex Ventures China, Warburg Pincus
50	SemiDrive	$1.9 bn	Vinno Capital, Shanghai STVC Group, Guozhong Venture Capital Management
51	eDaili	$1.9 bn	K2VC, Lightspeed China Partners, Sky9 Capital
52	ENOVATE	$1.8 bn	Automobile Industry Guidance Fund
53	Astronergy	$1.8 bn
54	Apus Group	$1.7 bn	Redpoint Ventures, QiMing Venture Partners, Chengwei Capital
55	Jusfoun Big Data	$1.6 bn	Boxin Capital, DT Capital Partners, IDG Capital
56	Zhubajie	$1.6 bn	Cybernaut Growth Fund, IDG Capital
57	Cao Cao Mobility	$1.6 bn	People Electrical Appliance Group China, Zhongrong International Trust
58	GalaxySpace	$1.6 bn	Shunwei Capital Partners, 5Y Capital, Legend Capital
59	Fresh Life Style Supply Chain Management	$1.5 bn	Guiyang Venture Capital, Longfor Capital, CAOGENZHIBEN GROUP
60	Iluvatar CoreX	$1.5 bn	Centurium Capital, Cedarlake Capital, Unicom Innovation Venture Capital
61	Wenheyou	$1.5 bn	Sequoia Capital China, Warburg Pincus, IDG Capital
62	Ximalaya FM	$1.5 bn	China Creation Ventures, Sierra Ventures, Xingwang Investment Management
63	Carzone	$1.5 bn	Alibaba Group,Co-Stone Venture Capital, Buhuo Venture Capital
64	TuJia	$1.5 bn	GGV Capital, QiMing Venture Partnersl
65	Mofang Living	$1.5 bn	Warburg Pincus, Aviation Industry Corporation of China
66	DT Dream	$1.5 bn	Alibaba Group, China Everbright Investment Management, Yinxinggu Capital
67	Changingedu	$1.5 bn	Trustbridge Partners, IDG Capital, Sequoia Capital China
68	XiaoZhu	$1.5 bn	Morningside Ventures, Capital Today, JOY Capital
69	JOLLY Information Technology	$1.5 bn	Legend Capital, CDH Investments, Sequoia Capital China
70	Yijiupi	$1.5 bn	Source Code Capital, Meituan Dianping, Tencent Holdings
71	YQNlink	$1.5 bn	Source Code Capital, Coatue Management, DCM Ventures
72	Yipin Shengxian	$1.5 bn	Eastern Bell Capital, Capital Today, Longzhu Capital
73	Bordrin Motors	$1.4 bn	China Grand Prosperity Investment, CSC Group
74	Shukun Technology	$1.4 bn	Marathon Venture Partners, Huagai Capital, China Creation Ventures
75	Huasun	$1.4 bn	Hongtai Capital Holdings, Jintou Zhiyuan
76	Coocaa	$1.4 bn	Baidu, Tencent Holdings
77	Juma Peisong	$1.4 bn	Ding Xiang Capital, New Hope Fund, Sino-Ocean Capital
78	Ouyeel	$1.4 bn	Taigang Venture Capital
79	Valgen Medtech	$1.4 bn	Sequoia Capital China, China Life Investment Holding Company, Qiming Venture Partners
80	Zhiyuan Robot	$1.4 bn	Tencent Venture Capital, BlueRun Ventures
81	Fox Ess	$1.4 bn	Sparkedge Capital, Guotai Ruichengde Asset Management
82	Koudai	$1.4 bn	New Enterprise Associates, Tiger Global Management, Tencent
83	Yidian Zixun	$1.4 bn	Phoenix New Media, Tianjin Haihe Industry Fund
84	Hive Box	$1.4 bn	Eastern Bell Capital, SF Holding Co, STO Express
