Unicorn Companies in Shanghai in 2024

• Valuation: $20B
• Industry: Media & Entertainment
• Investors: GGV Capital, ZhenFund, Tencent
• Unicorn Milestone Date: 3/31/2016

About

Xiaohongshu(小红书), also known as "Little Red Book" or RED, is a social media and e-commerce platform founded in 2013 and based in Shanghai, China. It combines content sharing, social networking, and online shopping into one app. Users can post product reviews, lifestyle content, and shopping experiences, as well as purchase products directly through the platform. Xiaohongshu has grown rapidly to become one of China's most popular apps, especially among young urban women. The success of Xiaohongshu highlights the innovative spirit of Unicorn Companies in Shanghai, paving the way for the city's dynamic tech landscape.

Target Audience

Xiaohongshu primarily targets young, urban Chinese women aged 18-35, particularly those interested in beauty, fashion, lifestyle, and overseas products. The majority of users are millennials and Gen Z consumers in first and second-tier cities with high purchasing power.

Business Model

Xiaohongshu operates on a social commerce model that integrates content, community, and commerce:

• User-generated content: Users create and share product reviews, lifestyle posts, and shopping experiences. This authentic content drives engagement and product discovery.
• Social networking: Users can follow others, interact through comments/likes, and build communities around shared interests.
• E-commerce: Xiaohongshu operates its own e-commerce marketplace where users can purchase products featured in posts. It earns revenue through commissions on sales.
• Advertising: Brands can run targeted ads and sponsored content to reach Xiaohongshu's valuable user base.
• Influencer marketing: The platform connects brands with key opinion leaders (KOLs) for sponsored content and product promotions.
• Data insights: Xiaohongshu leverages its vast user data to provide consumer insights to brands and merchants.

Key Offerings

• Social media platform for sharing lifestyle content and product reviews
• E-commerce marketplace for purchasing featured products
• Advertising and marketing solutions for brands
• Influencer marketing platform connecting brands with KOLs
• Consumer insights and data analytics services

Key Management

• Miranda Qu - Co-founder and CEO
• Charlwin Mao - Co-founder and President

Investment Timeline

• 2014: $10 million Series A
• 2015: $100 million Series B
• 2016: $100 million Series C
• 2018: $300 million Series D at $3 billion valuation
• 2021: Raised funding at $20 billion valuation

• Valuation: $11.40B
• Industry: Industrials
• Investors: LTW Capital, Legend Capital, Qualcomm Ventures
• Unicorn Milestone Date: 3/6/2021

About

ZongMu Technology, founded in 2013 and headquartered in Shanghai, China, is a leading provider of advanced driver assistance systems (ADAS) and autonomous driving technologies. The company specialises in developing and manufacturing intelligent driving systems, including 2D and 3D panoramic vision systems, self-parking solutions, and driving recording systems. ZongMu Technology is recognised as a unicorn with a valuation of $11.40 billion as of June 2021.

Target Audience

ZongMu Technology primarily targets:

• Automotive Manufacturers: Providing autonomous driving and ADAS solutions to enhance vehicle safety and functionality.
• Electric Vehicle (EV) Market: Offering innovative charging solutions like the FlashBot for mobile EV charging.
• Smart City Projects: Developing intelligent mobility solutions for urban environments.

Business Model

ZongMu Technology's business model revolves around the development, manufacturing, and sale of autonomous driving and ADAS technologies. The company collaborates closely with automotive manufacturers to integrate its solutions into vehicles during the production process. Revenue is generated through the sale of these systems, after-sales services such as system upgrades and maintenance, and licensing agreements for its intellectual property. The company also invests heavily in research and development to stay at the forefront of technological advancements and maintain a competitive edge.

Key Offerings

Advanced Driver Assistance Systems (ADAS)

• Collision warning
• Lane departure warning
• Blind spot detection
• 360° surround-view systems

Autonomous Driving Solutions

• Automated Valet Parking (AVP)
• Automated Parking Assist (APA)
• L4 autonomous driving capabilities

Energy Solutions

• FlashBot: Mobile EV charging robot
• Wireless charging systems for new energy vehicles

High-Precision Mapping and Sensors

• Millimeter-wave radars
• High-definition maps

Smart City Solutions

• Intelligent traffic management systems

Key Management

• Tang Rui: Founder and CEO, holds a master's degree from Tsinghua University.
• Li Xiaoning: Co-founder, involved in strategic planning and operations.

Investment Timeline

• Series B (2015): Raised $14 million to enhance self-driving technology.
• Series D (2021): Raised $190 million, led by Xiaomi-backed investment fund.
• Series E (2022): Raised $157 million, bringing total funding to $367.83 million.
• IPO Attempts: Filed for listing on the Hong Kong Stock Exchange in 2024 to support further development and expansion.

• Valuation: $5B
• Industry: Industrials
• Investors: Ant Financial Services Group, GGV Capital
• Unicorn Milestone Date: 1/6/2018

About

Hello TransTech, previously known as Hellobike, has swiftly risen to prominence as a major player in China’s bike-sharing industry. This leading platform not only revolutionises local travel but also offers a range of lifestyle services, focusing on the needs of second and third-tier cities in China. By leveraging digital technology, Hello TransTech exemplifies the innovative prowess of Unicorn Companies in Shanghai, reinforcing the city's status as a burgeoning tech hub.

Target Audience

Hello TransTech primarily targets short-distance travelers in China, with a particular focus on users in second and third-tier cities. Approximately 70% of its user base consists of internet-savvy individuals born after 1980 and 1990, although the platform is gaining popularity among other age groups as well.

Business Model

Hello TransTech operates on a shared mobility platform model, offering various transportation services through its mobile application. The company initially focused on bike-sharing but has since expanded its offerings to create a comprehensive transportation ecosystem. Here's how their business model works:

• User Acquisition: The company attracts users through its mobile app, which allows easy access to various transportation options.
• Revenue Generation: Users pay for the services they use, typically on a per-ride or subscription basis.
• Partnerships: Hello TransTech collaborates with companies like Ant Financial to integrate payment systems and improve user experience.
• Market Focus: By targeting second and third-tier cities, the company has established a strong presence in areas with less competition from larger rivals.
• Diversification: The company has expanded beyond bike-sharing to offer a range of transportation and lifestyle services, creating multiple revenue streams.
• Technology Integration: Hello TransTech leverages smart locks, GPS, and other technologies to improve service efficiency and user experience.

Key Offerings

• Bike-sharing services
• Electric bike rentals
• Carpooling services
• Ride-hailing services
• Moped scooter-sharing
• Smart locks and GPS-enabled vehicles
• AI-enabled traffic planning solutions

Key Management

• Han Mei: Chief Operating Officer (COO)

• Valuation: $3.35B
• Industry: Industrials
• Investors: China Environmental Protection Industry, China Fortune Ocean
• Unicorn Milestone Date: 2/4/2018

About

Youxia Motors, founded in 2014 and headquartered in Shanghai, China, is a company that designs and manufactures electric vehicles (EVs). The company is involved in the entire lifecycle of EVs, including research and development, design, production, sales, and related services. Youxia Motors aims to be a significant player in the electric vehicle market, often positioning itself as the "Chinese version of Tesla" due to its focus on innovative and smart electric vehicles. The company's first model, the Youxia X, was launched in July 2015.

Target Audience

Youxia Motors primarily targets environmentally conscious consumers and tech enthusiasts who are interested in electric vehicles. This includes:

• Urban professionals looking for sustainable transportation options.
• Tech-savvy individuals interested in smart vehicle features.
• Middle to upper-income groups who can afford premium electric vehicles.

Business Model

Youxia Motors operates on a vertically integrated business model, handling everything from research and development to production and sales. This approach allows the company to maintain control over the quality and innovation of its products. Key aspects of its business model include:

• Research and Development: Focus on developing advanced electric vehicle technologies, including battery systems and autonomous driving capabilities.
• Manufacturing: Building its own factories to produce vehicles, ensuring quality control and scalability. The company planned a super factory in Huzhou, Zhejiang province, with a capacity of 200,000 vehicles per year.
• Sales and Distribution: Direct sales through showrooms in major cities, allowing customers to see and test drive vehicles before purchase.
• Partnerships: Collaborations with major suppliers like Bosch and Faw Plate to enhance vehicle components and technology.

Key Offerings

• Youxia X/Ranger: The company's first production vehicle, featuring RWD, a 40 kWh battery, and advanced smart-technology features.

Key Management

• Huang Xiuyan: Founder of Youxia Motors.
• Wei Jun: Chairman, joined in 2015, previously chaired Xituo Industry Group.

• Valuation: $3.95B
• Industry: Industrials
• Investors: HD Capital, Qihoo 360 Technology, China Fortune Land Development
• Unicorn Milestone Date: 2/22/2022

About

Hozon Auto is a Chinese electric vehicle (EV) manufacturer founded in 2014 and based in Shanghai. It produces EVs under the Neta brand name, focusing on affordable smart electric vehicles for the mass market. Hozon Auto has achieved unicorn status with a valuation over $1 billion, driven by its rapid growth in China's EV market. As one of the prominent unicorn companies in Shanghai, Hozon Auto exemplifies the city's thriving innovation and entrepreneurial spirit, contributing to its reputation as a hub for emerging high-value startups.

