What is driving the acceleration of China’s unicorn enterprises

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 The view of the Yangtze River Bridge in Southwest China's Chongqing. Photo: VCG

The China Unicorn Enterprise Development Report (2025), released at the Second Global Unicorn Company Conference, reveals that China currently has 409 unicorn enterprises with a total valuation of approximately $1.5 trillion. This accounts for nearly 30 percent of the global unicorn firms and ranking China second worldwide. At the same time, international capital is demonstrating its confidence in China's technological innovation and economic growth through concrete actions. Foreign media, including Fortune magazine, have noted the significant inflow of international capital into China, emphasizing the immense appeal of the country's tech companies and their innovative potential. These developments send an increasingly clear message to the world: walking alongside China means walking with opportunities, believing in China means believing in the future and investing in China means investing in tomorrow.  

In 2013, American venture capitalist Aileen Lee coined the term "unicorn" to describe tech startups valued at over $1 billion that are not listed on a share market, drawing inspiration from the mythical creature known for its rarity and value. While unicorn enterprises are no longer as scarce as they were a decade ago, they continue to represent highly innovative and fast-growing companies, widely regarded as key indicators of the latest technological revolutions and industrial transformations. Compared to the 369 unicorn enterprises listed in last year's report, the number and geographical distribution of Chinese unicorns have further expanded this year. Additionally, according to another report released last year, from 2016 to 2023, the number of unicorn enterprise sectors in China increased from 22 to 39, shifting from a focus on business model innovation to one increasingly driven by technological advancements. Unicorn enterprises are playing an increasingly prominent role in China's economic transformation and upgrading.

With breakthroughs in cutting-edge technologies such as artificial intelligence (AI), quantum computing and biotechnology, China's innovative tech enterprises undoubtedly are set to play an increasingly significant role in the global unicorn enterprise landscape. The deep integration of the digital and real economies, the construction of an innovation ecosystem, and the deepening of capital market reforms will all help more startups with disruptive innovation capabilities to quickly grow into unicorn enterprises. 

Moreover, what is becoming increasingly evident to the world is the value of China as a fertile ground for the growth of innovative technology enterprises. From the national level to local governments, a multi-tiered and comprehensive support system enables these enterprises to face market competition and unknown territories with greater confidence, allowing them to continuously catch up with and even lead the forefront of the world.

China's development approach, which focuses on handling its own affairs well, fundamentally ensures that the country's technological innovation remains a process of continuous self-breakthrough. Take unicorn enterprises as an example: The meeting of the Political Bureau of the CPC Central Committee last July called for strong and effective support for gazelle companies and unicorn firms and this year's two sessions reaffirmed this commitment, from which people see the momentum for development in China that demands urgent actions to seize every opportunity. While trade wars, regional conflicts, and climate disasters continue to challenge the international community, China has remained steadfast in its direction and is forging ahead on its chosen path.

China, with its massive market of over 1.4 billion people, has seen its tech companies innovate through competition, transforming people's lifestyles and, to some extent, redefining the era. Today, China's mobile payment, e-commerce, and sharing economy models have been widely studied in regions such as Southeast Asia, Africa, and Latin America. Breakthroughs in fields like 5G, AI, and biomedicine are also providing new options for optimizing global supply chains and improving healthcare. When China's convenient, efficient, and low-cost lifestyle leaves a deep impression on foreign vloggers visiting the country, and when DeepSeek amazes the world with the new opportunities brought by AI, people believe that this is far from the endpoint of "Made in China" reshaping global imagination.

There is a viewpoint that 2025 could be the year when Chinese tech firms stun the world. In fact, this serves as yet another higher starting point for the idea that "investing in China is investing in the future." Data shows that in the past five years, the return rate of foreign direct investment in China is around 9 percent, which is at relatively high level in the world. Additionally, China is actively addressing the issues faced by foreign enterprises operating within the country and is willing to share vast development opportunities. Looking back, there is a solid foundation for cooperation; looking forward, there are positive expectations for development. Oliver Zipse, chairman of the board of management of BMW Group, stated that as long as the spirit of cooperation is upheld, new growth potential will be unleashed, which reflects the common sentiment of both Chinese and foreign enterprises in the face of opportunities.

The way a country views technological development and competition often reveals its aspirations and character. From substantial investments of international capital to widespread enthusiasm for the global sharing of technological achievements, it is clear that open cooperation is a common desire among the people and a prevailing trend of the times. China will continue to demonstrate through action that technological innovation will further flourish in this vibrant land, as it not only has a vast market, strong policy support, and a dynamic talent ecosystem, but also a steadfast commitment to pursuing development in collaboration with the world.