85	DeepBlue Technology	$1.3 bn	DESUN Capital, Yunfeng Capital, Meridian Capital
86	Jaguar Microsystems	$1.3 bn	Tencent Holdings, Glory Ventures, Shenzhen Capital Group
87	Tongdun Technology	$1.3 bn	Advantech Capital, Temasek Holdings Ltd., Tiantu Capital Co.
88	Unisound	$1.3 bn	Qiming Venture Partners, China Internet Investment Fund, Qualcomm Ventures
89	Unitree Robotics	$1.3 bn
90	Manner	$1.3 bn	Coatue Management, H Capital, Capital Today
91	TUNGEE	$1.3 bn	UNITY VENTURES, Qiming Venture Partners, GGV Capital
92	Huisuanzhang	$1.2 bn	IDG Capital, Gaocheng Capital, Chuanrong Capital
93	WTOIP	$1.2 bn	Dark Horse Technology Group, Hopu Investment Management, Kefa Capital
94	Greater Bay Technology	$1.2 bn	Tencent Holdings, Utrust Venture Capital, GF Xinde Investment Management Co.
95	JMGO	$1.2 bn	IDG Capital, Yuanda Venture Investment, Primitive Forest Holdings Group
96	Kuaikan Manhua	$1.2 bn	Sequoia Capital China, CMC Capital Partners, Tencent Holdings
97	Enflame	$1.2 bn	Tencent Holdings, Delta Capital, Redpoint Ventures China
98	Shulan Health	$1.2 bn	Qiming Venture Partners
99	MiniMax AI	$1.2 bn	HongShan, IDG Capital
100	Pipa Coding	$1.2 bn	Source Code Capital, XVC Venture Capital, GL Ventures
101	Aibee	$1.2 bn	Sequoia Capital China, Lenovo Capital and Incubator, Group GSR Ventures
102	SmartMore	$1.2 bn	IDG Capital, ZhenFund, Sequoia Capital China
103	Mininglamp Technology	$1.2 bn	Russia-China Investment Fund, Tencent Holdings, Sequoia Capital China
104	Luoji Siwei	$1.2 bn	Sequoia Capital China, Qiming Venture Partners, Tencent Holdings
105	Yimidida	$1.2 bn	Source Code Capital, Global Logistic Properties, K2VC
106	TELD	$1.1 bn	China Reform Fund, Gaopeng Capital, Jinhui Xingye
107	TalkingData	$1.1 bn	N5 Capital, CR Capital Mgmt, JD Digits
108	Juanpi	$1.1 bn	Tiantu Capital, SAIF Partners China, Newsion Venture Capital
109	Qingting FM	$1.1 bn	China Culture Industrial Investment Fund, We Capital, China Minsheng Investment Group
110	Nxin	$1.1 bn	Beijing Juneng Hesheng Industry Investment Fund, Beijing Shuju Xinrong Fund
111	UISEE Technology	$1.1 bn	Shenzhen Capital Group, Robert Bosch Venture Capital, SeptWolves Ventures
112	56PINGTAI	$1.1 bn	QF Capital, QC Capital, Unicom Innovation Venture Capital
113	Jiuxian	$1 bn	Sequoia Capital China, Rich Land Capital, Merrysunny Wealth
114	B&C Chemical	$1 bn	Suzhou International Development Venture Capital Holding, GP Capital
115	Xreal	$1 bn	Hongtai Capital Holdings, Shunwei Capital, GP Capital
116	01.AI	$1 bn
117	Percent	$1 bn	IDG Capital
118	LinkSure Network	$1 bn	N/A
119	BeiBei	$1 bn	Banyan Capital, New Horizon Capital, IDG Capital Partners
120	Lamabang	$1 bn	5Y Capital, Matrix Partners China, K2VC
121	Jimu	$1 bn	Matrix Partners China, Ventech China, Shunwei Capital Partners