Target Audience

Hozon Auto targets middle and lower-income consumers in China and emerging markets who want affordable electric vehicles with smart features. Their EVs are positioned as a more accessible alternative to premium EV brands.

Business Model

Hozon Auto follows a direct-to-consumer business model, selling its Neta-branded EVs through its own stores and online channels. The company focuses on:

• Developing affordable EVs with smart features by leveraging its in-house R&D capabilities.
• Vertical integration of key components like batteries to control costs.
• Building brand awareness through innovative marketing.
• Expanding production capacity to achieve economies of scale.
• Entering overseas markets, especially in Southeast Asia, to drive growth.
• Partnering with tech companies to enhance smart features and autonomous driving capabilities.

Key Offerings

• Neta V: Compact electric SUV
• Neta U: Mid-size electric SUV
• Neta S: Electric sedan
• Neta GT: Electric sports car

Key Management

• Fang Yunzhou: Founder and CEO
• Zhang Yong: Co-founder and President

Investment Timeline

• 2014: Founded
• 2018: Series A funding
• 2020: Series C funding of $450 million
• 2021: Series D funding of over $900 million
• 2023: Preparing for IPO in Hong Kong

• Valuation: $2.32B
• Industry: Enterprise Tech
• Investors: V FUND, IDG Capital, Green Pine Capital Partners
• Unicorn Milestone Date: 8/18/2020

About

Biren Technology, officially known as Shanghai Biren Intelligent Technology Co., is a Chinese fabless semiconductor design company founded in 2019 by Lingjie Xu and others, who previously worked at NVIDIA, Alibaba, and STMicroelectronics. The company is headquartered in Minhang, Shanghai, and focuses on developing high-end chips for artificial intelligence (AI) training, inference, and scientific computing, primarily for deployment in large data centres. Biren Technology has quickly risen to prominence in China's semiconductor industry, positioning itself as a key player in the country's efforts to achieve technological self-reliance and reduce dependence on U.S. technology.

Target Audience

Biren Technology primarily targets large data centres, cloud service providers, and enterprises that require high-performance computing solutions for AI and scientific computing applications. Their products are designed to meet the needs of industries involved in AI research, natural language processing, computer vision, and other advanced computational tasks.

Business Model

Biren Technology operates on a business model centred around the design and development of high-performance general-purpose graphics processing units (GPGPUs) and AI chips. The company does not manufacture its own chips but instead relies on partnerships with semiconductor foundries like Taiwan Semiconductor Manufacturing Company (TSMC) for production. Biren generates revenue through the sale of its chips and related software solutions to data centers and enterprises. Additionally, the company engages in strategic partnerships and investments to expand its technological capabilities and market reach.

Key Offerings

• BR100 GPGPU: A high-performance GPU designed for AI training and inference, featuring 256 FP32 teraflops and up to 64GB of HBM2E memory.
• BR104 GPGPU: A single-die variant of the BR100, designed for use in PCIe cards.
• BIRENSUPA: A software platform and programming model that supports AI frameworks like PyTorch, TensorFlow, and PaddlePaddle, making it easier for developers to write code for Biren's hardware.
• Hearten OAM Server: An 8-way server developed in partnership with Inspur, designed to support Biren's GPUs.

Key Management

• Zhang Wen: Co-founder, Chairman, and CEO. Zhang is a Wall Street veteran and Harvard Law School graduate.
• Allen Lee: Co-Chief Executive Officer, overseeing organisation, management, and product design. Lee is the former head of AMD’s China R&D centre.

Investment Timeline

• 2019: Biren Technology is founded.
• 2020: The company raises 4.7 billion yuan (approximately $642 million) from investors including IDG Capital, GL Ventures, Ping An Insurance Group, China Merchants Capital, CITIC Securities Investment Co., and Bertelsmann Asia Investments AG.
• 2022: Biren raises an additional $280 million from investors backed by the Guangzhou government.
• 2023: The company faces U.S. sanctions, which impact its ability to use TSMC for manufacturing. Despite this, Biren continues to secure funding and explore alternative manufacturing options.

• Valuation: $2.17B
• Industry: Enterprise Tech
• Investors: Sequoia Capital China, Banyan Capital
• Unicorn Milestone Date: 8/3/2018

About

YITU Technology is a Shanghai-based artificial intelligence company founded in 2012. It specialises in developing facial recognition and computer vision technologies for various industries. YITU has achieved unicorn status with a valuation of over $2 billion, making it one of China's leading AI startups. As one of the notable unicorn companies in Shanghai, YITU Technology showcases the city's leadership in cutting-edge technological advancements and its vibrant ecosystem for innovative startups.

Target Audience

YITU's technologies are aimed at government agencies, financial institutions, healthcare providers, and businesses in sectors like retail and transportation. Its solutions cater to organisations looking to implement AI-powered security, surveillance, and automation systems.

Business Model

YITU operates on a B2B model, providing AI software and hardware solutions to enterprise and government clients. It generates revenue through:

• Licensing its AI algorithms and software platforms
• Selling AI-enabled hardware devices like smart cameras
• Offering customised AI solutions for specific industry needs
• Providing ongoing technical support and maintenance services

Key Offerings

• Dragonfly Eye facial recognition system
• AI-powered video surveillance platforms
• Intelligent traffic management solutions
• Smart city infrastructure systems
• AI-assisted medical imaging and diagnosis tools
• Biometric authentication for financial services
• Computer vision solutions for retail analytic

Key Management

• Leo Zhu - Co-founder and CEO
• Lin Chenxi - Co-founder
• Lu Hao - Chief Innovation Officer

Investment Timeline

• 2014 - Series A funding (undisclosed amount)
• 2016 - $30 million Series B
• 2017 - $55 million Series C
• 2018 - $200 million Series C+
• 2018 - $100 million Series D
• 2020 - $30 million funding (valuation reached $2.4 billion)

• Valuation: $2B
• Industry: Industrials
• Investors: Northern Light Venture Capital, Xiaomi, FutureX Capital
• Unicorn Milestone Date: 9/22/2021

About

Black Sesame Technologies is a leading automotive-grade computing chip and intelligent vehicle solution provider based in Shanghai, China. Founded in 2016, it develops high-performance AI chips and software for autonomous driving and advanced driver assistance systems (ADAS). The company achieved unicorn status in 2021 with a valuation of nearly $2 billion. As one of the emerging unicorn companies in Shanghai, Black Sesame Technologies exemplifies the city's dynamic growth in the high-tech sector and its role as a key player in the global automotive innovation landscape.

Target Audience

• Automotive manufacturers (OEMs)
• Tier 1 automotive suppliers
• Companies developing autonomous driving and ADAS technologies

Business Model

Black Sesame Technologies operates on a B2B model, selling its chips and software solutions to automotive companies. Its revenue comes from:

• Chip sales: The company designs and sells its Huashan and Wudang series chips to automotive manufacturers and suppliers.
• Software licensing: Black Sesame provides software and algorithms for autonomous driving and ADAS applications, which it licenses to customers.
• Development services: The company offers customised chip and software development services for specific customer needs.
• Partnerships: Black Sesame collaborates with other technology providers and automotive companies to develop integrated solutions, potentially generating revenue through joint ventures or revenue-sharing agreements.

Key Offerings

• Huashan series high-performance AI chips for autonomous driving
• Wudang series cross-domain SoCs for intelligent vehicles
• Autonomous driving and ADAS software solutions
• Full-stack perception systems for intelligent vehicles
• Customised chip and software development services

Key Management

• Weihong Liu - Co-founder and President
• Wilson Liu - Co-founder and COO

Investment Timeline

• 2021: Raised "hundreds of millions of dollars" in Series C funding, reaching a valuation of nearly $2 billion
• 2022: Received strategic investment from Bosch's Boyuan Capital
• Total funding raised: Approximately $615 million over multiple rounds

• Valuation: $2B
• Industry: Industrials
• Investors: Sequoia Capital China, IDG Capital, Qiming Venture Partners
• Unicorn Milestone Date: 4/29/2022

About

ROX Motor is an electric vehicle (EV) startup founded in 2021 in Shanghai, China. It focuses on developing intelligent EVs, particularly extended-range electric vehicles (EREVs) for the luxury SUV market. The company has quickly risen to unicorn status, reaching a valuation of over $2 billion.

Target Audience

ROX Motor targets affluent Chinese consumers looking for premium, technologically advanced SUVs with both electric and extended-range capabilities. Their vehicles appeal to those interested in outdoor adventures and off-road driving while still desiring luxury features.

Business Model

ROX Motor operates as an EV manufacturer, designing and developing vehicles in-house while partnering with established automakers for production. They utilise a direct-to-consumer sales model through their own showrooms and online platforms. The company focuses on technological innovation, particularly in areas like intelligent driving systems and extended-range electric powertrains. ROX leverages partnerships with tech giants and automotive suppliers to accelerate development and reduce costs.

Key Offerings

• Polestones 01: A luxury EREV SUV with off-road capabilities
• Intelligent driving systems and software
• Extended-range electric vehicle technology
• Premium customer service and brand experience

Key Management

• Xu Yubin: Founder and CEO of Hive Box. Xu has a background in logistics and delivery services, having worked his way up from a delivery driver to a senior management position at SF Express before founding Hive Box.

