Preface

When 1,603 unicorns worldwide, with a total value of RMB 54 trillion, converge on a single list, Hong Kong—the "super connector" city—ushered in the grand opening of the 2026 Global Unicorn Summit.

01 Global Gathering, Hong Kong Kicks Off

From August 24 to 25, the Global Unicorn Summit, hosted by Hong Kong Ta Kung Wen Wei Media Group, was held at the Hong Kong Convention and Exhibition Centre. Under the core theme "BORN TO LEAD, BUILT TO CREATE," the Summit leveraged Hong Kong as a launchpad to reach out to the world, bringing together global innovation forces across the city. It established a high-caliber, international platform for synergizing key production factors in the innovation and technology sector—including enterprises, capital, technology, talent, policy, and services—aiming to drive global unicorns to establish operations, go public, and expand overseas via Hong Kong, thereby contributing to the city's development as an international I&T hub.

The opening ceremony was attended by Mr. John Lee Ka-chiu, Chief Executive of the Hong Kong Special Administrative Region; Mr. Zhang Yong, Deputy Director of the Liaison Office of the Central People's Government in the Hong Kong S.A.R.; Mr. Li Dahong, Member of the Standing Committee of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) and Chairman of Hong Kong Ta Kung Wen Wei Media Group; Mr. Xie Chengrun, Chief Executive Officer of Sino Biopharmaceutical Limited; Mr. Sun Dong, Secretary for Innovation, Technology and Industry; Mr. Lau Hing-kuen, Director-General of Investment Promotion; and Mrs. Clara Chan, Chief Executive Officer of Hong Kong Investment Corporation Limited.

In his opening address, Chief Executive John Lee remarked that the Summit brought together talent from global research, industry, and investment sectors. Amid the accelerating wave of technological advancement, Hong Kong must further cultivate and strengthen emerging and future industries, improve the industrial innovation ecosystem, and unlock tremendous opportunities for developing new quality productive forces. He noted that Hong Kong serves both as a launching pad for mainland unicorns to expand into overseas markets and as a gateway for top overseas tech enterprises to explore the mainland market. He welcomed enterprises and investment institutions to take root in Hong Kong and co-create a new chapter in global technology development.

02 Decoding the New Paradigm of "Empowerment Investing" for Unicorns

As a representative of a professional investment institution with years of deep commitment to the biopharmaceutical sector, Dr. Zhu Jinqiao, Founder and Chairman of Efung Capital, was invited to speak at the parallel forum on the afternoon of the 24th. He delivered a keynote speech titled "The Long-term Value Investment Logic of Tech Unicorns," sharing deep insights from a capital perspective on the growth trajectory and value discovery of unicorn enterprises.

Dr. Zhu pointed out that global unicorns are accelerating their transition toward a new landscape driven by the dual engines of "AI × Biopharma." He emphasized that investment institutions must simultaneously upgrade along three key dimensions—valuation systems, capital hubs, and research capabilities—to truly capture the excess returns of the next decade.

Dr. Zhu particularly noted that Hong Kong's capital market is emerging as a vital node connecting mainland China's innovation with global industrial demand. It is not merely a "destination" for unicorn IPOs, but also a "service station" for their global expansion. For "AI × Biopharma" unicorns, a clear value-creation pathway has taken shape: from early-stage R&D, leveraging Hong Kong to aggregate cutting-edge global technologies and Greater Bay Area industrial resources; to maturity, accessing international capital markets through HKEX IPOs; and finally, leveraging Hong Kong's vibrant M&A and investment ecosystem to achieve global strategic deployment.

Dr. Zhu's compelling speech drew repeated rounds of enthusiastic applause throughout the venue. As he underscored, investment is not just about financial returns—it is about connecting with the future of human health. Efung aspires to serve as a bridge, both to take China's original innovation to the world and to bring global advanced wisdom back to China, combining it with the country's rich clinical settings and supply chain capabilities to deliver more cost-effective solutions for patients worldwide. This path is fraught with challenges, and Efung's responsibility lies even more in providing timely support, accompanying portfolio companies through the cyclical valleys of R&D.

03 Tides Surge in Hong Kong, Creating and Leading the Future

The 2026 Global Unicorn Summit was not only a grand review of innovation prowess but also a deep consolidation of global capital and industrial consensus. Over the two-day conference, representatives from global unicorns, top-tier investment institutions, leading scientific researchers, and policymakers engaged in in-depth dialogues on cutting-edge topics including AI-empowered biopharma, pathways for hard-tech industrialization, and cross-border capital flows, injecting renewed confidence and direction into the global unicorn ecosystem.

The Summit clearly conveyed a signal: Amid the accelerated restructuring of the global innovation landscape, Hong Kong, leveraging its unique "one country, two systems" advantage, its internationalized financial system, and its increasingly robust I&T ecosystem, is evolving from a "super connector" into a "super enabler." With Hong Kong as the fulcrum and technology as the engine, the next decade for global unicorns is writing its prologue right here.

【Disclaimer】
This article represents the views of Efung Capital based on current publicly available information and data provided by portfolio companies. It does not constitute any investment advice, medical advice, or a guarantee of specific company performance. All investments carry risks; readers should exercise caution and make independent judgments based on public information. Unauthorized reproduction or commercial use is prohibited.