122	ShareCRM	$1 bn	IDG Capital, Northern Light Venture Capital, DCM Ventures
123	Mia.com	$1 bn	Sequoia Capital China, ZhenFund, K2 Ventures
124	58 Daojia	$1 bn	KKR, Alibaba Group, Ping An Insurance
125	Womai	$1 bn	SAIF Partners China, Baidu, IDG Capital
126	HuJiang	$1 bn	China Minsheng Investment, Baidu, Wanxin Media
127	iCarbonX	$1 bn	Tencent, Vcanbio
128	Zhuan Zhuan	$1 bn	58.com, Tencent Holdings
129	DianRong	$1 bn	Standard Chartered, FinSight Ventures, Affirma Capital
130	YH Global	$1 bn	Co-Energy Finance, Grandland
131	Maimai	$1 bn	Morningside Venture Capital, IDG Capital, DCM Ventures
132	Dxy.cn	$1 bn	Tencent Holdings, DCM Ventures
133	Huike Group	$1 bn	Fosun RZ Capital, Oceanwide Holdings, Shenzhen Qianhe Capital Management Co.
134	ChinaC.com	$1 bn	V Star Capital, GF Xinde Investment Management Co., Haitong Leading Capital Management
135	LinkDoc Technology	$1 bn	China Investment Corporation, New Enterprise Associates
136	Wacai	$1 bn	Qiming Venture Partners, China Broadband Capital, CDH Investments
137	FlashEx	$1 bn	Prometheus Capital, Matrix Partners China, JD Capital Management
138	Banma Network Technologies	$1 bn	Yunfeng Capital, SDIC Innovation Investment Management, Shang Qi Capital
139	Momenta	$1 bn	Sinovation Ventures, Tencent Holdings, Sequoia Capital China
140	Hosjoy	$1 bn	U.S.-China Green Fund, Founder H Fund, Richland Equities
141	Poizon	$1 bn	DST Global, Sequoia Capital China, Gaorong Capital
142	SITECH DEV	$1 bn	China Prosperity Capital
143	KnowBox	$1 bn	TAL Education Group, Legend Star, Alibaba Group
144	Hyperchain	$1 bn	Yinhong Equity Investment Fund, E Fund, Ideal International
145	Fiture	$1 bn	Bertelsmann Asia Investments, Sequoia Capital China, NIO Capital
146	XForcePlus	$1 bn	Eastern Bell Capital, Danhua Capital, MSA Capital
147	Zihaiguo	$1 bn	Xingwang Investment Management, China Capital Investment Group, Matrix Partners China
148	EcoFlow	$1 bn	Delian Capital, China International Capital Corporation, Sequoia Capital China
149	Xiaoe Tech	$1 bn	GGV Capital, GL Ventures, IDG Capital
150	Xiaoice	$1 bn	NetEase Capital, Northern Light Venture Capital, Microsoft
151	Caidya	$1 bn	Qiming Venture Partners, Vivo Capital, Sequoia Capital China
152	1KMXC	$1 bn	Goldman Sachs Asset Management, SDP Investment, Alibaba Group
153	Keenon Robotics	$1 bn	Yunqi Partners, SoftBank Group, iVision Ventures
154	HAYDON	$1 bn	Tencent Holdings, GL Ventures
155	Moka	$1 bn	GGV Capital, GSR Ventures, FreesFund
156	Tezign	$1 bn	Sequoia Capital China, Linear Venture, Hearst Ventures
157	Gaussian Robotics	$1 bn	BlueRun Ventures, Grand Flight Investment, Meituan Dianping
158	Haomo.AI	$1 bn	Qualcomm Ventures, Nine Intelligence Capital, GL Ventures