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Chip ambitions hinge on talent development

 

M’sia must overcome shortage of engineers, Ic designers

”There are an estimated 10,000 to 15,000 IC designers in the country, but the bulk of them work in multinational companies like Intel and Infineon. It is a challenge to coax these experienced personnel out of their comfort zones and venture into a startup. Hence, talent is concentrated in multinational corporations.”

PETALING JAYA: The country’s potential to be a key hub for advanced semiconductor manufacturing, packaging and fabrication hinges on talent.

Kenanga Research said in a report that talent remained an important concern, after taking into account the country’s strengths, including a well-developed infrastructure, pro-business policies and neutral stance in geopolitics.

The research house said during a meeting with the Malaysia Semiconductor Industry Association (MSIA), the question of how players can move up the value chain and how the government can pivot away from the typical tax incentive mindset to one of attracting and retaining talent was raised.

“Among the environmental, social and governance or ESG components, talent development is a constant concern for the semiconductor industry.

“Key findings from the Semiconductor Quarterly Pulse Survey (fourth quarter of 2024 or 4Q24) showed that talent – specifically a shortage of engineers and integrated circuit (IC) designers, and market competition remained the top challenges for the industry,” it said.

Additionally, data showed that 72% of companies were hiring engineers and technicians in 1Q25, a trend that has continued from previous quarters, indicating a continuous need for talent.

Data also showed that in 2022, the average monthly salary for employees within the electrical and electronics (E&E) industry was RM6,450.

However, only 0.3% of the E&E workforce held an advanced degree, indicating potential for further growth.

According to the research house, there are an estimated 10,000 to 15,000 IC designers in the country, but the bulk of them work in multinational companies like Intel and Infineon.

“It is a challenge to coax these experienced personnel out of their comfort zones and venture into a startup. Hence, talent is mostly concentrated in the already well-established multinational corporations,” Kenanga Research noted.

MSIA then said some steps must be taken to mitigate this.

These include setting up a university focused on Science, Technology, Engineering and Mathematics (STEM), facilitating the hiring of foreign STEM students studying in Malaysia, providing the right incentives to attract foreign talent and encouraging semiconductor players to intensify training.

“The government has earmarked about 10% of the RM25bil allocation to train and upskill 60,000 engineers by 2030 to support advanced manufacturing, research and development, and technological advancements in the semiconductor industry,” it noted.

Meanwhile, Kenanga Research said there were potential opportunities that could emerge in the industry for Malaysia.

There has been growing interest in expanding to Malaysia, especially from Chinese semiconductor firms which are looking to leverage on local infrastructure to facilitate global exports.

“Malaysia remains focused on driving economic growth by fostering a pro-business environment that attracts foreign investments.

“Moreover, Malaysia is actively pursuing high-value foreign direct investment while encouraging collaboration between the local private sector and the government to strengthen and develop a robust semiconductor ecosystem, particularly in advanced packaging,” it added.

To successfully do this, the country will focus on several key factors, including strengthening government incentives for IC design, improving supply chain resilience to support high-end semiconductor manufacturing, and attracting semiconductor fabrication investments.

To add to this, the country had committed US$250mil over 10 years in a strategic partnership with Arm Holdings plc recently to access chip design blueprints and training, aiming to transition from chip assembly and testing (back-end) to high-value semiconductor design and production.

With that, Kenanga Research reiterated the need for greater investments into the semiconductor supply chain to strengthen resilience and attract suppliers from key markets.

“While Malaysia has a strong semiconductor foundation, it must accelerate technological adoption, talent development and infrastructure investments to maintain its competitive edge in the rapidly evolving global market,” the research house said.

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Learn about your urine – it tells you more about your health than you think

 

Your urine can tell you several things about your diet and health even without a test. — 123rf

Go ahead, get the giggles out of the way; we’re about to take a close look at urine, and in such conversations, bathroom humour is often the number one byproduct.

But once you’re through, perhaps you can also relieve yourself of the notion that urine is simply material for third-grade (primary school) punchlines – or even simple at all.

Urine is the result of a fascinating and complex system – of which the kidneys are the star – that evolved to keep our internal systems in balance, said University of Alabama at Birmingham cardio-renal physiology and medicine co-director and professor of medicine Dr David Pollock.

“It’s basically what keeps your cells alive,” he said.

“It maintains the internal environment of your entire body.”

Which makes understanding what’s in your pee important.

And that begins with understanding how it’s made.

Kidney control

Urine is created in the kidneys, whose job is usually described as filtering blood.

But the kidneys do much more than that, Prof Pollock said.

“There’s a very close relationship between the heart and the kidneys,” he said.

The kidneys control how much sodium and water your body retains.

That water equates to the volume of blood you carry, and the greater the volume, the higher the pressure will be.