Investment Timeline

• April 2021: Angel round led by Northern Light Venture Capital and Gaorong Capital
• September 2021: Series B round of $60 million
• November 2021: Series C round
• April 2022: Series D round, valuation reached $2 billion
• February 2023: Equity financing from IDG Capital and Tencent
• September 2023: $1 billion strategic investment from Weiqiao Pioneering Group

• Valuation: $1.90B
• Industry: Financial Services
• Investors: K2VC, Lightspeed China Partners, Sky9 Capital
• Unicorn Milestone Date: 1/2/2019

About

eDaili is a Shanghai-based fintech company founded in 2015 that operates as an overseas asset allocation and sales crowdsourcing platform. It aims to help Chinese individuals with global asset allocation and overseas wealth management while also improving the efficiency of the wealth management industry through technology enablement. As one of the rising unicorn companies in Shanghai, eDaili highlights the city's strength in financial technology innovation and its growing influence in the global wealth management sector.

Target Audience

eDaili primarily serves two main groups:

• Chinese individuals looking for global asset allocation and overseas wealth management services
• Financial companies seeking to expand their sales channels and reduce expenses

Business Model

eDaili operates on a unique crowdsourcing model that combines elements similar to Uber and Salesforce. The company curates a platform of financial products, primarily focusing on overseas high-end offerings in insurance, real estate, medical treatment, and education. eDaili then recruits and trains sales personnel to sell these products to potential customers on behalf of client companies.
The platform takes a commission only when a certain number of sales are made, creating a low-risk, performance-based model for client companies. eDaili aims to maintain a ratio of 1:10 to 1:20 between client companies and sales personnel to ensure the platform's viability.

Key Offerings

• Overseas insurance products
• International real estate investments
• Overseas investment opportunities
• Technology-enabled wealth management solutions
• Sales crowdsourcing platform for financial products

Key Management

He Wendi: CEO and founder of eDaili

• Valuation: $1.85B
• Industry: Industrials
• Investors: Automobile Industry Guidance Fund
• Unicorn Milestone Date: 4/15/2019

About

ENOVATE is a Chinese electric vehicle (EV) startup founded in 2015 and headquartered in Shanghai. The company focuses on developing and manufacturing intelligent electric vehicles, with a particular emphasis on green mobility and advanced technology integration. ENOVATE has achieved unicorn status, having raised over $1.3 billion in funding. As one of the prominent unicorn companies in Shanghai, ENOVATE underscores the city's leadership in sustainable transportation and its commitment to fostering innovative startups in the EV sector.

Target Audience

ENOVATE primarily targets consumers in the green transportation and automotive industries. Their focus is on environmentally conscious customers looking for high-tech, intelligent electric vehicles in the premium segment of the market.

Business Model

ENOVATE operates on a direct-to-consumer business model, developing and manufacturing their own electric vehicles and selling them through their proprietary sales channels. The company's strategy includes:

• In-house research and development: ENOVATE has established its own R&D department to independently develop entire vehicles, from styling and chassis to electronic devices and autonomous driving technology.
• Vertical integration: The company controls various aspects of the production process, including vehicle design, manufacturing, and software development.
• Offline sales network: ENOVATE is building a network of physical stores called Enovate Centres, Smart Selection Spaces, and Anxin Workshops to provide brand experiences, test drives, and after-sales services.
• International expansion: The company is exploring opportunities in overseas markets, such as its plan to build a production facility in Saudi Arabia.
• Charging infrastructure: ENOVATE is developing a comprehensive charging service system in partnership with providers like State Grid.

Key Offerings

• ME7: An all-electric SUV with multiple screens, AI assistance, and advanced driver-assistance systems
• ME5: A compact SUV with extended-range technology
• Future models: The company plans to launch 1-2 new models each year until 2023

Key Management

Dr. Zhang Hailiang: Founder, Chairman, and CEO

Investment Timeline

• 2015: Company founded
• April 2019: Raised over 2 billion yuan ($298 million) in Series A funding
• October 2020: Secured over 5 billion yuan ($742 million) in financing
• March 2023: Reportedly closing a new round of 750 million yuan ($108 million) funding

• Valuation: $1.78B
• Industry: Industrials
• Investors: Jiangsu Sha Steel Group, Shanghai Puyin Industry, Funa Yuanchuang Technology
• Unicorn Milestone Date: 4/16/2018

About

AIWAYS is a Chinese electric vehicle (EV) manufacturer founded in 2017 by entrepreneurs Samuel Fu and Gary Gu. The company is headquartered in Shanghai, China, and focuses on developing and producing new energy intelligent electric vehicles. AIWAYS aims to make electric driving enjoyable, exciting, and accessible, with a strong emphasis on sustainability and innovation. The company operates a highly digitalised plant in Shangrao, China, with an annual capacity of 300,000 vehicles, and has R&D and design centres in Shanghai, a battery factory in Changshu, and a European Sales Centre in Munich.

Target Audience

AIWAYS targets environmentally conscious consumers who are interested in electric vehicles. This includes individuals who value sustainability, innovation, and affordability in their personal transportation. The company also focuses on the European market, where there is a growing demand for electric vehicles due to stringent environmental regulations and increasing consumer awareness about climate change.

Business Model

AIWAYS operates on a business model that combines direct sales and partnerships to distribute its electric vehicles. The company focuses on producing affordable premium electric vehicles by leveraging a global supply chain and innovative manufacturing processes. AIWAYS has shifted its focus primarily to the European market due to intense competition in China. The company aims to provide a hassle-free and affordable driving experience by integrating advanced technology and sustainable practices into its vehicles. AIWAYS also collaborates with major investors and partners, such as CATL for battery supply, to enhance its product offerings and market reach.

Key Offerings

• Aiways U5: A fully electric SUV designed for everyday use, offering a range of up to 410 km (WLTP) and equipped with advanced features such as a permanent-magnet synchronous electric motor, high energy density battery pack, and innovative safety systems.
• Aiways U6: An electric SUV-coupe that combines dynamic performance with a sporty design, featuring a 63 kWh battery, 160 kW motor, and a range of 400 km. It includes advanced driver assistance systems and a high-speed charging capability.

Key Management

• Samuel Fu: Co-founder
• Gary Gu: Co-founder
• Chen Xuanlin: Former Chairman (appointed during financial restructuring)
• Zhang Yang: Current CEO (appointed during financial restructuring).

• Valuation: $1.55B
• Industry: Enterprise Tech
• Investors: Centurium Capital, Cedarlake Capital, Unicom Innovation Venture Capital
• Unicorn Milestone Date: 1/3/2021

About

Iluvatar CoreX is a leading Chinese semiconductor company founded in 2015 and headquartered in Shanghai. It specializes in developing high-performance computing solutions, including graphics processing units (GPUs) and system-on-chip (SoC) designs, with a focus on artificial intelligence and cloud computing applications. The company has achieved unicorn status with a valuation of $1.55 billion. As one of the key unicorn companies in Shanghai, Iluvatar CoreX demonstrates the city's prowess in the semiconductor industry and its pivotal role in advancing AI and cloud computing technologies.

Target Audience

Iluvatar CoreX primarily caters to enterprises and organisations in need of advanced computing power for AI, big data, and cloud computing applications. This includes cloud service providers, data centres, research institutions, and companies in sectors such as finance, education, and healthcare.

Business Model

Iluvatar CoreX operates on a B2B model, developing and selling high-performance GPU chips and computing systems to enterprise customers. The company focuses on creating self-controllable, general-purpose, and high-performance cloud GPU chips to address computing power challenges. Their strategy involves:

• In-house development of GPU technology to reduce reliance on foreign imports.
• Offering competitive alternatives to established players like Nvidia, especially in light of US export restrictions.
• Providing both hardware (GPU chips) and software solutions for a comprehensive offering.
• Targeting the domestic Chinese market while also exploring international opportunities.
• Continuous R&D investment to improve chip performance and expand product lines.

Key Offerings

• Tiangai series: High-performance GPU chips for AI training and cloud computing
• Zhikai series: AI inference chips
• Proprietary software platform for optimising GPU performance
• High-performance computing systems integrating their GPU technology
• Cloud-based GPU solutions for various AI and big data applications

Key Management

• Li Yunpeng: Founder (specific role not mentioned in the provided information)
• Lv Jianping: Chief Technology Officer

Investment Timeline

• July 2022: Series C+ and C++ rounds totaling $148.4 million, led by Beijing Financial Street Capital Operation Centre, Guosheng Group, and Dingxiang Capital
• March 2021: Series C round of RMB 1.2 billion (approximately $186 million), led by Centurium Capital and Cedarlake Capital
• 2019: Series B round (amount not specified), with participation from Centurium Capital

• Valuation: $1.52B
• Industry: Media & Entertainment
• Investors: China Creation Ventures, Sierra Ventures, Xingwang Investment Management
• Unicorn Milestone Date: 9/22/2017

About

Ximalaya FM is China's largest online audio platform, founded in 2012 and headquartered in Shanghai. It provides a wide range of audio content including podcasts, audiobooks, radio shows, and more. The company has grown rapidly to become a unicorn valued at over $3 billion, with hundreds of millions of users in China.

