Structural adjustments in the unicorn ecosystem The total number of unicorns—a non-listed company with a market value of over $1 billion—globally continues to grow, albeit more slowly than before, and artificial intelligence (AI) is undoubtedly the biggest sector for opportunity in the unicorn ecosystem at the moment, with the AI wave driving much of the growth. The total number of unicorns worldwide is now, conservatively, approaching 1,300 across 53 countries, with a cumulative valuation of $4.5 trillion. The number of companies in China qualifying as unicorns has stabilized after a sharp decline in recent years, but structural adjustments are ongoing. […]

Date: July 1, 2025 Time: 09:00 to 10:30 UK Time (16:00 to 17:30 Beijing Time) Format: Online via Zoom How are global CEOs rethinking strategy in the age of AI, geopolitical risk and digital fragmentation? As global markets become increasingly fractured, business leaders face a critical challenge: how to build resilience while continuing to grow. This timely online event, hosted by Cheung Kong Graduate School of Business (CKGSB), brings together leading voices from academia and industry to explore how China’s AI and digital transformation are reshaping the fundamentals of global business. The session will also mark the launch of CKGSB’s […]

The Asia Start program is crucial because it provides startups and scaling businesses across the world with strategic insights, networks, and resources to navigate the rapidly evolving digital economy. Given China’s profound impact on digital transformation, the program helps companies leverage Chinese expertise in e-commerce, fintech, AI and EVs. It also fosters cross-border collaboration, investment opportunities, and knowledge-sharing to accelerate growth and competitiveness in the region. Asia Start in Context Looking at the digital economy across Southeast Asia you can see the fingerprints of Chinese influence in almost any sector, from e-commerce to fintech to food delivery. Over the past […]

On March 5, 2025, the Third Session of the 14th National People’s Congress officially opened, with Premier Li Qiang delivering the Government Work Report, outlining China’s macroeconomic goals and key policy priorities for 2025.

In the wave of global economic transformation and technological revolution, unicorn companies, as exemplars of innovation-driven growth, continue to capture attention from all sectors. How are unicorn companies able to grow in an environment marked by global economic uncertainty? In an era of rapid technological advancement, which industries still have the potential to become the focal points of capital and innovation? In the face of escalating international competition, how can Chinese unicorns achieve breakthroughs? Recently, Professor Teng Bingsheng from Cheung Kong Graduate School of Business delivered a keynote speech at the 2024 16th Startup 100 Future Unicorn Conference. His talk, […]

What is happening to China’s once-booming unicorn ecosystem? Why are unicorns, previously fueled by rapid growth and aggressive capital, now struggling to differentiate themselves? In this article, we explore why unicorns have now chosen to adopt more pragmatic strategies, how government-backed funds are becoming the dominant players, and what trends are shaping the future of startups. 01 The New Trends in China’s Unicorn Ecosystem. As high-risk, high-reward investments, the slowdown in the growth of unicorns is largely due to more cautious investors. According to data from the global venture capital platform Crunchbase, the amount of capital flowing into unicorn companies […]

Over the past decade, venture capital fueled the growth of hundreds of startups with valuations exceeding $1 billion. With the rise of ChatGPT, AI emerged as a leading sector, attracting over $50 billion in funding and creating 20 new unicorns in 2023. In 2024, key drivers of unicorn creation are shifting, and global unicorn valuations […]

In today’s rapidly evolving business landscape, integrating high-potential start-ups into an existing business portfolio has emerged as a crucial strategy for achieving long-term growth, especially in dynamic sectors like pharmaceuticals and technology. An analysis by the Federal Trade Commission (FTC) reveals that between 2010 and 2019, the leading five technology firms in the United States—Amazon, […]

Date: December 13, 2023 Time: 14:00 – 17:00 China Time Location: CKGSB Shanghai Campus Hongqiao Vanke Center T5, 988 Lane Shenchang Road, Minhang District, Shanghai Language: English and Chinese (simultaneous translation provided) * Each attending guest will receive a copy of CKGSB’s latest casebook 《Unleashing Innovation》. Currently, the world is facing unprecedented changes and challenges. In the new economic landscape, how enterprises adapt to change and seize opportunities have become more pertinent than ever. Digital strategies and global industry positioning, as key drivers of corporate transformation and advancement, are increasingly becoming the core competitive advantages for many companies. CKGSB has […]

When we talk about fusion, those who have studied physics will immediately think of nuclear fusion. There are two types of nuclear reactions, fission and fusion. Atomic and hydrogen bombs both use fission, in which a particularly large mass of atoms is split into two at ultra-high temperatures and pressures, generating a great deal of […]

Growth in the number of unicorns in China has been slowing due to economic headwinds and changing attitudes

By Teng Bingsheng – Professor of Strategic Management, Associate Dean of Executive Education Programs, CKGSB With the domestic pandemic under control, China’s VC market has recovered significantly and seen a major rebound. China’s total domestic VC investments (bar chart on left axis) vs total amount invested in renminbi (line chart on right axis) As seen from the […]