Source: Beinsure.com by CB Insights’ data

Valuation share of Top Unicorns in China — Source: Beinsure.com

Top 20 FinTech Startups in China

№	FinTech	Valuation, $ bn	VC raised, $ mn
1	JD Digits	19,2 bn	2 100 mn
2	Suning Finance	7,9 bn	2 200 mn
3	Ping An Healthcare	7,5 bn	1 600 mn
4	Qudian Group	6,4 bn	906 mn
5	Linklogis	5,3 bn	312 mn
6	Shuidi	4,7 bn	604 mn
7	Ant Consumer Finance Arm	3,2 bn	2 100 mn
8	360 DigiTech	2,4 bn	530 mn
9	Bank of Ningxia	2 bn	47 mn
10	Edaili	2 bn	16 mn
11	AI Bank	1,9 bn	316 mn
12	MediTrust Health	1,7 bn	442 mn
13	Yaoshibang	1,6 bn	496 mn
14	X Financial	1,4 bn	146 mn
15	LianLian Digitech	1,4 bn	701 mn
16	51credit	1,3 bn	469 mn
17	Yi’an Enterprise	1,1 bn	293 mn
18	Fenbeitong	1,1 bn	292 mn
19	XTransfer	1,1 bn	168 mn
20	E-Life Financial	1,1 bn	969 mn

Source: Beinsure.com

Strategic Implications

The distribution of valuations underscores both opportunity and fragility. On one hand, the breadth of unicorns across AI, green energy, mobility, and healthcare suggests diversification aligned with China’s policy priorities, Beinsure noted.

On the other, the overwhelming dominance of a single firm raises questions about sustainability and systemic risk. If ByteDance were removed, the average unicorn valuation would shrink dramatically, revealing a less mature landscape than headline figures imply.

China’s unicorn landscape reflects the country’s ambition to lead in consumer platforms, advanced technologies, and sustainable industries. With over $500 bn in combined startup value, the ecosystem remains a critical pillar of global innovation.

Yet the contrast between ByteDance’s extraordinary scale and the clustering of most firms in the $1–5 bn range highlights a system still in transition—from rapid capital accumulation toward long-term competitive depth.

Global Unicorns Ranked by Country

Methodology

The ranking of the top 10 unicorns in China is based on publicly available data from venture capital databases, company announcements, and reliable industry sources. A unicorn is defined here as a privately held, venture-backed company with a valuation of $1 bn or more, measured at the most recent funding round (post-money valuation).

We first identified all active unicorns headquartered in China. Companies that had gone public, been acquired, or fallen below the $1 bn threshold were excluded.

From this list, we selected the 10 highest-valued firms. Valuations were cross-checked against multiple sources, including CB Insights, PitchBook, and press releases from investors and companies.

Investor information was included to illustrate the breadth of global capital supporting these startups. The ranking is presented in descending order by valuation, with data rounded to the nearest $10 mn where necessary.

This methodology ensures transparency, consistency, and comparability across companies. While valuations can fluctuate with market conditions, this ranking reflects the latest available figures at the time of publication.

It provides a snapshot of the most influential and highly valued startups shaping the innovation landscape in China.

FAQ

What is the total valuation of Chinese unicorns?

The combined valuation of China’s unicorns exceeds $500 bn, with ByteDance alone contributing $300 bn.

Which is the most valuable startup in China?

ByteDance leads by a wide margin at $300 bn, far ahead of Xiaohongshu ($17 bn) and Yuanfudao ($15.5 bn).

Which sectors dominate the Chinese unicorn landscape?

The leading sectors are consumer internet, education technology, artificial intelligence, healthcare/biotech, and mobility & EVs.

Who are the most active investors in Chinese unicorns?

Sequoia Capital China and Tencent Holdings are the most prominent, followed by IDG Capital, Warburg Pincus, GL Ventures, and Alibaba Group.

How many unicorns are valued above $10 bn?

Only about 10 startups surpass the $10 bn mark, with most clustered between $1–5 bn in valuation.

What role does government policy play in shaping unicorn growth?

Sectors prioritized by Beijing, such as AI, EVs, green energy, and healthcare, receive stronger funding and regulatory support, directly influencing valuations.

How does China compare with the U.S. in unicorn creation?

China is the second-largest unicorn hub globally, trailing only the U.S. While the U.S. has more unicorns overall, China’s ecosystem is notable for rapid scaling and strong state-aligned sectors.

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AUTHORS: Peter Sonner — Lead Tech Editor of Beinsure Media, Oleg Parashchak — CEO & Founder of Finance Media Holding

Largest Unicorn Startups in China in 2025