Target Audience

Ximalaya FM primarily targets Chinese consumers, especially younger, tech-savvy users aged 20-35. Its audience includes students, young professionals, and others looking for audio entertainment and educational content. The platform appeals to people who want to consume content while multitasking or on-the-go.

Business Model

Ximalaya FM operates on a freemium model with both free and paid content. Its main revenue streams include:

• Paid subscriptions - Users can subscribe to access premium content and features.
• Advertising - The platform runs audio ads and sponsored content.
• Content sales - Users can purchase individual pieces of premium content.
• Virtual gifting - Listeners can send virtual gifts to content creators during live audio streams.
• Licensing and IP - Ximalaya licenses popular audio content for books, TV, etc.
• Hardware sales - The company sells smart speakers and other audio devices.

Key Offerings

• Podcasts on various topics
• Audiobooks
• Radio shows and live audio streams
• Educational courses and lectures
• Children's content
• Music
• Audio dramas and stories
• Smart speakers and audio devices
• AI-powered voice assistant

Key Management

• Yu Jianjun - Co-founder and CEO
• Chen Yuxin - Co-founder

• Valuation: $1.50B
• Industry: Consumer & Retail
• Investors: Warburg Pincus, Aviation Industry Corporation of China
• Unicorn Milestone Date: 4/13/2016

About

Mofang Living, founded in 2009 and headquartered in Shanghai, China, is a leading institutional rental apartment operator. The company provides long-term rental solutions primarily targeting white-collar workers and grassroots employees. Mofang Living operates over 76,000 apartments across 388 locations in 25 cities, making it one of the largest players in China's rental housing market. The company is backed by significant investors, including Warburg Pincus and Caisse de dépôt et placement du Québec (CDPQ), and has raised a total of $710 million in funding. As one of the influential companies in Shanghai, Mofang Living highlights the city's role in addressing urban housing challenges and supporting innovative solutions in the rental housing sector.

Target Audience

Mofang Living primarily targets:

• White-collar workers: Professionals seeking convenient and comfortable rental housing in urban areas.
• Blue-collar workers: Employees looking for affordable dormitory-style living arrangements.
• Young professionals and recent graduates: Individuals who need accessible and well-managed rental housing solutions.

Business Model

Mofang Living employs a dual business model:

• Leased-and-Operated Model: The company leases entire buildings from property owners, renovates them, and then rents out individual units to tenants. This model allows Mofang to maintain control over the quality and management of the properties.
• Manachising (Management + Franchising) Model: Mofang provides operations and management services to third-party property owners or franchisees. This asset-light approach enables rapid expansion without the need for significant capital investment in property acquisition.

Key Offerings

• Mofang Apartment: Targeted at white-collar workers, offering high-quality rental apartments with various amenities.
• Unit 9 Apartment: Provides dormitory-style living for blue-collar workers.
• Value-Added Services: Includes travel, office, fitness, catering, staffless supermarkets, and printing shops within the apartment communities to enhance the living experience.

Investment Timeline

• Series D Funding: Completed in 2019, raising $150 million led by CDPQ, bringing the total funding to $710 million. This round aimed to enhance brand influence, optimise management systems, and expand the franchise business

• Valuation: $1.50B
• Industry: Consumer & Retail
• Investors: Trustbridge Partners, IDG Capital, Sequoia Capital China
• Unicorn Milestone Date: 10/30/2017

About

Changingedu is an online education service company founded in 2014 and headquartered in Shanghai, China. It provides after-school tutoring services through mobile apps that connect students, parents, and teachers. The company has grown rapidly to become a unicorn valued at $1.5 billion, offering personalised online learning experiences for primary and secondary school students.

Target Audience

Changingedu primarily targets primary and secondary school students in China seeking additional academic support and tutoring outside of regular school hours.

Business Model

Changingedu operates on an online-to-offline (O2O) model, using mobile apps to facilitate connections between students/parents and tutors. The company likely generates revenue through:

• Subscription fees from students/parents for access to tutoring services
• Commission fees from tutors for connecting them with students
• Fees for premium content and services on the platform

Key Offerings

• One-on-one online tutoring sessions
• Live-streamed classes
• Educational content and resources
• Personalised learning plans
• Virtual classroom tools and features
• Mobile apps for students, parents, and tutors

Key Management

• Liu Changke - Founder and CEO

Investment Timeline

• 2014: Company founded
• Series A: Date and amount unknown
• Series B: $15 million
• Series C: $100 million (June 2015)
• Series C+: $18 million (2016)
• Series D: $55 million (October 2017)

• Valuation: $1.50B
• Industry: Industrials
• Investors: Source Code Capital, Coatue Management, DCM Ventures
• Unicorn Milestone Date: 6/29/2021

About

YQNlink, also known as YQN, is a leading global logistics service platform based in Shanghai, China. Founded in 2015, the company specialises in providing comprehensive international logistics services. These services include ocean freight, air freight, rail freight, multimodal transport, trucking, customs clearance, warehousing, cargo insurance, and port of destination services. YQNlink aims to make global trade more transparent and efficient by leveraging digital technology to streamline logistics processes and enhance service standards.

Target Audience

YQNlink primarily targets businesses involved in international trade, including manufacturers, exporters, importers, and e-commerce companies. Their services are designed to cater to companies of all sizes that require efficient and reliable logistics solutions to move goods across borders. This includes large enterprises looking for comprehensive logistics management and small to medium-sized businesses seeking cost-effective shipping options.

Business Model

YQNlink operates on a digital platform that integrates various logistics services into a single, user-friendly interface. The business model revolves around providing a one-stop solution for all logistics needs, which includes:

• Digital Platform: YQNlink's platform allows customers to compare rates, make bookings, and manage shipments online. This addresses common industry challenges such as complex channels, opaque pricing, and inconsistent service standards.
• Partnerships: The company has established partnerships with over 300 top shipping and airline companies and has access to more than 3,500 high-quality supplier resources. This extensive network enables YQNlink to offer competitive rates and reliable services.
• Global Reach: YQNlink has subsidiaries and branches worldwide, covering North America, Latin America, Southeast Asia, and the Middle East. This global presence ensures that they can provide localised services and support to their clients.
• Value-Added Services: Beyond basic logistics, YQNlink offers value-added services such as cargo insurance, customs clearance, and warehousing. These services help clients manage their supply chains more effectively and reduce risks associated with international shipping.

Key Offerings

• Ocean Freight
• Air Freight
• Rail Freight
• Multimodal Transport
• Trucking Services
• Customs Clearance
• Warehousing
• Cargo Insurance
• Port of Destination Services
• Cross-Border E-Commerce Logistics

Key Management

• Shihao Zhou: Chief Executive Officer and Founder. Zhou has over 20 years of experience in international logistics and is one of the pioneers in the field of digital logistics in China.
• Lynn Feng: Key Account Management Director.

• Valuation: $1.48B
• Industry: Industrials
• Investors: China Grand Prosperity Investment, CSC Group
• Unicorn Milestone Date: 3/6/2019

About

Bordrin Motors is a Chinese electric vehicle (EV) startup founded in 2016 and headquartered in Shanghai. The company develops and manufactures smart electric vehicles with a focus on long range and high performance. Bordrin aims to provide multi-dimensional smart travel, mobile energy, and shared economic solutions through its EV offerings. As one of the emerging unicorn companies in Shanghai, Bordrin Motors highlights the city's vibrant EV industry and its dedication to advancing innovative and sustainable transportation solutions.

Target Audience

Bordrin targets environmentally-conscious consumers in China looking for premium electric vehicles with advanced technology features. Their primary audience includes urban professionals and tech-savvy individuals interested in long-range EVs with autonomous driving capabilities.

Business Model

Bordrin follows a direct-to-consumer business model, developing and manufacturing its own electric vehicles and selling them through company-owned stores. The company focuses on in-house development of key EV technologies like batteries and autonomous driving systems to differentiate its offerings. Bordrin partners with established automakers like FAW for manufacturing to reduce capital expenditure. The company aims to generate revenue through vehicle sales as well as future mobility services enabled by its autonomous driving technology.

Key Offerings

• iV6: Mid-size electric SUV with over 500 km range
• iV7: Premium electric SUV with advanced autonomous features
• Electric vehicle platforms: i-SP, i-MP, and i-LP for different vehicle segments
• Proprietary battery and autonomous driving technologies

Key Management

• Huang Ximing: Founder and CEO
• Jerry Lavine: President of North America Operations

• Valuation: $1.45B
• Industry: Industrials
• Investors: Taigang Venture Capital
• Unicorn Milestone Date: 6/27/2019

About

Ouyeel is an online steel transaction platform established in 2015 by the Shanghai-based state-owned China Baowu Steel Group Corp. It serves as a comprehensive digital marketplace for the steel industry, providing a wide range of services including transactions, logistics, storage, processing, investment, fundraising, and financial products. The platform aims to streamline and modernise the steel supply chain by leveraging digital technologies.

