Hangzhou a cluster of unicorn, future unicorn companies

Hangzhou in East China's Zhejiang province announced a list of 37 unicorn companies and 209 potential future unicorn companies on April 28, local media outlets reported.

The numbers of unicorn and future unicorn companies grew by six and 67, respectively, from last year. They are mainly involved in industries such as big data, artificial intelligence, e-commerce, advanced manufacturing, medical treatment and health, enterprise services, technology, finance, culture, tourism and entertainment, sports, education, and automobiles.

A unicorn refers to a start-up valued at more than $1 billion within 10 years of its establishment, while a future unicorn has a total value of $100 million or higher.

Tuya Smart, an all-in-one internet of things platform provider that helps companies make their products smart, is a unicorn company. With its value estimated at over $10 billion, the company went public on the New York Stock Exchange on March 18.

Zhou Kaibing, deputy director of the China Council for International Investment Promotion, said Hangzhou's friendly business environment, prosperous market-oriented economy, and rich cultural background have made it an ideal city for entrepreneurs.

"It's important for a start-up company to choose the right industry and technologies, while the city where it operates is also important," Zhou said.

"The growing number of future unicorns in Hangzhou is a vivid reflection of the city's talent policy as well as support for projects and financing," Zhou added.