On July 9, at the 2026 Potential Unicorn Enterprise (Wuxi) Development Conference held in Wuxi, Jiangsu, Great Wall Strategy Consulting unveiled the GEI China Potential Unicorn Enterprise Research Report 2026, the seventh edition of this series. Six Efung Capital portfolio companies—TriArm Therapeutics, Shensi Biopharma, Meichuang Medical, Xunlu Biotech, Yinming Biotech, and Jiyin Biotech—were honored on the list.
As a new economy consulting firm that pioneered the systematic research and release of unicorn enterprise reports in China, Great Wall Strategy Consulting has continuously researched and published China Unicorn Enterprise Research Reports since 2016, and China Potential Unicorn Enterprise Research Reports since 2020.
According to the report, there were 796 potential unicorn enterprises in China in 2025, characterized by a younger structure, frontier-technology dominance, future-industry leadership, and concentrated talent and capital. Over the past seven years, a cumulative total of 1,970 enterprises have been listed as potential unicorns, with annual new entrants consistently exceeding 200, demonstrating strong developmental vitality.
The selection criteria for 2025 China Potential Unicorn Enterprises are as follows:
(1) Enterprises registered in China with legal person status;
(2) Established for no more than 9 years;
(3) Have received private investment from professional investment institutions and are not yet listed;
(4) For enterprises established within 5 years: post-money valuation in the latest financing round exceeds (or equals) US$100 million, with cumulative financing exceeding (or equal to) US$5 million; or for enterprises established 5–9 years: post-money valuation in the latest financing round exceeds (or equals) US$500 million, with cumulative financing exceeding (or equal to) US$25 million;
(5) Enterprises belong to emerging industries encouraged by the state, possess innovation and entrepreneurial characteristics, and are not production bases, sales companies, trading companies, or investment companies under corporate groups.
Potential unicorn enterprises play a crucial role in driving technological innovation, exploring new fields and tracks, and shaping new drivers and advantages for development. They serve as the "reserve force" for unicorn enterprises and an important representative of new quality productive forces. In the "15th Five-Year Plan" strategic framework of leveraging new quality productive forces to lead high-quality development, the group of potential unicorn enterprises is emerging as an indispensable source of innovation, drawing significant attention from all sectors of society.
Looking ahead, Efung Capital will continue to deepen its focus on the biopharmaceutical and life health sectors. Through professional investment and deep empowerment, we will accompany more outstanding enterprises with original innovation capabilities as they navigate critical growth milestones—from "potential unicorns" to "unicorns"—injecting sustained momentum into China's innovation ecosystem.
【Disclaimer】
The content herein represents the views of the Company based solely on currently available public information and materials provided by portfolio companies, and does not constitute any investment advice, medical advice, or guarantee of specific enterprise performance. Investment involves risks; enter the market with caution. Readers should make independent judgments based on publicly available information. Unauthorized reproduction or commercial use is prohibited.