Target Audience

Ouyeel primarily targets businesses within the steel industry, including:

• Steel manufacturers
• Steel traders
• Small and medium-sized enterprises (SMEs) involved in steel-related activities
• Logistics companies
• Financial institutions providing services to the steel sector

Business Model

Ouyeel operates a B2B (business-to-business) digital platform that connects buyers and sellers of steel products. The business model revolves around several key components:

• Transaction Fees: Ouyeel charges a fee for each transaction conducted on its platform. This fee is a percentage of the transaction value.
• Subscription Services: Users can subscribe to premium services for enhanced features such as advanced analytics, market insights, and priority customer support.
• Logistics and Storage: The platform offers logistics and storage solutions, charging fees for warehousing, transportation, and inventory management.
• Processing Services: Ouyeel provides steel processing services, including cutting, shaping, and finishing, for an additional fee.
• Financial Services: The platform offers financial products such as loans, credit insurance, and investment opportunities tailored to the needs of the steel industry.
• Advertising and Sponsorship: Companies can advertise their products and services on the platform, generating additional revenue for Ouyeel.

Key Offerings

• Transaction Platform: Facilitates buying and selling of steel products.
• Logistics and Storage: Provides warehousing and transportation services.
• Processing Services: Offers steel cutting, shaping, and finishing.
• Financial Products: Includes loans, credit insurance, and investment opportunities.
• Market Insights: Provides industry news, analytics, and market trends.
• Investment and Fundraising: Assists companies in raising capital and finding investment opportunities.

Key Management

• Chen Derong: Chairman of China Baowu Steel Group Corp.
• Huabao Investment: Manages Ouyeel and oversees its strategic direction.
• Key Investors: Include Benxi Steel Group, CCB Principal Capital Management, SINOTRANS & CSC Holdings, China Structural Reform Fund, and CITIC Securities.

Investment Timeline

• Series A: Raised $140 million.
• Series B: Raised $293.72 million, bringing the total funding to approximately $433.72 million.
• Strategic Investment: In August 2023, Ouyeel secured an additional $138.3 million from investors including Hidden Hill Capital.

• Valuation: $1.35B
• Industry: Consumer & Retail
• Investors: DESUN Capital, Yunfeng Capital, Meridian Capital
• Unicorn Milestone Date: 4/16/2018

About

DeepBlue Technology, founded in 2014 and based in Shanghai, China, is a leading artificial intelligence (AI) company. It focuses on AI research and application development across various sectors, including intelligent driving, intelligent robots, industrial automation, and intelligent healthcare. The company's mission is encapsulated in its guiding principle: "Serving Humanity with AI." DeepBlue Technology has made significant strides in AI, boasting over 1,200 patents and numerous awards and honours. As one of the prominent unicorn companies in Shanghai, DeepBlue Technology exemplifies the city's leadership in AI innovation and its commitment to leveraging technology for the betterment of society.

Target Audience

DeepBlue Technology primarily targets the following sectors:

• Transportation: Autonomous driving solutions for public transportation and logistics.
• Industrial Automation: AI-driven solutions for manufacturing and industrial processes.
• Healthcare: AI applications for medical diagnostics and health monitoring.
• Retail: Intelligent retail systems for unmanned stores and smart shopping experiences.
• Urban Development: Smart city projects aimed at improving urban living conditions.

Business Model

DeepBlue Technology operates on a B2B (business-to-business) model, providing AI solutions and products to various industries. The company integrates both hardware and software to deliver comprehensive AI-driven systems. Its business model includes:

• Product Sales: Selling AI-driven products like the Smart Panda Bus and intelligent robots.
• Licensing and Patents: Licensing its AI technologies and patents to other companies.
• Partnerships and Collaborations: Collaborating with academic institutions and industry partners to co-develop and implement AI solutions.
• Service Contracts: Offering maintenance, support, and customisation services for its AI systems.

Key Offerings

Intelligent Driving:

• Smart Panda Bus: An autonomous bus equipped with AI technologies like autopilot, biometric access, and intelligent retail systems.
• Panda Road Sweeper: An autonomous street cleaning vehicle.

Intelligent Robots:

• Household AI Robots: Robots with character preference selection and pre-training capabilities for personalised user interaction.

Industrial Automation:

• Visual Inspection Systems: AI-driven systems for quality control in manufacturing.
• Industrial Intelligent Linkage: Solutions for automated and intelligent industrial processes.

Healthcare:

• AI Physiological Testing System: Tools for predicting health indicators and diagnosing diseases.
• Smart Wellness Products: Including smart beds, self-driving wheelchairs, and family companion robots.

Retail:

• quiXmart: Unmanned intelligent retail systems using AI for automated shopping experiences.

Key Management

• Chen Haibo: Founder and Chairman of DeepBlue Technology. He has been instrumental in driving the company's vision and strategic direction.

• Valuation: $1.30B
• Industry: Consumer & Retail
• Investors: Coatue Management, H Capital, Capital Today
• Unicorn Milestone Date: 12/24/2020

About

Manner Coffee is a rapidly growing coffee chain founded in Shanghai in 2015. It has become known for offering high-quality, affordable coffee in small, convenient locations. Manner has expanded to over 1,000 stores across China and reached unicorn status with a valuation of over $4.5 billion, making it one of the fastest-growing coffee chains in the country.

Target Audience

Young urban professionals and office workers in major Chinese cities, particularly Shanghai. Manner appeals to customers looking for quality coffee at reasonable prices in convenient grab-and-go locations.

Business Model

Manner Coffee operates on a direct-to-consumer model with company-owned stores rather than franchises. Key aspects include:

• Small-format stores (20-50 square meters) located near office buildings and high-traffic areas
• Focus on takeaway coffee with limited seating
• Use of semi-automatic espresso machines requiring skilled baristas
• Sourcing of high-quality coffee beans, including from China's Yunnan province
• Affordable pricing (15-20 yuan per cup) compared to foreign chains
• Minimal marketing, relying instead on word-of-mouth and organic growth
• Emphasis on coffee quality and barista training
• Strategic collaborations with other trendy brands

Key Offerings

• Espresso-based drinks (lattes, cappuccinos, etc.)
• Americanos
• Cold brew coffee
• Seasonal specialty drinks
• Baked goods and light food items
• Retail coffee beans

Key Management

• Han Yulong - Founder and CEO

Investment Timeline

• 2018: Received 80 million yuan from Capital Today
• 2020-2021: Multiple funding rounds from investors including H Capital, Temasek, Meituan's DragonBall Capital
• June 2021: Investment from ByteDance, valuation reached $4.5 billion

• Valuation: $1.24B
• Industry: Enterprise Tech
• Investors: Tencent Holdings, Delta Capital, Redpoint Ventures China
• Unicorn Milestone Date: 5/1/2021

About

Enflame is an artificial intelligence (AI) chip startup founded in 2018 and headquartered in Shanghai, China. The company specialises in developing cloud-based deep learning chips for AI training platforms, with a focus on creating high-performance, energy-efficient AI processors for data centres. As a unicorn company, Enflame has achieved a valuation of over $1 billion, reflecting its significant growth and potential in the AI chip market.

Target Audience

Enflame's primary target audience includes:

• Cloud service providers
• Data centres
• AI research institutions
• Tech companies developing AI applications
• Industries requiring high-performance AI computing, such as finance, healthcare, and autonomous vehicles

Business Model

Enflame's business model revolves around the development and sale of AI chips and related software solutions. The company focuses on:

• Research and Development: Investing heavily in R&D to create cutting-edge AI chip designs that offer superior performance and energy efficiency compared to traditional processors.
• Chip Manufacturing: Partnering with semiconductor foundries to manufacture their designed chips.
• Software Development: Creating software platforms and tools that optimise the performance of their AI chips and simplify their integration into existing systems.
• Sales and Licensing: Selling AI chips directly to customers or licensing their chip designs and related technologies to other companies.
• Partnerships: Collaborating with major tech companies like Tencent to develop customised AI solutions and expand their market reach.
• Cloud Services: Potentially offering cloud-based AI computing services using their proprietary chips to provide a complete AI infrastructure solution.

Key Offerings

• Cloud-based deep learning chips for AI training
• AI accelerator cards for data centres
• Software development kits (SDKs) for AI chip optimisation
• Custom AI solutions for specific industry applications
• AI infrastructure consulting services

Key Management

• Zhao Lidong: Founder and CEO (former senior executive at Tsinghua Unigroup)
• Zhang Yalin: Co-founder (former head of AMD's Shanghai research centre)

Investment Timeline

• 2018: Company founded
• January 2021: Raised $278.5 million in Series C funding led by Tencent, CITIC, and others
• September 2023: Secured $273.7 million in Series D funding led by Shanghai International Group
• Total funding raised to date: Approximately $744.31 million

• Valuation: $1.20B
• Industry: Consumer & Retail
• Investors: Alibaba Group, KKR, Goldman Sachs
• Unicorn Milestone Date: 9/11/2016

About

Yiguo(易果生鲜) is a Chinese e-commerce platform specialising in fresh food delivery. Founded in 2005, it has become one of China's largest B2C fresh produce online marketplaces. Yiguo operates a sophisticated cold chain logistics network to deliver perishable goods like fruits, vegetables, meats, and seafood to customers across China. As one of the notable unicorn companies in Shanghai, Yiguo underscores the city's strength in e-commerce and logistics, providing high-quality fresh food to consumers nationwide.

Target Audience

Yiguo primarily caters to urban consumers in major Chinese cities who seek convenient access to high-quality fresh produce and groceries. Its services are particularly popular among busy professionals and families in metropolitan areas like Beijing, Shanghai, Guangzhou, and Chengdu.

