Chinese companies made up 33.9 percent of the world’s fast-growing startups last year, according to Hurun Research Institute’s Global Gazelles Index 2025 – which defines “gazelles” as yet-to-be listed startups expected to hit a valuation of US$1 billion within the next three years.
Of the 819 gazelle companies worldwide, 278 were headquartered in China. That put the country in second place behind the US, where 302 of the gazelles were located. The index showed China’s tally increased by 20 since 2024, while the US figure decreased by 28.
Since 2019, China’s number has nearly quadrupled – rising from 70 companies to the current total, with 55 new firms added in 2025 alone. Biotechnology and semiconductors were identified as the sectors hosting the largest number of Chinese future unicorns, according to Rupert Hoogewerf, chairman and chief researcher of the Hurun Report.
[See more: The University of Macau is embarking on a science and tech faculty overhaul]
The report also found that 146 gazelle companies worldwide “graduated” last year by becoming unicorns, going public or being acquired, including 26 from China. It highlighted the Hangzhou-based bubble tea brand Good Me as having the most valuable initial public offering (IPO) of the bunch, with a market capitalisation of US$7.9 billion. TransThera Biosciences, headquartered in Nanjing, was cited as one of the Hong Kong Stock Exchange’s most oversubscribed listings of 2025.
Five Chinese companies on the 2025 gazelles index – including biotech firm Shanghai Cell Therapy and robot makers Mech Mind and AgiBot – have already surpassed US$1 billion in valuation and were expected to join the Hurun Unicorn List in 2026, China Daily reported.
Rounding out the index’s top five were the UK in third place, with 36 gazelles, followed by India with 24 and Germany with 25. At the city level, San Francisco ranked first for hosting the most gazelle companies, followed by Shanghai, Beijing, New York and Shenzhen.