And that makes the kidneys the primary organ in charge of blood pressure.

“And basically, the kidney is responsible for making sure that it doesn’t get too high,” said Prof Pollack.

The kidneys control that volume by regulating sodium.

When sodium is retained, blood volume goes up.

The kidneys also regulate potassium, which helps limit the effects of sodium.

Both are electrolytes, and the kidneys maintain electrolytes at “very, very precise concentrations,” said George Washington University School of Medicine and Health Sciences professor of medicine Dr Janani Rangaswami.

Those concentrations can significantly affect health, said the chief of nephrology at the Washington VA Medical Center.

Electrolyte imbalances such as low sodium levels, can lead to seizures.

High or very low potassium could lead to heart rhythm problems.

The kidneys also balance the blood’s acidity and filter out waste products, as well as some drugs, from the bloodstream.

The result of all this balancing and filtering is urine.

It flows from the kidneys through the ureters to the bladder, where it’s stored until the next commercial break, rest area or whenever it’s your turn in the bathroom.

Depending on a person’s size, the kidneys might filter around 48 gallons (181.7l) of blood each day, Prof Rangaswami said.

That might yield up to a couple of quarts (1.9l) of urine, although it’s important to not fixate on how much urine you produce, she said.

Patients sometimes get the mistaken notion that “if they don’t have a certain urine output, that’s a bad thing, which is not true,” she said.

In reality, the amount can be “all over the place”, varying because of how much fluid you’re drinking, the health of your kidneys and the medications you may be taking.

Urine composition

The exact composition of urine can vary day to day as well, she said.

But most of it – from 91% to 96% – is water.

Thousands of additional components have been identified in urine.

Prof Pollock and Prof Rangaswami say these are the most prominent ones:

> Urea

“Your body takes the protein that you eat, it breaks it down and takes energy from it, and then you have urea left over,” Prof Pollock said.

Urea is mostly nitrogen.

It makes a good fertiliser, and bacteria break it down into ammonia.

This made urine valuable in pre-industrial times for everything from tanning leather to cleaning laundry.

In ancient Rome, urine was collected from public toilets, and it was taxed.

Ammonia is what makes urine smell the way it does, Prof Pollock said.

> Electrolytes

In addition to sodium and potassium, electrolytes include chloride, magnesium and calcium.

Phosphorus, another electrolyte, is what causes urine to glow under ultraviolet light.

> Uric acid

This nitrogen-based compound is created when the body breaks down food and drinks that contain chemicals called purines.

Meats, seafood, beer, beans and some vegetables are high in purines.

Too much uric acid can lead to kidney stones or gout.

> Creatinine

This waste product is created as muscles work and as protein is digested.

A test called UACR, which stands for urine albumin-creatinine ratio, looks for albumin, a protein that can be a warning sign of kidney disease, Prof Rangaswami said.

That, along with blood tests that look at creatinine or urea nitrogen levels, can give doctors a good idea of current kidney function and future risk for worsening kidney function.

That’s important, she said, because “kidney disease is a powerful risk enhancer for cardiovascular disease”.

Observing your pee

Although urinalysis is as old as medicine itself – Sumerian and Babylonian physicians recorded their findings on clay tablets 6,000 years ago, and Sanskrit texts from 100 BC noted 20 types of urine – your urine can tell you several things even without a test.

Urine gets its yellow colour from a chemical called urobilin, or urochrome.

But the intensity of that colour can vary depending on how much water you’ve been drinking.

“A lot of patients wrongly infer that if their urine looks concentrated, or if it’s dark yellow, that something is wrong,” Prof Rangaswami said.

“That’s just a reflection of the urine being more concentrated.

“And usually, drinking more fluids will make it clear.

“So there is no reason to get concerned every time you notice a slight change in the colour.”

Certain foods, such as beets and asparagus, and some medications can also cause exotic, but harmless, changes in the colour or smell of urine, she said.

But “any blood that is visible in the urine should always prompt a medical evaluation,” Prof Rangaswami said.

And persistent foamy urine could be a sign of too much protein in the urine.

This would be a symptom to discuss with a doctor, she said, particularly for someone who is at risk for kidney disease.

That would include people with diabetes, obesity or high blood pressure.

Prof Rangaswami encourages people to make sure their healthcare team is performing routine UACR tests to monitor kidney health, and to follow a doctor’s advice if they have specific conditions such as kidney stones.

But for the most part, healthy urine flows naturally from healthy kidneys, and kidneys are kept healthy by the same habits that help the rest of the body.

“In terms of diet, what would generally be considered a heart-healthy diet is also a kidney-healthy diet,” she said.

That would include eating less sodium and more fresh fruits, vegetables and whole grains, while backing off on heavily-processed foods.