Business Model

Yiguo's business model revolves around its e-commerce platform and advanced cold chain logistics network:

• Online Marketplace: Yiguo operates a digital platform where customers can browse and purchase a wide variety of fresh produce and groceries.
• Cold Chain Logistics: The company has invested heavily in developing ExFresh, its cold chain logistics subsidiary, to ensure the quality and freshness of perishable goods during transportation and delivery.
• Direct Sourcing: Yiguo works directly with farmers and producers to source fresh products, reducing intermediaries and ensuring quality control.
• Data-Driven Operations: The company utilises big data analytics to predict demand and optimise inventory management.
• Multiple Delivery Options: Yiguo offers various delivery methods, including self-pickup lockers, partnerships with retailers, and door-to-door delivery.

Key Offerings

• Fresh fruits and vegetables
• Meats and seafood
• Dairy products and eggs
• Imported foods
• Same-day or next-day delivery services
• Cold chain logistics solutions through ExFresh subsidiary

Key Management

• Zhang Ye: Co-founder, Chairman, and CEO of Shanghai Yiguo E-commerce Co Ltd

• Valuation: $1.17B
• Industry: Industrials
• Investors: Source Code Capital, Global Logistic Properties, K2VC
• Unicorn Milestone Date: 1/14/2019

About

Yimidida is a Chinese logistics unicorn founded in 2015 and headquartered in Shanghai. The company provides a cloud-based logistics platform and delivery services, specializing in shipping to rural towns and villages across China. Yimidida has built an extensive network covering 27 provinces, with a strong presence in tier-three and tier-four cities. As one of the prominent unicorn companies in Shanghai, Yimidida highlights the city's capability in logistics innovation and its significant impact on improving connectivity and delivery services in less urbanized areas of China.

Target Audience

Yimidida primarily caters to businesses and consumers in smaller cities, towns, and rural areas of China. The company focuses on serving the logistics needs of the over 80% of China's population living in tier-three and tier-four cities, who are increasingly participating in the country's consumption upgrade trend.

Business Model

Yimidida operates on a platform-based business model, leveraging its extensive network of logistics resources to provide comprehensive less-than-truckload (LTL) services. The company's unique "bottoms-up" approach involves uniting regional logistics companies under a single platform, creating a dynamic network that connects provinces, cities, towns, and counties.

Yimidida's business model is built on two key components:

• The "B network": An autonomous province network formed through regional alliances.
• The "A network": A self-built national network.

Key Offerings

• Less-than-truckload (LTL) logistics services
• Cloud-based logistics platform
• Door-to-door delivery
• Payment collection services
• Delivery tracking
• Transport insurance
• Return receipts
• Value-added services (e.g., secure packaging, SMS notifications)

Key Management

• YANG Xing: CEO of Yimidida

Investment Timeline

• Founded in 2015
• Total funding raised: $553.61 million across multiple rounds
• Latest funding round: Series D - III, raising $142.86 million (approximately 4 years ago)

• Valuation: $1.10B
• Industry: Media & Entertainment
• Investors: China Culture Industrial Investment Fund, We Capital, China Minsheng Investment Group
• Unicorn Milestone Date: 2/6/2021

About

Qingting FM, headquartered in Shanghai, China, is a leading digital audio platform that offers a wide range of audio content. Launched in September 2011, the platform aggregates various types of audio media, including radio broadcasts, audiobooks, children's stories, comedy sketches, news, music, talk shows, history, finance, technology, and education. Qingting FM has grown to become a significant player in the media and entertainment industry, boasting over 450 million total users and 100 million monthly active users.

Target Audience

Qingting FM primarily targets:

• General Public: Individuals seeking diverse audio content for entertainment, education, and information.
• Commuters: City dwellers with long commutes who prefer consuming audio content on the go.
• Young Professionals: Those looking to stay updated with new information and trends while multitasking.
• Families and Children: Offering children's stories and educational content.
• Audiobook Enthusiasts: Users interested in a wide range of audiobooks across various genres.

Business Model

Qingting FM operates on a multi-faceted business model that includes:

• Freemium Model: Offering free access to a vast library of audio content with advertisements. Users can opt for a premium subscription to enjoy an ad-free experience and access exclusive content.
• Subscription Services: Charging users for premium content, including exclusive audiobooks, podcasts, and live broadcasts. Subscription fees typically range from RMB 20 to RMB 30 (USD 2.85 to USD 4.28) per month.
• Content Partnerships: Collaborating with content creators, publishers, and hardware manufacturers like Xiaomi to expand its content library and reach. This includes pre-installing the app on smartphones and integrating it with smart home devices.
• Advertising: Generating revenue through advertisements played during free content streaming.
• User-Generated Content: Allowing users to upload and promote their own content, creating personal radio channels and attracting more listeners.

Key Offerings

• Radio Broadcasts: Access to thousands of FM radio stations.
• Audiobooks: A wide selection of audiobooks across various genres.
• Children's Stories: Educational and entertaining audio content for children.
• Comedy Sketches: Humorous audio content.
• News and Talk Shows: Up-to-date news and engaging talk shows.
• Music: Diverse music playlists and radio stations.
• Educational Content: Audio programs covering finance, technology, history, and more.
• Live Broadcasting: Real-time audio streaming and interaction with hosts.

Key Management

• CEO: Tinghao Yang.
• Founder: Zhang Qiang, a pioneer in the Chinese internet industry.

• Valuation: $1.08B
• Industry: Industrials
• Investors: QF Capital, QC Capital, Unicom Innovation Venture Capital
• Unicorn Milestone Date: 1/25/2021

About

56PINGTAI, also known as 56Pingtai.net or Tiandihui, is a logistics integration platform based in Shanghai, China. Founded in 2013 by Shuibo Xu, the company has grown to become a unicorn with a valuation of $1.08 billion as of January 2021. The platform leverages big data, mobile technologies, and cloud computing to enhance efficiencies in the logistics sector, offering a comprehensive suite of services that include supply chain management, finance, and road transportation solutions. As one of the key unicorn companies in Shanghai, 56PINGTAI demonstrates the city's leadership in leveraging technology to transform the logistics industry, driving innovation and efficiency in supply chain management.

Target Audience

56PINGTAI primarily targets businesses that require logistics and supply chain management solutions. This includes:

• E-commerce companies
• Auto parts suppliers
• Third-party logistics (3PL) providers
• Manufacturers and distributors
• Retailers

Business Model

56PINGTAI operates on a B2B (business-to-business) model, providing integrated logistics solutions to its clients. The company’s business model revolves around the following key components:

• Platform Services: 56PINGTAI offers an online platform that connects shippers with logistics service providers, facilitating efficient and cost-effective transportation solutions.
• Network Management: The platform manages a network of logistic parks and road transportation services, ensuring seamless operations across various regions.
• Data-Driven Solutions: Utilising big data and cloud computing, 56PINGTAI provides real-time tracking, route optimisation, and predictive analytics to enhance logistics efficiency.
• Financial Services: The company also offers financial services related to logistics, such as freight financing and payment solutions, to support the cash flow needs of its clients.

Key Offerings

• Logistics Integration Platform: A comprehensive platform for managing logistics operations.
• Network Management: Management of logistic parks and road transportation networks.
• Supply Chain Management: End-to-end supply chain solutions.
• Financial Services: Freight financing and payment solutions.
  Big Data and Cloud Computing: Real-time tracking, route optimisation, and predictive analytics.

Key Management

Shuibo Xu: Founder and Chairman of the Board.

• Valuation: $1B
• Industry: Industrials
• Investors:
• Unicorn Milestone Date: 1/1/2015

About

LinkSure Network is a mobile internet company founded in 2013 and based in Shanghai, China. It specialises in providing free internet access and connectivity solutions globally. The company achieved unicorn status in 2015 after raising $52 million in Series A funding, reaching a valuation of over $1 billion.

Target Audience

LinkSure Network primarily targets internet users worldwide, with a particular focus on those in underdeveloped areas or regions with limited internet infrastructure. The company aims to bridge the digital divide by providing free internet access to people who may not otherwise have it.

Business Model

LinkSure Network operates on a freemium model, offering its core services for free while generating revenue through partnerships, advertisements, and premium services. The company leverages its large user base to attract advertisers and partners. For its satellite internet project, LinkSure plans to generate revenue from high-end users and services in areas unreachable by terrestrial networks.
The company's main strategy revolves around building a multidimensional internet matrix through sharing, investment, proprietary development, collaboration, and philanthropy. This approach allows LinkSure to expand its reach and provide various internet-related services while maintaining its core mission of free internet access.

Key Offerings

• WiFi Master Key (now WiFi Master): A mobile app for free Wi-Fi access and sharing
• LinkSure Swarm Constellation System: A planned network of 272
• satellites to provide global internet coverage
• Free internet access services
• Online literature platforms (LinkSure Literature)
• Location-based services
• Content services

Key Management

Chen Danian: Founder and CEO (also co-founder of Shanda Group)

• Valuation: $1B
• Industry: Consumer & Retail
• Investors: China Minsheng Investment, Baidu, Wanxin Media
• Unicorn Milestone Date: 10/29/2015

About

HuJiang is a professional e-learning platform based in Shanghai, China. Founded in 2001, it has grown into a leading online education company with a valuation of $11.40 billion as of June 2021. HuJiang aims to make high-quality education more accessible and enjoyable through mobile learning applications, online courses, and visual classroom platforms. The company serves over 150 million users in China and offers a wide variety of educational programs, including international and domestic examination preparation, foreign language learning, and professional skills training. As one of the prominent unicorn companies in Shanghai, HuJiang highlights the city's role in revolutionising the education sector through innovative e-learning solutions.

