On July 18, 2025, the 2025 China (Shenzhen) Unicorn Enterprise Conference, themed "New Quality Driven • Future Navigation," was held in Shenzhen. The GEI China Unicorn Enterprise Research Report 2025 and the Shenzhen Unicorn Enterprise and Gazelle Enterprise Research Report 2025 were simultaneously released, revealing the current status and trends of unicorn enterprise development in China and Shenzhen.

The reports show that since 2024, the Shenzhen Small and Medium Enterprises Service Bureau has established a Shenzhen Gazelle and Unicorn Enterprise Evaluation Committee to select and build a tiered database of Shenzhen gazelle and unicorn enterprises. Shenzhen has 149 potential unicorn enterprises with a total valuation of approximately RMB 350 billion; 143 seed unicorn enterprises with a total valuation of approximately RMB 64.3 billion; and 215 gazelle enterprises with a total revenue of approximately RMB 120 billion in 2023. 36% of the listed enterprises received support from the Shenzhen Government Guidance Fund. Shenzhen state-owned enterprises such as Shenzhen Capital Group and Shenzhen High-Tech Investment Group collectively invested in over 100 listed enterprises.

"Unicorn enterprises" refer to start-ups characterized by rapid development, rarity, and strong investor preference, featuring exponential growth and disruptive innovation. By creating new scenarios and new tracks, such enterprises effectively enhance regional total factor productivity and have become indicators of regional economic development and innovation vitality, drawing significant attention from national government. The Political Bureau of the CPC Central Committee meeting held on July 30, 2024, stated that "effective support should be given to the development of gazelle and unicorn enterprises." The 2025 Government Work Report mentioned "supporting the development of unicorn and gazelle enterprises, enabling more enterprises to accelerate on new frontiers and new tracks." The specific enterprise criteria are as follows:

(1) Enterprises registered in China with legal personality;

(2) Established no more than ten years;

(3) Have received private equity investment and are not yet listed;

(4) The post-money valuation of the most recent financing round is no less than US$1 billion. (Valuation based on the most recent financing round as of December 31, 2024).

In this selection, Efung Capital performed outstandingly, with three portfolio companies being selected. Among them, TnMab was selected for the 2024 GEI China Unicorn Enterprise List, Jiyin Biotech was selected for the Seed Unicorn Enterprise List, and Biotyx Medical was selected for the Potential Unicorn Enterprise List.

Based on years of deep cultivation and forward-looking in the industry, Efung Capital has successfully cultivated multiple unicorn enterprises. Looking ahead, Efung Capital will continue to focus on technological innovation, deepen industrial insights, and help more outstanding enterprises growth boundaries!