Overall, Prof Rangaswami said, a conversation about urine is a good way to put the importance of kidney health in focus.

And “anything we can do to protect and keep the kidneys healthy is going to be good for their heart as well”. – By Michael Merschel/American Heart Association News/Tribune

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Getting it right

 

US-china trade needs to improve as much as their bilateral relationship deserves much better, but not at the present rate.

Auto ambition: With limited competition abroad but hypercompetition at home, China’s EV industry has powered ahead. — AFP

T

HE constant stream of major global events can be disorienting, particularly when their consequences spin off to produce secondary effects.

Worse, self-interested politics enters as a disabling narrative to make factual understanding more difficult. How to make sense of all this?

One way is to identify the root causes and critically analyse how they develop and proceed. Factual accuracy in descriptions and definitions always helps, while imprecision makes everything more difficult.

Much relates to a rising China and the state of US-China relations. With the world’s biggest economies, theirs is the most critical bilateral relationship for the world and also the most politically fraught. 

In 2004 China displaced the US as Japan’s main trade partner. The following year it displaced the US as the world’s biggest consumer market.

In 2006 the EU became China’s biggest trade partner while China became the EU’s second-biggest. In 2009 China displaced the US as Africa’s main trade partner, and in 2010 it beat Japan as the world’s second-largest economy.

China’s external trade covered a wide range of goods and services as its productive forces gained critical mass. In the process, industrial clout came not simply from resources and scale but also strong production ecosystems and supply chains, including a skilled workforce.

China quickly developed as the “world’s factory” with the Global North’s industries choosing to relocate production there. They flocked to establish factories in China offering the best returns on investment.

But while foreign companies retained older technology like internal combustion engines (ICE), China prioritised electric vehicles (EVs) to cut air pollution and dependence on imported oil. There was no domestic oil lobby to derail EV development, only government encouragement instead.

With limited competition abroad but hypercompetition at home, China’s EV industry powered ahead. That meant a quick and considerable lead in technology and marketing overseas.

In 2009 China surpassed the US as the world’s largest automobile market. This spanned both ICE vehicles and EVs, with a muted but growing market for the latter.

In 2020 China displaced the US as the EU’s top trading partner. That same year it acquired the world’s largest foreign exchange reserves, developed the finest fintech, and had the most companies listed in the Fortune Global 500.

China’s auto production was booming, exploding into a global market hungry for sophisticated yet affordable vehicles. China fulfilled that need better than any other country.

In 2021 Chinese auto exports surpassed South Korea’s, and the following year it displaced Germany as the world’s second-biggest exporter. Within months China beat Japan as the world’s top auto exporter.

Much the same is happening with other sectors, if at different growth rates. China continues rising through the rapid development of multiple industries, particularly when several foreign markets remain unexplored or under-served.

Western automobile manufacturers in China felt a need to work more with Chinese companies, particularly on EVs and hybrids. They prefer joint ventures to discriminatory tariffs or sanctions on Chinese vehicles from their governments.

Yet last April US Treasury Secretary Janet Yellen visited China to complain about “excess capacity” and “overproduction”. It was more a political point than an economic argument.

Excess capacity is surplus productive capability over and above what is needed or appropriate. Overproduction is the additional goods produced and left idle because of insufficient demand.

As the world’s factory with regional markets still untapped, China has no excess capacity or overproduction. High Western tariffs to stifle demand may create a semblance of either, but artificially inducing a situation to accuse Chinese industry of it is dishonest.

Sometimes dumping happens with a specific commodity temporarily, typically for an intermediate or upstream item. But that is different.

After Joe Biden’s administration acted against Chinese EVs, batteries and solar panels, they shifted to markets in Russia, Latin America, Central Asia, Africa and South-East Asia. China is a global producer, and since there is no global overcapacity or overproduction, it is not engaging in either.

Chinese industry’s ultra-competitiveness seriously challenges US industry, notably in the latter’s obsolete business models. Regaining US global competitiveness requires extensive retooling, not distorted narratives.

From 2011, China has consistently been the world’s top patent applicant country. Each year it graduates more STEM students than the US population has in total, having produced the most STEM PhDs every year since 2007.

In 2021 China beat the US in its national share of published high-impact AI papers. In the same year it also displaced the US with the highest national net worth.

Such data from established Western sources also noted in 2023 that China had seven of the world’s top 10 universities conducting leading scientific research. Last year China had six of the world’s top 10 STEM institutions.

The US is now denying students from China study visas. America would be greater in training more American students without restraining others who pay to be there.

By Bunn Nagar,  Director and Senior Fellow of the BRI Caucus (Asia-Pacific), and Honorary Fellow at the Perak Academy. The views expressed here are solely the writer’s own.