Target Audience

HuJiang's target audience includes:

• Students of all ages, from children to adults
• Individuals preparing for international and domestic exams
• Professionals seeking skills training
• Schools and educational institutions looking to integrate online learning resources

Business Model

HuJiang operates on a multi-faceted business model that includes:

• Subscription-Based Services: Users can subscribe to various online courses and learning tools.
• Freemium Model: Basic educational content is available for free, while premium content requires a subscription or one-time payment.
• Partnerships and Collaborations: HuJiang collaborates with over 500 schools and institutions, including Coursera, Khan Academy, and McGraw-Hill Education, to provide a wide range of educational resources.
• Support for Startups: The company actively supports other online education startups, creating an ecosystem that fosters innovation and growth in the edtech sector.
• Corporate Training: HuJiang offers professional skills training for businesses and organisations.

Key Offerings

• Online Courses: Covering a wide range of subjects including languages, exam preparation, and professional skills.
• Mobile Learning Applications: Accessible educational content through mobile apps.
• Visual Classroom Platforms: Interactive online classrooms for a more engaging learning experience.
• Public Courses and Lectures: Over 20,000 public courses and lectures available.
• Community and Tools: Online community and tools to support learning and collaboration.

Key Management

• Founder: Rui Tang
• Key Investors: Wanxin Media, China Minsheng Investment Group, Baidu

• Valuation: $1B
• Industry: Consumer & Retail
• Investors: QiMing Venture Partners, Temasek Holdings, Silverlink Capital
• Unicorn Milestone Date: 11/18/2015

About

iTutorGroup is a Shanghai-based online education company founded in 1998 that achieved unicorn status. It operates as a global leader in online education, providing personalised learning experiences through its human-to-human platform and service model. The company leverages big data analytics and advanced algorithms to match students with teachers and digital content, offering 24/7 access to education in various subjects.

Target Audience

iTutorGroup caters to a diverse audience, including:

• Adult professionals seeking English language learning
• Children and teenagers (ages 5-18) looking to learn English, math, coding, and other subjects
• Individuals interested in learning Mandarin Chinese
• Businesses and corporations seeking language training for employees

Business Model

iTutorGroup operates on a subscription-based model, offering online courses and tutoring services through its various platforms. The company's business model is built on the following key elements:

• Platform Ecosystem: iTutorGroup has created multiple brands under its umbrella, each targeting specific segments of the education market. This diversification allows them to capture a wide range of customers and learning needs.
• Technology-driven Matching: The company uses artificial intelligence and big data analytics to match students with suitable teachers and content, ensuring personalised learning experiences.
• Global Teacher Network: iTutorGroup has a vast network of over 30,000 certified ESL teachers worldwide, allowing them to provide round-the-clock tutoring services.
• Flexible Learning Options: Students can access courses through various devices, anytime and anywhere, catering to different schedules and learning preferences.
• Recurring Revenue: The company focuses on retaining students, with an average learning duration of three years and a 95% month-over-month recurring student rate.

Key Offerings

• TutorABC: English language learning platform for adults in mainland China and Taiwan
• vipJr: English language, mathematics, and other subjects for students aged 5-18 in mainland China
• TutorMing: Mandarin Chinese language learning platform for global learners
• LiveH2H: Online exchange platform for meeting, sharing, learning, and teaching
• vipabc: English language learning platform for the Japanese market
• tutorJr: English language learning for students aged 6-18 in Taiwan

Key Management

Dr. Eric Yang: Chairman and CEO

• Valuation: $1B
• Industry: Financial Services
• Investors: Standard Chartered, FinSight Ventures, Affirma Capital
• Unicorn Milestone Date: 2/8/2017

About

DianRong is a peer-to-peer (P2P) lending and financial services platform based in Shanghai, China. Founded in 2012, it aims to revolutionise China's financial services industry by providing an online marketplace connecting borrowers and lenders. DianRong leverages technology like artificial intelligence and blockchain to offer innovative lending solutions. As one of the influential unicorn companies in Shanghai, DianRong underscores the city's position as a leader in fintech innovation, transforming traditional financial services through cutting-edge technologies.

Target Audience

DianRong primarily serves small and medium enterprises (SMEs) and individual borrowers in China who may have difficulty accessing traditional bank loans. Its target market includes higher-educated individuals and businesses looking for alternative financing options.

Business Model

DianRong operates as an online lending marketplace, connecting borrowers with individual and institutional investors. The company earns revenue by charging origination fees on loans (1-5% of loan amount) and servicing fees. DianRong uses advanced risk modeling and credit assessment technology to evaluate borrowers. It also partners with banks to expand their lending capabilities using DianRong's technology platform.

Key Offerings

• Online personal loans
• Consumer loans
• Cash advance loans for merchant
• SME loans
• Supply chain financing solutions
• Blockchain-based financial services
• White-label technology solutions for banks and financial institutions

Key Management

• Soul Htite - Founder and former CEO (co-founder of LendingClub)
• Kevin Guo - Co-founder and former Co-CEO
• Long Loh - Current CEO
• Xuxia Kuang - Chief Operating Officer

Investment Timeline

• 2012: Founded
• Sep 2015: $207 million Series C round led by Standard Chartered Bank
• Aug 2017: $220 million funding round
• Jan 2018: $60 million investment from ORIX
• Jun 2019: $100 million Series F round

• Valuation: $1B
• Industry: Industrials
• Investors: Yunfeng Capital, SDIC Innovation Investment Management, Shang Qi Capital
• Unicorn Milestone Date: 9/13/2018

About

Banma Network Technologies is a Chinese unicorn startup based in Shanghai that develops smart car technology and virtualisation software for operating systems. Founded in 2015, the company has raised over $696 million and is valued at over $1 billion, making it a unicorn.

Target Audience

Banma Network Technologies primarily targets automotive manufacturers and consumers interested in connected and intelligent vehicles.

Business Model

Banma Network Technologies generates revenue by licensing its smart car technology and virtualisation software to automakers. This allows them to integrate Banma's solutions into their vehicles, providing an enhanced connected and intelligent driving experience for consumers. The company also likely earns revenue from data and analytics services related to the usage of its in-vehicle technology.

Key Offerings

• Smart car technology for connected and intelligent vehicles
• Virtualisation software for vehicle operating systems
• Data and analytics services for automakers

Key Management

• Zhang Chunhui - Former CEO (recently replaced)
• Alibaba Group - Major investor and shareholder

Investment Timeline

• 2015 - Founded in Shanghai, China
• 2018 - Raised $237 million in Series B funding, becoming a unicorn
• 2021 - Raised additional $463 million in funding

• Valuation: $1B
• Industry: Consumer & Retail
• Investors: DST Global, Sequoia Capital China, Gaorong Capital
• Unicorn Milestone Date: 4/29/2019

About

Poizonis a Shanghai-based unicorn startup that operates a leading online marketplace for authentic sneakers, streetwear, and luxury fashion items. The platform, originally a sub-forum of the Chinese online sports community Hupu, spun off as an independent entity and rapidly grew to achieve unicorn status with a valuation of $1 billion in 2019. As one of the prominent unicorn companies in Shanghai, Poizon showcases the city's dynamic e-commerce landscape and its ability to nurture platforms that cater to niche markets and foster a culture of authenticity and style.

Target Audience

Poison primarily caters to Generation Z and Millennial consumers, with over 350 million shoppers using the platform to discover, buy, sell, and discuss global products and trends.

Business Model

Poizon operates as a two-sided marketplace, connecting buyers and sellers of authentic fashion items. The company generates revenue through:

• Commission fees: Poizon charges sellers a commission of 7.5% to 9.5% of the transaction price.
• Authentication fees: Buyers pay a CNY 5 ($0.74) appraisal fee per product for authentication services.
• Platform fees: Additional fees may be charged for various services on the platform.

Key Offerings

• Authenticated sneakers and streetwear
• Luxury fashion items (apparel, bags, watches)
• Accessories from designer labels and luxury brands
• Digital products
• Community features for discussing fashion trends and products

Investment Timeline

• Pre-2019: Received tens of millions of dollars in funding to separate from Hupu
• April 2019: Completed a funding round led by Digital Sky Technologies (DST), reaching a $1 billion valuation and achieving unicorn status.

• Valuation: $1B
• Industry: Enterprise Tech
• Investors: Eastern Bell Capital, Danhua Capital, MSA Capital
• Unicorn Milestone Date: 1/6/2021

About

XForcePlus develops enterprise SaaS solutions focused on streamlining supply chain information and VAT invoice management. The company's platform helps businesses improve efficiency, reduce costs, and mitigate fiscal and tax risks.

Target Audience

XForcePlus primarily serves large corporations and group enterprises. Its platform has successfully connected with over 1 million service providers and has been utilised by more than 100 top 500 enterprises.

