The Secret Behind Hanzhou’s Emerging Unicorns

DigitalCFO Newsroom | 12 July 2022

Hangzhou has 39 unicorn companies and 317 companies with a valuation of over $100 million, both hit record highs.

The 6th Everything Grows Conference concluded in Hangzhou, Zhejiang on June 27, 2022, with the release of The Hangzhou Unicorn List 2022 and The Hangzhou 100 Million Dollar Company List 2022. According to the list, Hangzhou has 39 unicorn companies and 317 companies with a valuation of over $100 million, both hit record highs.

Compared with last year, the number of unicorn companies and companies with a valuation over $100 million in Hangzhou increased by 2 and 108 respectively. Among them, companies with a valuation of over $100 million exceeded 300 for the first time this year after breaking through the 200-mark last year.

The list reflects the changes in Hangzhou’s economic situation, and also confirms that the structure of Hangzhou’s start-up companies is changing in 2022. In this city of innovation and vitality, Hangzhou’s digital economy is guiding the society on a development road leading to common prosperity.

Industry insiders interpret that Hangzhou’s continuous improvement in the entrepreneurial ecology is one of the important reasons for the rapid growth of enterprises. Hangzhou has great potential and a promising future in accelerating the development of digital economy and cultivating more emerging unicorn companies.