OVC home to increasing unicorn enterprises

Research and development is carried out at ABclonal Technology Co based in Optics Valley of China. [Photo/WeChat account of Optics Valley of China]

Sixteen enterprises based in the East Lake High-tech Development Zone (also known as Optics Valley of China, or OVC) in Wuhan, capital of Central China's Hubei province, were recognized as Chinese unicorn enterprises or potential unicorn enterprises of 2022, according to reports recently released by the Great Wall Enterprise Institute, a private think tank on new economy. 

A Chinese unicorn enterprise is an unlisted enterprise registered in China which has a legal personality, is no more than 10 years old, has obtained private equity investment from professional investment institutions, and has had a post-investment valuation of at least $1 billion in the latest round of financing.

A Chinese potential unicorn enterprise refers to an unlisted enterprise registered in which has a legal personality, has obtained private equity investment, and has had a post-investment valuation of at least $100 million in the last round of financing within five years of being established or at least $500 million in the last round of financing between five to nine years since being established.

Three companies based in OVC, namely ABclonal Technology Co, Wuhan BMKP Technology Co, and Wuhan Prime Meridian Pharmaceutical Technology Co, were recognized as Chinese unicorn enterprises in 2022, while another 13 local enterprises were listed as Chinese unicorn enterprises in 2022.  

From January to November this year, OVC saw more than 20,000 newly-registered enterprises, 60 listed enterprises and over 120,000 local enterprises in total. More than 120 local tech enterprises received financing of more than 13.5 billion yuan ($1.94 billion).