Business Model

XForcePlus operates on a Software-as-a-Service (SaaS) model, providing cloud-based solutions for enterprise collaboration and tax management. The company generates revenue by offering its platform and services to large corporations, helping them optimise their supply chain processes and manage tax-related tasks more efficiently. XForcePlus's success is evident in the cumulative settlement amount on its platform, which exceeds 20 trillion yuan.

Key Offerings

• Enterprise collaboration platforms
• Tax invoice management
• Electronic imaging
• Electronic archives
• Data value-added services
• Supply chain information collaboration tools

Investment Timeline

• June 1, 2021: Raised nearly $200 million in Series C, C+, and C++ rounds of financing
• Total funding raised to date: $200 million

• Valuation: $1B
• Industry: Healthcare & Life Sciences
• Investors: Qiming Venture Partners, Vivo Capital, Sequoia Capital China
• Unicorn Milestone Date: 12/7/2021

About

Caidya is a full-service Contract Research Organization (CRO) based in Shanghai that provides comprehensive clinical development services to the biopharmaceutical industry. The company aims to accelerate drug development and improve clinical research capabilities through personalised partnerships, global expertise, and knowledge sharing. As one of the notable unicorn companies in Shanghai, Caidya exemplifies the city's strength in the biopharmaceutical sector and its commitment to advancing medical research and innovation.

Target Audience

Caidya primarily serves biopharmaceutical companies, biotechnology firms, and research institutions seeking to conduct clinical trials and develop new therapies across various therapeutic areas.

Business Model

Caidya operates on a contract research model, offering a range of clinical research services to its clients. The company leverages its global presence, local expertise, and advanced technology to provide tailored solutions for clinical trials. Caidya's business model focuses on:

• Personalised partnerships: Collaborating closely with clients to understand their specific needs and goals.
• Global reach with local knowledge: Utilising its presence in multiple countries to conduct multinational studies efficiently.
• Technology integration: Employing cutting-edge clinical technology to create an ecosystem that meets each study's specific requirements.
• Knowledge sharing: Emphasising the activation and sharing of expertise throughout the clinical development process.

Key Offerings

• Full-service clinical trial management (Phase I-IV)
• Regulatory strategy and submissions
• Clinical operations
• Biometrics and data management
• Quality management
• Post-approval surveillance
• Therapeutic area expertise (oncology, rare diseases, CNS, infectious diseases)

Key Management

Dr. Lingshi Tan: CEO

• Valuation: $1B
• Industry: Industrials
• Investors: Yunqi Partners, SoftBank Group, iVision Ventures
• Unicorn Milestone Date: 9/15/2021

About

Keenon Robotics is a Shanghai-based unicorn startup founded in 2010 that specialises in developing and manufacturing commercial service robots, particularly for the food service industry. The company has become a global leader in this sector, responsible for approximately 85% of food-serving robots ever sold in China. Keenon's robots are designed to automate various tasks in restaurants, hotels, hospitals, and other service-oriented environments, enhancing operational efficiency and addressing labor shortages.

Target Audience

Caidya primarily serves biopharmaceutical companies, biotechnology firms, and research institutions seeking to conduct clinical trials and develop new therapies across various therapeutic areas.

Business Model

Caidya operates on a contract research model, offering a range of clinical research services to its clients. The company leverages its global presence, local expertise, and advanced technology to provide tailored solutions for clinical trials. Caidya's business model focuses on:

• Personalised partnerships: Collaborating closely with clients to understand their specific needs and goals.
• Global reach with local knowledge: Utilising its presence in multiple countries to conduct multinational studies efficiently.
• Technology integration: Employing cutting-edge clinical technology to create an ecosystem that meets each study's specific requirements.
• Knowledge sharing: Emphasising the activation and sharing of expertise throughout the clinical development process.

Key Offerings

• Full-service clinical trial management (Phase I-IV)
• Regulatory strategy and submissions
• Clinical operations
• Biometrics and data management
• Quality management
• Post-approval surveillance
• Therapeutic area expertise (oncology, rare diseases, CNS, infectious diseases)

Key Management

Dr. Lingshi Tan: CEO

• Valuation: $1B
• Industry: Consumer & Retail
• Investors: Tencent Holdings, Hillhouse Capital Management
• Unicorn Milestone Date: 9/24/2021

About

HAYDON is a multi-brand cosmetics retailer founded in 2020 in Shanghai. The company operates physical stores and an e-commerce platform, offering a curated selection of beauty and skincare products. HAYDON aims to provide a unique shopping experience by blending Shanghai's retro aesthetic with modern retail concepts. As one of the emerging unicorn companies in Shanghai, HAYDON showcases the city's vibrant retail innovation and its ability to create distinctive, consumer-focused shopping environments in the beauty industry.

Target Audience

HAYDON caters to beauty-conscious consumers in China, particularly those interested in high-quality, multi-brand cosmetics and skincare products. The company's target audience likely includes young, urban professionals and beauty enthusiasts seeking a premium shopping experience.

Business Model

HAYDON operates as a multi-brand retailer in the beauty and cosmetics sector. The company's business model involves:

• Curating a selection of popular and niche beauty brands for its stores and online platform.
• Creating immersive retail experiences in physical locations, blending Shanghai's cultural heritage with modern design elements.
• Leveraging both offline and online channels to reach customers and drive sales.
• Potentially developing private label products to complement its multi-brand offerings.
• Using data analytics to understand customer preferences and optimise product selection and marketing strategies.

Key Offerings

• Multi-brand cosmetics and skincare products
• Immersive in-store shopping experiences
• E-commerce platform for online purchases
• Curated selection of popular and niche beauty brands
• Possible private label products (not explicitly mentioned in the search results)

Investment Timeline

• September 2021: HAYDON raises $100 million in a Series A-II funding round

• Valuation: $1B
• Industry: Enterprise Tech
• Investors: Sequoia Capital China, Linear Venture, Hearst Ventures
• Unicorn Milestone Date: 2/11/2021

About

Tezign is a Shanghai-based unicorn startup founded in 2015 that focuses on enterprise content management and generative AI technology. The company aims to build the digital infrastructure for content experience, helping businesses produce, manage, distribute, and analyse content more efficiently using AI-powered tools.

Target Audience

Tezign primarily serves medium to large enterprises, including global brands and corporations across various industries. Some of its notable clients include Alibaba, Unilever, Procter & Gamble, L'Oréal, Adidas, Audi, and Porsche.

Business Model

Tezign operates on a B2B SaaS (Software-as-a-Service) subscription model. The company provides a platform that connects designers and content creators with businesses, while also offering AI-powered tools for content management and creation. Tezign's value proposition lies in streamlining the content production process, improving efficiency, and enhancing the quality of content for its enterprise clients. By leveraging AI and a vast network of creators, Tezign helps businesses scale their content operations and manage digital assets more effectively.

Key Offerings

• Content creation and management platform
• AI-powered tools for content production and analysis
• Designer-business matching service
• Digital asset management solutions
• ]Enterprise content workflow optimisation
• Generative AI technology for content creation

Key Management

Fan Ling, the founder and CEO of Tezign, is a Harvard University-educated designer with a doctorate degree.

Investment Timeline

• 2021 October: Completed the first tranche of Series D funding, led by Temasek Holdings, raising approximately $40 million and achieving a valuation of over $1 billion
• 2021 March: Completed a $100 million Series C round led by Sequoia China and Temasek

• Valuation: $1.10B
• Industry: Industrials
• Investors: BlueRun Ventures, Grand Flight Investment, Meituan Dianping
• Unicorn Milestone Date: 10/11/2021

About

Gaussian Robotics, now known as Gausium, is a Shanghai-based unicorn startup founded in 2013 that develops autonomous cleaning robots and other service robots powered by AI and advanced navigation technology. The company aims to revolutionise the cleaning industry through automation and improve productivity for commercial facilities. As one of the notable unicorn companies in Shanghai, Gausium highlights the city's leadership in robotics innovation and its commitment to enhancing efficiency and productivity through cutting-edge technology.

Target Audience

Gaussian Robotics targets commercial, institutional, and industrial facilities such as:

• Office buildings
• Shopping malls
• Airports and train stations
• Hotels
• Hospitals
• Schools and universities
• Factories and warehouses

Business Model

Gaussian Robotics operates on a robotics-as-a-service (RaaS) model:

• They develop and manufacture autonomous cleaning robots with advanced AI and navigation capabilities.
• The robots are sold or leased to commercial facilities and cleaning service providers.
• Recurring revenue comes from software subscriptions, maintenance services, and upgrades.
• The company also offers a cloud platform and mobile apps to manage and monitor the robot fleet.
• As facilities adopt more robots, Gaussian builds an ecosystem of interconnected cleaning and service robots.

Key Offerings

• Scrubber robots (Scrubber 50, Scrubber 75)
• Vacuum robots (Vacuum 40)
• Sweeper robots (Sweeper 111)
• Delivery robots (Delivery X1)
• Multi-functional robots (Phantas)
• Cloud management platform
• Mobile apps for robot control

Key Management

• Edward Cheng - Founder & CEO

Investment Timeline

• Raised $188 million Series C funding in November 2021, led by Capital Today and SoftBank Vision Fund 2